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.

 

TIAA offers financial workshops for women to learn more about investing, saving and more!

Looking to learn more about financial literacy? TIAA, one of MSU’s retirement vendors, is offering upcoming workshops on April 11 specifically geared towards women who are either in the early stages of their careers or mid-career. The She’s Got It: Financial Knowledge for All workshops are guided to help woman learn about investing, building actions plans and learning how to secure your future well-being. This workshop will focus on core concepts on investing, finding ways to save for life events and developing financial goals.

Why is it important to save? In life, anything can happen, and it is important to save for your future and for both expected and unexpected life events. You may not end up saving as much as you like every year, but you can start with a goal and plan from there. The workshops will go over ways to save if your single, married, in long-term relationship and saving with children and parents.

Below are some of the basics things you can learn from the workshops:

Saving and investing:

  • Setting aside an emergency fund
  • Increasing contributions from raises
  • Learn how to pay yourself first!
  • Two secrets of making your money grow

What to consider when investing?

  • Investment risk
  • Volatility
  • Asset allocation and diversification
  • Expenses

The workshops will be held on Thursday, April 11. Choose from one of the following sessions:

  • 9:00 a.m. – 10:30 a.m. OR
  • Noon – 1:30 p.m.

Both workshops will be at the MSU Student Center, Lake Huron Room, located on the third floor. For more information on this workshop or to reserve your seat, visit the TIAA website or give them a call at 800-732-8353.