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I’m sure that I’m not alone in the financial planning world with my concern about the rate of saving toward retirement across this great land. Recent figures have shown that we Americans are doing a little bit better of late, at a 5% savings rate versus around 1% back in 2005 – but this is a dismal figure when you consider how most folks are coming up short when they want to retire. Rather than sitting by idly and wringing my hands, I thought maybe something could be done to encourage an increase in savings – if only by 1%, this can be a significant step for lots of folks. And now, in November, is the perfect time to do this, as most corporations are going through the annual benefit election cycle, so the 401(k) (or 403(b), 457, or other savings plan) is right at the forefront for many folks.
I’m proposing that all financially-oriented bloggers sharpen up their electronic pencils and write a column to encourage folks to increase their 401(k) savings by at least 1% more than last year. I’d suggest taking a new look at this situation, perhaps suggesting ways that people can free up money to devote toward savings, for example. I know you folks have a lot of great ideas, so don’t let my lame suggestions limit you!
In order to keep it oriented toward the benefits enrollment period for many companies, we should probably produce these articles between now and Thanksgiving. Of course, most folks can make an increase to savings at any time, but while employees are looking at benefit options is a good time to strike while the iron’s hot. If you’re interested in joining this action, send me a note at jim@blankenshipfinancial.com and let me know when you’ve posted your article. I’ll keep a list of all of the articles with links on a blog post at my blog – this way anyone who’s looking for ideas on how to increase savings can find a multitude of ways to do so.
Thanks in advance for your help!
jb
Sterling Raskie, MSFS, CFP®, ChFC®
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