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America Saves Week, Feb. 27–March 4, 2017, can be an excellent reminder to encourage workers to start saving through their workplace retirement plan as early as possible and, if they can, to increase savings each year—even if only by a small amount. This ritual could reward people in the future, especially young savers, retirement advisors say.
America Saves Week is coordinated by the nonprofit groups
America Saves and the
American Savings Education Council, which recommend some easy steps employers can take to reach out to employees, including:
Small Steps Make a Big Difference
If your 25-year-old employees begin a savings ritual where they increase their deferral by 1 percent annually—such as during America Saves Week—then, after 12 years, they are likely to receive $1,930 per month in extra retirement income, according to
research by Fidelity Investments.
“We know life is expensive and people have competing financial pressures,” said John Sweeney, executive vice president at Fidelity. “This research clearly demonstrates the impact that making small savings improvements can have on a young person’s retirement funding. The more regularly you can set aside money from your paycheck at an early age, the more grateful you may be when you retire.”
For employers, America Saves Week is a time to consider adding automatic enrollment and contribution-escalation features to their 401(k) or similar defined contribution plan, if they haven’t already done so.
“Tools like automatic enrollment, auto escalation, employer-match and catch-up provisions for older employees are giving employers the ability to customize their plans, therefore encouraging their workforce to save more,” said Kathleen Coulombe, SHRM senior advisor, government relations, in
a SHRM blog post for America Saves Week this past year. “These retirement tools not only help to increase savings, but they help employers to retain and recruit top talent who are savvy when selecting their benefits plan.”
Related SHRM Articles:
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