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Vestwell Compilation: Helpful Resources for Dedicated Savers

Vestwell Compilation: Helpful Resources for Dedicated Savers

It's always a good idea to take pause and reflect on the saving progress you've made so far. Some of the questions you may find helpful include:

  • How close am I to achieving my current goals?
  • What goals should I consider aiming for next?
  • Am I contributing to the right kinds of accounts for the goals I have in mind?
  • Am I taking advantage of all the programs built for savers like me?

In this article, we’ll be reviewing some of the resources Vestwell has to help savers achieve their goals. These resources are also helpful for business owners interested in starting a retirement plan or expanding the benefits they already offer, as they also contain information on the benefits of implementing these programs.

Taking Control of Your Retirement

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

The 401(k) is the bedrock of America’s retirement saving system. By far the most popular retirement plan, tens of millions of Americans make contributions to their 401(k) each year. However, a wide array of rules dictate how these plans are administered, and multiple types of plans within the 401(k) family, so understanding how these accounts work can be no simple task. In this article, we explain the differences between different types of 401(k) plans and provide a Q&A covering some of the most common inquiries we get from employees about them.

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5 Steps to Becoming a Retirement Millionaire

In this article, Richard Tatum, Vestwell’s President of Workplace Savings, reviews five principles for retirement saving that can help you enjoy your golden years. Rather than reaching for that golden number of “$1M”, Richard proposes that savers aim to figure out what amount their nest egg should be depending on their personal lifestyle and circumstances.

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The Plan Features that Can Reduce the Stress of Saving

Saving for retirement can be a stressful endeavor, but it doesn’t have to be. In this article, we discuss the retirement plan features that help take the stress out of saving. If your retirement plan includes these features, consider taking advantage of them. If you’re interested in offering a retirement plan for the first time, consider implementing these features into your offering.

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Making the Most of College Savings

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

Though the U.S. retirement crisis is a major problem facing savers, so too is the rising cost of college. Over the past 20 years, the cost of public, in-state tuition increased by 205% compared to its cost in the year 2000. Unfortunately, there’s little evidence that this trend will reverse. Fortunately, however, many federal programs are available to help students and families pay for the cost of education. In this article, we review five of those programs and show how borrowers can get more bang for their buck when it comes to education.

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Saving for College: Is a 529 College Saving Plan Right for You?

Learn more about America’s most popular education savings account, the 529 College Savings Plan. With a 529 plan, not only can savers make tax-advantaged contributions to their account, but their money is able to grow while they save. Even better, these plans are simple and can be set up in the comfort of one’s own home. In this article, we discuss how a 529 plan works, review the advantages that a 529 plan offers, and demonstrate just how effective they can be at increasing savings.

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Saving for Americans With Disabilities

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

For Americans with disabilities, the 529 ABLE program has been a key tool in the quest for equitable saving. Without an ABLE account, those receiving SSI payments risk losing them if they accumulate more than $2,000 in assets—including a car, or an emergency savings fund. With an ABLE account, SSI recipients can save up to $100,000 in a tax-advantaged account for use on qualified disability expenses, including healthcare costs, housing, transportation, employment training, and more. In this article, we discuss the ABLE program in detail, and review what potential users of the program may want to know before getting started.

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Conclusion: The Best Time to Begin Saving Is Now

As a saver, there’s no better time to start building a retirement nest egg than now. Similarly, as a business owner, there’s never been a better time to extend the gift of retirement savings to your employees. Recent legislation has made offering a retirement plan more affordable than ever before, with tax credits making the first three years of offering a plan essentially free for qualifying employers. As a result, you have the opportunity to help close the savings gap, fight America’s growing retirement crisis, and lend a helping hand to your employees.

If you are interested in setting up a 401(k) account for your business to claim the SECURE 2.0 tax credits, you can contact Vestwell to help determine your benefit amount and start a no-hassle retirement plan, all from the comfort of your home.