Employers and plan participants should carefully consider the investment objectives, risks, charges and expenses of the investment options offered under the retirement plan before investing. The prospectuses for the individual mutual funds and each available investment option in the group annuity contain this and other important information. Prospectuses may be obtained by calling 877.805.1127. Please read the prospectus carefully before investing. Investments are subject to market risk and fluctuate in value.
The Power of a Budget
The Power of a Budget
Find Money to Save
When you're thinking about saving — or saving more — for retirement, here's a reliable way to get to that goal:
Create a Budget
A budget helps you control your money, rather than letting your money control you. It gives you the power to spend and save in the smartest ways possible. And when it comes to planning for retirement, a budget can help you see how much more you can comfortably save for the future.
A budget helps people who are:
- New to the workplace
- Settled in their careers
- Careful about money
- Laid-back about spending
How Creating a Budget Helped Me...
I uncovered all of these 'ghost payments,' charges for things I no longer used. I got rid of them and it felt like I found extra money.
~Sara, 38
A budget makes me think twice about buying more stuff. I'm putting aside money for a big trip, so saving money is always on my mind.
~Marie, 55
A friend sends out a tweet whenever his retirement plan goes up by $5,000. It's his way of reminding the rest of us to start saving.
~William, 42
I've been focused on paying off my student loans. After creating a budget, I realized I could afford to do that and save for retirement.
~Tyler, 27
There's an App for That
It's never been easier to create a budget. Taking this step will tell you exactly how much you can spend now and how much you can save for the future.
No matter what method you choose, it comes down to tracking what you earn, what you owe and what you spend. When you keep track, it's easier to stay focused on your goals — such as retirement savings — and cut down on impulse buying.
- Keep it simple. Track your income and spending in a notebook.
- Get digital. Create a computer spreadsheet to track your spending.
- Download an app. Budgeting apps are convenient and often free. They can help you spend and save wisely, pay your bills and invest your earnings.
You may be surprised at how much more you can save for retirement. Try one of these popular apps:1
- Mint (free)
- Wally (free)
- You Need a Budget
- PocketGuard
- Goodbudget
- Mvelopes
Saving Mileposts
Age 30
Target Savings Goal:
10-15% each paycheck
Aim to Save:
1x annual salary
Age 45
Target Savings Goal:
15%-20% each paycheck
Aim to Save:
3.5x annual salary
Age 60
Target Savings Goal:
20% each paycheck
Aim to Save:
7x annual salary
Enroll or Increase — Do It Today!
Your employer makes it easy for you to save for retirement. Your company's retirement plan lets you:
- Optimize the company match
- Enjoy the freedom to choose investments
- Increase your contribution any time you like
- Enjoy tax savings and the ease of automatic saving
1 The companies listed here are not associated with or endorsed by The Standard.
Categories
Saving for Retirement