America Saves Week 2020 Begins Feb. 24

Fliers, social media and website banners can help get the word out

Stephen Miller, CEBS By Stephen Miller, CEBS February 10, 2020
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America Saves Week poster

Taking place from Monday, Feb. 24 to Saturday, Feb. 29, America Saves Week 2020 is an opportunity to encourage employees 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.

America Saves Week is coordinated by the nonprofit group America Saves, an initiative of the Consumer Federation of America that gives employers resources to communicate with employees about the importance of saving. During America Saves Week, employers can:

  • Share social media content as well as fliers, posters and payroll stuffers that promotes greater savings.
  • Feature savings-oriented messages on their websites using logos and graphics.
  • Encourage employees to assess their savings plan annually.

America Saves Week also urges workers to "take the pledge" to save, identify a savings goal such as college tuition, a car, or emergency fund, then create a plan to reach it.

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"Increasing their savings rate is a way for workers to pay themselves more during their retirement years," said George Barany, director of America Saves. "Younger workers will benefit the most by saving more sooner, given the number of years those added dollars will compound and grow."

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[SHRM members-only toolkit: Designing and Administering Defined Contribution Retirement Plans]

People with a plan to save are twice as likely to save successfully, he added. "Whether you are saving for a rainy day, your retirement, education or another goal, America Saves Week is the perfect opportunity to set your savings goal, make a plan and learn how to save the most effective way—automatically" through payroll deferral into an employer's retirement plan.

Findings released in January from a Fidelity Investments poll of 3,200 U.S. adults showed that 28 percent of those surveyed were in the red, meaning they may not be able to do the things in retirement that they want to if they don't take action to make up the shortfall.

"Although many still have a ways to go, the good news is that for the average saver—regardless of age or income level—there's a positive impact to knowing where you stand and then taking appropriate action to get on a path to even greater retirement readiness," said Melissa Ridolfi, vice president of retirement and college leadership at Fidelity.

Related SHRM Articles:

401(k) Savings Rates Are Up, and Secure Act May Push Them Higher, SHRM Online, January 2020

401(k) Contribution Limit Rises to $19,500 in 2020, SHRM Online, November 2019


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