New goals and resolutions typically come to mind when we think of the New Year, which makes us want to establish our own resolutions. For many, saving money is one of those goals. One option available to you as an ASRS member is a supplemental savings plan offered through Nationwide Retirement Solutions.
If you’re on the fence about saving additional money, keep in mind that when you establish a savings plan, it is okay to start small. With Nationwide Retirement Solutions, for example, the minimum amount is $10 per pay period. That’s averaging a trip or two to your favorite coffee joint! Over time, you can increase or lower your contributions as needed – the important part is starting. The earlier you begin, the more time you allow compounded interest to increase your money. Building the habit of saving money early on can provide additional comfort for retirement.
The ASRS manages several low-cost, voluntary defined contribution plans available to members, with different savings plans available through Nationwide Retirement Solutions, and what you are eligible for will depend on who your employer is. To learn more about what plans are available to you, check out the Supplement Your Retirement webpage.
We encourage you to look into your options for supplementing your retirement so you may have additional income when you retire! It’s okay if you only want to consider your options and make the best-informed decision. There are multiple resources available to assist: Investor.gov includes both a Savings Goal Calculator and a Compound Interest Calculator that you can use to see how long it takes you to reach your goals, including how much you can receive.
If you are currently supplementing your retirement, we also encourage you to consider how much you can increase your contributions for even more benefits when you retire.
