News & Seminars

Need a New Year's Resolution?

It’s a new year and time for a New Year’s resolution! If you’re looking for a resolution that will have a major impact on your future with little to no pain in the present, try saving more for retirement!

Did you know that 24% of Americans Are Not Confident Savers?

If you haven’t been a great saver in the past, you’re not alone. Employee Benefit Research Institute’s 2015 Retirement Confidence Survey: Having a Retirement Savings Plan a Key Factor in Americans’ Retirement Confidence, found that 24% of those surveyed admitted they are not at all confident about having enough money for a comfortable retirement. Cost of living and day-to-day expenses head the list of reasons that workers do not save (or save more) for retirement, with 50% of workers citing these factors.

That’s unfortunate because as far as a day-to-day effort goes, saving can be a less painful resolution than working out, eating right, or even flossing. In fact, if you set it up the right way, you can forget you’re even saving.

What could you give up to save more for retirement?

According to the survey, many workers acknowledged they can save more than they are currently saving, with 69% saying they could save $25 more per week than they are currently saving.

What would they be able to give up to save more for retirement?

  • Eating out or take-out food (46%)
  • Soft drinks or snacks from vending machines (13%)
  • Movies, videos, DVDs, or streaming media (12%)
  • Coffee from specialty shops (11%)
  • Lottery tickets (8%)

However, 24% state they would not need to give up anything to save the extra $25 per week. Maybe you won’t need to give up anything, either. A little can go a long way, so try resolving to save more in 2016. Here’s one way to save more for your retirement.

Pay Yourself First

Set up a dollar amount or percentage to be automatically removed from your paycheck before you even see it. This money is then deposited into the YMCA Retirement Fund's 403(b) Smart Account where it can stay and grow.

The 403(b) Smart Account even lets you defer paying tax on the savings and earnings until you withdraw the funds or retire. If you save $25, it will actually cost you less than $25 since less income tax will be deducted from your paycheck. That’s one of the reasons it’s called a Smart Account!

Since you won’t see the money, you won’t miss it. Every time you receive a statement from the Fund, check your balance. You’ll be surprised at the growth, especially thanks to annualized compound interest credits from the Fund!

The YMCA Retirement Fund wishes you a happy New Year of saving!