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Empowering Financial Success: Resources for Savers

Empowering Financial Success: Resources for Savers

Saving for your future can help you be prepared for emergencies, make long-term investments, and ultimately achieve financial security. However, with 78% of Americans living paycheck to paycheck, building up a rainy day fund can be challenging.

We’ve compiled a few key resources to help you achieve your savings goals—regardless of your financial situation. From preparing for retirement and educational expenses to savings options for Americans with disabilities, we're here to assist you in your savings journey.

Let’s dive in!

Take Control of Your Retirement Savings

401(k) Basics: A Starter Guide to Understanding Your Retirement Plan

Retirement is a major milestone that requires significant savings, but it’s often overlooked. In fact, according to the Federal Reserve, more than 45% of working-age households do not have a retirement savings account.

Does your employer offer a 401(k) plan as a part of their company benefits package, but you’re not sure where to begin? Starting out can feel overwhelming—from deciding how much to contribute to your account to choosing the right investments. Check out our blog for a user-friendly guide to the basics of 401(k) plans. Learn how you can leverage your employee benefits to save for the living expenses and costs you may incur in your golden years.

What’s the Difference Between Pre-Tax and Roth 401(k) Contributions?

When it comes to retirement, it’s never too early to start saving. It’s important to begin setting aside funds as soon as you can to set yourself up for future success.

The first step in saving for retirement is understanding the different ways you can contribute to your account. Our blog linked below gives an overview of the different types of 401(k) plan contributions for those just starting out on their retirement savings journey.

5 Steps to Becoming a Retirement Millionaire

Do you know what it takes to become a retirement millionaire? In this article, Richard Tatum, Vestwell’s President of Workplace Savings, shares five tips on saving for retirement that can help you reach your retirement goals. If you're just beginning your career or looking to optimize your retirement strategy, these steps can help you understand how to build a substantial retirement nest egg. We’ll cover tips that range from harnessing the power of time and compound interest to increasing your contributions automatically.

Check out the article to get tips from a 401(k) plan expert.

Make the Most of Education Savings

Saving for Education: A Guide to 529 Plans?

As the cost of education rises, Americans are borrowing more than ever before. In fact, according to Federal Student Aid, over 40 million Americans have student loan debt. Opening a 529 tax-advantaged savings plan is a great way to get ahead of future education expenses. With a 529 plan, not only can savers make contributions to their accounts, but their money is able to grow while they save.

In this article, we discuss how 529 plans work, review their advantages, and demonstrate how effective they can be for education savings.

Student Loan Savings: 5 Programs to Improve Your College Saving Experience

Not everyone can get ahead of future education debt, and borrowing is often inevitable for students. But the good news is that if you have student debt, there are federal programs available to help you.

We'll explore programs such as the American Opportunity Credit, the Student Loan Interest Deduction, and others to demonstrate how you can maximize your educational investments.

Explore Additional Savings Opportunities

ABLE to Save: Could an ABLE Account Be Right for You?

For Americans with disabilities and their caregivers, ABLE savings accounts have been a key tool in the quest for equitable saving. Did you know that around 8 million individuals are eligible for an ABLE savings account, but less than 150,000 have opened one?

Nearly 1 in 24 Americans are eligible to participate in these tax-advantaged savings accounts designed for Americans with disabilities to save for “qualified expenses.” Funds in ABLE accounts can be used to cover many types of expenses, from healthcare to housing and more.

For a full list of what account funds can be used for, plus information on whether an ABLE account may be right for you, check out our blog.

Conclusion

There’s no better time than the present to start saving, take control of your financial future, and set yourself up for lasting success. To register your Vestwell account, increase your savings rate, or track your progress, click here.

Want to learn more about key financial concepts for savers? Click here to access the Vestwell University learning portal and view modules on 401(k) basics, contributions, and more.


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