By Schwab Retirement Plan Services
Time to straighten up your spending
Monthly cable bills, weekly visits to the market, daily coffee runs—it can feel like your everyday expenses are stacking up, with no room to spare for thinking about retirement savings. But cleaning up your budget now can clear up space for more savings later.
Create a system for saving
Tracking your expenses is a good place to start figuring out where you can cut unnecessary spending from your budget. And, if you put that extra money toward your employer’s 401(k) Savings Plan every month, it can really start to add up.
Need a hand? A little direction can go a long way. Through your plan, you can get personalized advice to help you build a savings plan that works for you and your financial goals. By signing up for advice, you’ll get a one-time savings and investment recommendation to help you better prepare for retirement.*
Spend a little time today on saving more for tomorrow.
Even small savings can make a big difference over time
An extra $100 set aside every month could have a real impact on your retirement savings:
Our Retirement Savings Calculator can help you figure out how saving more today can add up for tomorrow.
Take advantage of your employer match
Your employer will match your contributions, up to a set limit. Make sure you’re contributing enough to receive your full employer match so that you don’t end up leaving extra money behind.‡
Catch up on your savings
If you’ll be age 50 or older by the end of the calendar year, you may be able to make a catch-up contribution of up to $6,000 to your 401(k).
*At the Plan Sponsor’s direction, participants may have access to advice services that can provide participants with a retirement savings and investment strategy for their Plan account, furnished by GuidedChoice, an independent registered investment advisor. Recommendations are formulated and provided by GuidedChoice and can be accessed through workplace.schwab.com. There is no guarantee a participant’s savings and investment strategy will provide adequate income at or through their retirement. GuidedChoice is not affiliated with or an agent of Schwab Retirement Plan Services, Inc. (SRPS); Charles Schwab & Co., Inc. (CS&Co.), a federally registered investment advisor; or their affiliates. Neither SRPS, CS&Co., nor their affiliates supervise, make recommendations with respect to, or take responsibility for monitoring the advice services provided to the participants by GuidedChoice.
The term “personalized advice” refers to personal participant data such as age, salary, and Plan account balance, which will form the basis by which GuidedChoice will establish the participant’s savings and investment recommendations.
‡Your company may have a maximum match as well as other restrictions. Employer contributions are paid on a pre-tax basis and may be taxable at withdrawal.