Tackle Savings, Debt, and More During America Saves Week 2022

America Saves Week is February 21-25, 2022! This week is an annual event that encourages you to learn and plan for increased savings, lower debt, investing, and preparing for retirement. You can do all this using resources provided to employees by the university and our benefits partners. Both of MSU’s retirement partners, Fidelity and TIAA, offer ways to plan during this week. This includes live webinars, courses for financial literacy, and other resources. Through America Saves Week, you have access to planning tools for managing financial emergencies, which can be very useful during these uncertain times. 

Fidelity Resources

Check out online workshops from Fidelity that cover topics including “Ditch your Debt,” “Manage Unexpected Events and Expenses,” and “Invest Confidently for Your Future,” among many other topics throughout the week. All the programs can be attended live by registering here and important information can be viewed on-demand as workshops here. Interested in learning the specifics about Fidelity’s rainy day investment and savings plans? Visit their Netbenefits site. Other tools and calculators provided by Fidelity to their MSU members can be found here

TIAA Resources

If you feel dissatisfied about your current financial situation, TIAA wants to remind you that you are not alone. Read the 2021 TIAA Personal Finance Index and learn that it’s not just you. Some ways you can start to build financial resiliency with TIAA include contributing to your retirement savings, paying down debt, and growing an emergency fund. According to a survey conducted by TIAA, having more in retirement savings is a top contributor to financial resiliency. Visit the EBS portal to learn more about your contribution options. You can also read about financial vulnerability and how to avoid it in this published study, created to help millennials address their finances.

Schedule a Virtual Consultation with Fidelity or TIAA

Both Fidelity and TIAA offer virtual appointments with financial consultants! Be sure to set up an appointment to get your questions answered for no additional cost. Set up your Fidelity consulting appointment here or set up your TIAA consulting appointment here.

For general questions about retirement, contact the HR Solutions Center at SolutionsCenter@hr.msu.edu or (517) 353-4434 or visit the HR website. For questions about your specific financial plans, contact your vendor. 

Make a Plan During America Saves Week

America Saves Week (Feb. 22-26, 2021) is an annual event that encourages you to make a plan to increase your savings and improve your financial situation by utilizing your workplace retirement plan and the tools and resources they provide. Both of MSU’s retirement vendors, Fidelity and TIAA, have resources and tips on saving money, getting out of debt, and planning for retirement with live webinars, courses for financial literacy, and other tools. Be sure to review their resources on preparing for financial emergencies or managing unexpected expenses, which you may find especially useful during this difficult and uncertain time. 

Fidelity Resources

Fidelity is offering online workshops on a variety of topics including creating a budget, paying off debts, managing unexpected events and expenses, taking the first step to investing, preparing for retirement, and more. Fidelity members should consider registering for sessions (see link for details) that may be useful to your family’s current financial needs. If you can’t make the online workshops, check out this on-demand workshop called Taking Control: 3 Ways to Start Feeling Good About Your Finances. Other tools and calculators provided by Fidelity to their members can be found here.

Additionally, find resources on health and financial emergencies, building your financial “immune system” and emergency savings that are available for everyone.

TIAA Resources

TIAA’s Goal Planner webpage offers calculators and resources on how to save for things outside of your retirement plans, such as emergency funds, vacations, a home, and more. Additionally, TIAA has a financial goal planning PDF that allows you to track your money in detail. Use these tools to map your income and expenses, write down your goals, and match them to a time frame to complete them. 

If you’re struggling with debt, TIAA’s debt calculator tool will help you evaluate your current situation and then offer resources and tips to help. Additionally, their Retirement Checkup tool allows you to create a projection of how much income is needed in retirement.

Schedule a Virtual Consultation with Fidelity or TIAA

Both Fidelity and TIAA offer virtual appointments with financial consultants and encourage you to set up an appointment with them to ask any questions you have at no additional cost as part of your MSU retirement plan. Set up an appointment with your  TIAA consultant here or set up an appointment with your Fidelity consultant here. 

For general questions about retirement, visit the HR website or contact the HR Solutions Center at SolutionsCenter@hr.msu.edu or 517-353-4434. For questions about your specific retirement plans, please contact your retirement vendor directly.

Tips to Enhance Savings During America Saves Week!

Today marks the start of America Saves Week, taking place February 24-29, 2020. America Saves Week is a nationally recognized time to encourage individuals and families “to save money, reduce debt, and build wealth” (America Saves, 2018). Saving money is much easier said than done, so MSU’s retirement vendors TIAA and Fidelity have provided tips and tools to make saving for retirement and (life in general) a bit easier.

  • Save just 1% more. If you’re already saving, that’s great! But, did you know that increasing your 401(k) savings by just 1% can cause your savings to grow exponentially? Try the Power of Small Amounts tool by Fidelity to see how a small increase can have big effects on your savings.
  • Utilize a financial goal planner. Reveal your personal financial path in just three steps:

1. Map your income and expenses.

2. Write down each of your goals.

3. Match each goal to a time frame.       

4. Find an in-depth financial goal planner from TIAA here.

  • Try an online webinar. Both Fidelity and TIAA offer a variety of online resources. Fidelity hosts webinars on everything from managing life to saving and investment, to preparing for retirement. Fidelity is offering live webinars for Fidelity members during America Saves Week; if you’re not a member, you can find previous webcasts available any time on the Fidelity website. TIAA offers educational articles on saving, tools for goal setting, a retirement calculator, and free live webinars. You don’t need to be a TIAA member to participate in the live webinars, simply select the “Guest Login” option on their website when signing up for a webinar. You can also give them a call at 800-842-2252.
  • Try to follow the 50/30/20 rule. Allow 50% of your income to go towards necessities, 30% towards discretionary items, and 20% towards savings. Click here to learn more about monthly savings plans and the 50/30/20 rule from TIAA.

Whether you’re looking to save for retirement now or start planning for your future, Fidelity and TIAA can help you plan with webinars, online professional help and financial planners.

For general questions about retirement, contact MSU HR at SolutionsCenter@hr.msu.edu or 517-353-4434. For questions about your specific retirement plans, please contact your retirement vendor directly.