Across Kansas, people just like you are proving you can start small, and think big. Kansas Savers are setting financial goals, tracking their spending and taking control of their financial future. Our staff and trained volunteers can show you how to develop a savings strategy and take one step at a time. So don’t wait any longer…
Watch this short video to find out how you can save $500 for an Emergency Fund in just 10 months!
Start Saving for Your "Someday"
Plan For Your ‘Someday’ With These 3 Easy Ways To Save
Working hard, paying bills, and putting money aside for your needs and wants in the “now” are so often automatic in our day-to-day lives – so why aren’t we thinking about or planning for the future? According to the 2015 Retirement Confidence Survey from the Employee Benefit Research Institute, nearly one-third of workers have almost no retirement savings or investments (< $1,000), and a staggering 57% are underprepared with less than $25,000 for retirement.
It’s clear that anyone not using the present to plan for retirement will likely be setting themselves up for a less than golden future. But it’s never too early or too late to save for retirement. Try one – or more! – of these three ways to take advantage of retirement savings opportunities right now to build yourself a more secure future:
- Open Up a my Social Security Account
Social Security benefits play an important part of planning for retirement. Don’t forget about your my Social Security account! This free account can help you determine what your benefits will be and when will be best for you to start receiving them.
- Save Early and Save Often, No Matter How Much You Earn
Starting retirement savings early is the best way to take advantage of compound interest and establish good savings habits. Take advantage of any workplace opportunities, like a 401(k) or 403(b), and never turn down “free money” that comes in the form of employer contributions or matches. Individual Retirement Accounts or IRAs are also a great way to save, with some tax benefits in the process. If you get paid by direct deposit from your employer, you may also be eligible to participate in the new myRA program. myRA is a simple, safe, and affordable retirement account created by the United States Department of the Treasury for the millions of Americans who face barriers to saving for retirement.
Need help finding ways to save? Turning off your phone or cable could save you $5 a month. Find a penny, pick it up; by saving $.50 in change a day, you will save $15 a month. For more ideas like these, visit America Saves online.
Starting early isn’t possible for everyone, but that doesn’t mean you can’t play catch-up. Calculate what you will need to save in order to live comfortably in retirement. Once you have turned 50, you can make “catch-up contributions” – an extra amount beyond the normal limits that you can contribute to tax-deferred retirement plans.
- Take the America Saves Pledge
Those who make a commitment to themselves and their family to save usually save more than those who don’t. Make your commitment to retirement savings today and receive regular advice and support via email and/or texts while you save money. America Saves will provide you with the motivation and advice you need to reach your savings goal.
Tammy Greynolds works for America Saves, managed by the nonprofit Consumer Federation of America (CFA), which seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. Learn more at AmericaSaves.org. America Saves is proud to be part of the “Campaign for a Secure Retirement: Helping Millions of Americans Plan and Save for Retirement” joint, national educational retirement campaign to encourage retirement planning and saving and to promote the online Social Security Statement, available through mySocial Security, as an important retirement planning tool.
Saving automatically is at the heart America Saves Week’s mission. It’s proven to be that the easiest and most effective way to save is automatically. This is how millions of employees save through 401(k) and other retirement programs at work. It is also how millions of Americans save at their bank or credit union.
How to Save Automatically
The best automatic saving is when you make a decision to do so, then it just happens:
- Every month, have your bank or credit union transfer a fixed amount (like $25) from your checking account to a savings or investment account. Talk to your local bank or credit union to set this up.
- Every pay period, have your employer deduct a certain amount from your paycheck and transfer it to a savings account. Ask your HR representative for more details.
- Set up automatic payments towards your debt by providing your checking account information to your loan provider to ensure that the payments are on time and in full. Enrolling in automatic payments may even qualify you for a small interest rate deduction with some types of loans and providers, such as some student loans.
- If your employer offers a retirement account, sign up and put in at least the minimum contribution to receive any matches they may offer. Ask your HR representative for more details.
Not sure how much to save each month? Take the Kansas Saves Pledge. The pledge will help you create a monthly savings plan and will help you stay committed to your plan all year long!
Financial Education Opportunities
If you are in the Kansas City area, check out Money Smart KC's website for information and tips on a broad range of financial topics for both individuals and providers.
Kansas Saves Partners
A personal finance expert from a Cooperative Extension land-grant university can provide you with information and resources. Visit their eXtension website today.
Contact your local K-State Research and Extension agent
To inquire about educational opportunities near you. K-State Research and Extension is an America Saves Campaign partner and supports Kansas Saves resources.
Welcome to our newest partners:
River Cities Community Credit Union
Kansas University Legal Services for Students
Other Kansas Saves Partners:
Elizabeth Kiss, Kansas Saves Coordinator
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