It’s that time of year again. The air is growing cooler, Halloween is approaching in all its candy coated glory, and soon the holiday season will be upon us. Before you get swept up in the upcoming winter holiday spirit, take some time to celebrate a week dedicated to protecting your financial future. October 19th kicked off the beginning of National Save for Retirement Week! This week represents the first Congressional effort to encourage Americans to save more for retirement. By retirement age, women are twice as likely as men to be poor and millions will confront their older years with scarce if any savings. Give yourself the ultimate gift, before the holidays wear on your wallet, by starting a savings plan now. Here are three tips to help you get in the National Retirement Week spirit:
1. Join a Savers Club: The American Savings Education Council (ASEC) has local chapters throughout the country that can assist you in meeting your savings needs through free events, tips, newsletters and club meetings. The DC Saves chapter features testimonials from other Savers on their website as well as targeted savings plans that can help you get out of debt, save for a home, or create an emergency fund. Visit ASEC’s website to find a chapter near you or for more savings tips.
2. Try a Retirement Savings Calculator: ICMARC has created a page filled with retirement calculators and worksheets in honor of Retirement Savings Week. WISER features a retirement calculator on the WISER website which is accompanied by a Retirement Calculators fact sheet that can help you get started with your retirement savings plan. For more retirement calculators, read “Retirement Calculators: Predicting Your Future Income” or visit the FINRA website for an additional retirement calculator resource.
3. Learn About the Saver’s Credit: The Saver’s Credit is a non-refundable tax credit that’s eligible for tax-payers who set aside part of their pre-tax income in employer sponsored retirement plans and traditional and Roth IRAs. Are you eligible? Learn more here.
Want More? Check back Thursday for a special National Save for Retirement week post from our Young Woman’s Financial Planning Guide series!