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Start your savings plan

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Jay LukasThis week is America Saves Week, which raises awareness about good savings behavior and encourages people to set a savings goal, create a plan, and save automatically.

According to their Web site, only 54% of Americans say they have a savings plan with specific goals. If you don't have your own plan, now is a good time to start. Here’s a few savings tips to keep in mind:

  • Contribute as much as you can to your savings plans as early as possible so you can to benefit from potential investment growth.
  • Beware of fees when choosing a retirement savings provider. They do not all charge the same. Learn more about fees.
  • Make it easy to contribute. Payroll deducted contributions to an IRA or 403(b) not only build your savings but also make it more affordable because you are budgeting for smaller, regular amounts.
  • Diversify your investments. Putting your money in different types of investments can help you achieve a more consistent long-term performance than you would likely achieve if you put all your money in a single type of investment.
  • Review your plan on a regular basis. Changes in personal circumstances can have a big impact on how much you need to save and how you invest.

Want to learn more?

Jay Lukas, Senior RIS Specialist

This blog is for informational purposes only and not intended to be legal or tax advice. Consult your tax advisor or attorney before taking any action. Seminars are free to attend; however, if you choose to invest in the WEA Tax Sheltered Annuity or WEAC IRA program, fees will apply. Consider all expenses before investing.  The Trustee Custodian for the WEAC IRA accounts is Newport Trust Company. The 403(b) retirement program is offered by the WEA TSA Trust. TSA program registered representatives are licensed through WEA Investment Services, Inc., member FINRA.