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Resolution: Increase Your Retirement Savings by 1%

Written by Super User · 11 January 2012

January 11, 2011

By Katie Bryan, America Saves Communications Manager

Here’s an easy resolution to help you save more in 2012.

Increase the amount you save towards retirement by 1%.

Saving 5%? Bump it up to 6%. Saving nothing? Start small by putting 1% away. If you are already saving for retirement through your work, upping your retirement contribution is easy. Just visit your HR department and let them know you want to increase your retirement contribution.  Want more information about saving at work? Check out this PowerPoint. Even if your employer doesn’t offer a retirement plan, you can still save for retirement, and get some tax benefits in the process, by putting money in an Individual Retirement Account (IRA).

Why 1% is a Great Number

  • You probably won't notice a 1% smaller paycheck.
  • You'd be surprised the difference a 1% increase can make in the long run. For example, a 30-year-old who saves 6 percent of a $50,000 salary, or $3,000 a year, will have nearly $840,000 banked by the time she has to start taking funds from her 401(k) at age 70½. (This assumes an 8 percent annual growth rate.) If she boosted her yearly contribution by just $500 she'd have nearly $980,000. That's a difference of nearly $140,000.

Want to run your own numbers to see how much a 1% difference would make for you? Visit the Ballpark Estimator.

Have we inspired you to increase your retirement savings by 1%? Let us know on our Facebook page.

FDIC and Opportunity Texas Host Webinar: Texas Saves and Texas Saves Week 2012

Written by Super User · 10 January 2012

January 10, 2012

FDIC and Opportunity Texas Host Webinar about Texas Saves and Texas Saves Week 2012
Date: January 18, 2012
Time: 1:30-2:30pm CST

The goals of this webinar hosted by Opportunity Texas and the FDIC are to:

  • Provide an overview of Texas Saves;
  • Walk through how your organization can help individuals sign-up for Texas Saves;
  • Outline ways your organization can get involved in Texas/America Saves Week from February 19-26, 2012; and
  • Highlight a few resources your organization can use to promote tax-time savings.

Additionally, the Houston Saves coordinator will talk about Houston Saves and their event for Houston Saves Week and the Texas AgriLife Extension Service will talk about their Texas Saves activities.

Texas Saves, part of the broader America Saves platform, is a campaign to promote and increase savings for Texas families and children.

Registration
To register for this event, please use this on-line registration form: https://fdicsurvey.inquisiteasp.com/fdic/surveys/QV5PC5/

Registration is open though Thursday January 12, 2012.

Webinar information will be distributed on January 13, 2012.

For More Information
Please call or write Gina Vincent at 972-761-2504 or This email address is being protected from spambots. You need JavaScript enabled to view it.

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Tip of the Day

  • Written by Administrator2 | January 12, 2014

    Keep track of your spending. At least once a month, use credit card, checking, and other records to review what you've purchased. Then, ask yourself if it makes sense to reallocate some of this spending to an emergency savings account. http://ow.ly/sj972

Saver Stories View all »

Getting Out of Debt

Written by Katie Bryan | October 28, 2013

In 2004, Tonya Shelton was facing financial ruin. Barely making more than minimum wage and having lost her home to an unexpected family crisis, Shelton and her family were forced to live in a rundown hotel.

Read more...

Starting Over

Written by Katie Bryan | October 28, 2013

Until last summer, Michael Lindman spent money freely. “I was a union truck driver for 35 years and had a good income,” said Lindman. “I owned my own home, saved a little, and tried to live within my own budget. You always think there’s going to be that much coming in, but things can change in a split second.”

Read more...

Coping with a Lost Job

Written by Katie Bryan | October 28, 2013

Aimee Shaffer worked as a Public Service News Director for radio for years until one day her employer downsized the company, resulting in hundreds of lost jobs, including Aimee’s.

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