Empower Yourself During America Saves Week

Saving for retirement should be on everyone’s mind, regardless of their financial situation. According to financial experts, you’ll need at least 70 percent of your pre-retirement income to enjoy a comfortable retirement. For the average American worker, Social Security will replace only about 40 percent of pre-retirement earnings. Unless you have an additional pension, you’ll need to save more to close that shortfall.

Started in 2007, America Saves Week is an annual opportunity for organizations to promote good savings behavior. It also serves as a reminder for individuals to assess their own saving practices. Typically, thousands of organizations participate in America Saves Week, reaching millions of people.

“Social Security is an important part of a sound financial plan. But, it can’t be the only part. To enjoy a comfortable retirement, people need to save and invest throughout their working lives. The Department of Treasury’s new myRA savings account is an excellent place to start. Social Security also offers valuable tools to assistant with planning for a comfortable future. I always encourage workers to view their personalized Social Security Statement frequently for estimates of their future Social Security benefits,” says Acting Commissioner Carolyn W. Colvin. “It’s easy to do by creating a my Social Security at www.socialsecurity.gov. This service is free, fast, and secure. What better time than America Saves Week to get serious about planning for the future. To start saving today for a secure future, open a myRA account. For more information visit www.myRA.gov.”

You and your clients can also encourage others to take the America Saves Pledge, where they can make a commitment to themselves to save for an identified goal. You can learn more about saving for your future at www.americasavesweek.org.

Original Post: https://www.ssa.gov/news/newsletter/