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Campus Notices

America Saves Week 2018: Don’t fool yourself into thinking you can’t save for your future!

According to GOBanking Rates’ 2017 Retirement Survey, about one-third of Americans have nothing saved for retirement. America Saves Week is a national campaign created to encourage Americans to save for their future.

Your workplace savings plan (the Voluntary Investment Plan) helps make it easy, convenient, and affordable to accumulate the money you need for retirement. Having trouble getting started? Here are some facts that can help you overcome a few of the most common excuses.

Excuse #1: I can’t afford to save.
You can’t afford not to save, especially when you realize what a big difference small contributions can make. Let’s say you start by putting just $10 a week in your workplace savings plan. You might barely notice the difference in your paycheck, but when you get your year-end account statement, you’ll see that you contributed $520. That’s a good start. Automatic payroll deduction makes adding to your plan account painless. If you save on a pretax basis, you reduce your current income tax bill with every dollar you put in. Putting away a percentage of your paycheck, instead of a set dollar amount, will keep your savings in line with your pay raises.

Excuse #2: I have plenty of time.
Being young is the perfect reason to start saving. Thanks to the potential of compounded earnings, the money you save can multiply many times over the years between now and retirement. In fact, if you start saving early in your plan and then stop, you could actually accumulate more for retirement than a coworker who starts later, saves longer, and puts more money in.

Excuse #3: I’ve got Social Security coming.
The federal government estimates that Social Security benefits currently provide less than one-quarter of what many retirees need to cover their expenses. This makes sense, given the ongoing expense of living in retirement. A couple retiring today at age 65 will need current savings of at least $275,000 to cover medical costs in retirement. So it’s important to save all you can.

Excuse #4: I don’t plan to stay at my job forever.
That is why your plan is portable. Your contributions and any earnings are yours to take with you if you do change jobs. You’ll be able to roll your eligible account balance into an IRA or transfer your savings into a new employer’s plan, if allowed. You can even keep your money in this plan.

Excuse #5: Small investments aren’t going to get me to the retirement savings I need.
Don’t underestimate how a small amount of money can grow over time, especially in a plan like yours. Any earnings on your savings are reinvested right into your account — where they can produce additional earnings. The longer this “compounding” process continues, the better your chances to accumulate the money you need. And you won’t pay taxes on either your original investments or any investment earnings until withdrawal. You have the opportunity to save big, even if you have to start small.

Expand your financial know-how or brush-up on the basics.

Join Fidelity for a complimentary curriculum of web workshops on a wide range of topics—from managing your finances to college planning and preparing for retirement. Learn ways to help become a more informed investor and gain confidence about your next steps.

Attend one web workshop or sign up for several—the choice is yours. Register early as space is limited.

See attachment for schedule.
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