In honor of America Saves Week, the Office of Human Resources is providing the following advice and resources to help all Penn Staters.
America Saves Week (Feb. 22-27) was established in 2007 to promote personal savings. Are you doing all you can to protect your financial well-being today and later in retirement? Take time this week to consider key questions about your finances and check out these tips and tools to make saving part of your routine.
Do you have a savings strategy?
Saving regularly helps you work toward your goals. But how much should you be saving? Identify your goals and then set up a plan based on the following:
- The cost of your goal
- Your timeline
- Your current spending
- How much you can save
Do you have a savings cushion?
An emergency fund is the first step. It can help soften the impact of financial challenges you may not be expecting — such as expensive car or home repairs, or a job loss or change — without derailing all your finances. You’ll need to be able to access emergency funds, so take a moment to decide where to stash emergency cash. You might consider a savings account, a money market account or a CD. Having three to six months' worth of living expenses set aside in an emergency fund should be one of your financial goals. It’s better than dipping into your retirement savings or borrowing.
Are you saving enough for the retirement you envision?
One of your biggest savings challenges is retirement. If you’re not sure you’re saving enough and think retirement planning is complicated, help is available:
- Visit TIAA-CREF’s website. It includes tips, tools and other online resources to learn more about saving for all your life stages, including retirement.
- Check out the Retirement Adviser tool. In just four easy steps, it can help you assess your savings progress and build a plan to reach your retirement goals.
- Talk to a TIAA-CREF Financial Consultant. In person or by phone, you’ll receive fund-level guidance to help you make informed choices about your retirement savings strategy, no matter how much or how little is in your account. This service is available as part of your retirement plan at no additional cost to you.
Commit to practicing good saving behaviors.
With the right strategies, you can begin saving toward a summer vacation … a new car… your children’ college educations … or investing in your retirement. During America Saves Week, commit to saving to pursue your goals and help protect your financial well-being for today and tomorrow.