Chart of United States Personal Savings Rate from 1960-2010. Data source: FRED, Federal Reserve Economic Data, Federal Reserve Bank of St. Louis: Personal Saving Rate [PSAVERT] ; U.S. Department of Labor: Bureau of Labor Statistics; accessed August 14, 2010. (Photo credit: Wikipedia)
In November we financially-oriented bloggers have banded together to encourage folks to increase their retirement savings rate by at least 1% more than the current rate. It’s a small step, but it will pay off for you in the long run. Given the poor level of savings rate (less than 5%) these days, even this small step will be a big boost for many people’s savings.
Below is the list of my fellow bloggers who have written articles showing ways that you can start to increase your savings rate, as well as showing what the benefits can be. Thanks to everyone who has participated so far – and watch for more articles in the weeks to come!
The Journey of $1 Million Dollars Begins with 1% by Richard Feight, @RFeight
Give Yourself A Raise by Ben Rugg, @BRRCPA
The 1 Percent Solution by John Davis, @MentorCapitalMg
Friday Financial Tidbit-What increasing your retirement contributions 1% can do for your retirement account by Jonathan White, @JWFinCoaching
THE 1% MORE BLOGGING PROJECT by Robert Flach, @rdftaxpro
A Simple Strategy to Maximize Open Enrollment by Jacob Kuebler, @Jakekuebler
Take a Small Step: Increase Your Savings by 1% by Jim Blankenship, @BlankenshipFP
Sterling Raskie, MSFS, CFP®, ChFC®
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And if you’ve come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed “advisor’s advisor”.