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Step up your savings game

Save more without feeling it

If you can’t save 15 percent of your income right now, that’s OK. Here’s how you can get to that savings goal:

  • Start saving what you can now. Then build your savings up. Slowly. Surely.
  • Enjoy tax-deferred growth. Your savings, plus contributions, grow tax-deferred. You won’t pay taxes until you take your money out of the plan.
  • Catch your employer match. If your company offers matching dollars, don’t leave money on the table. The match is like free money, adding to your savings total.

Save more today!

Log on to your account to increase your retirement savings contribution.

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The effect of a few percentage points over time

When determining what to contribute, don’t set your sights too low: A couple of percentage points can make a big difference.

Even if you start small, it’s important to start saving as early as you can and let time do the work of compounding interest for you. Make a goal to increase your contribution each year and stick to it.

For example, this graph shows how much someone earning $60,000 annually (receiving a 3-percent raise each year) would save after 30 years, investing at different levels.

In this example, a couple of percentage points can be worth more than $150,000 in the end.1

Potential value after 30 years

$ thousands

How 401(k) contributions work

Pro tip

Start saving and increase your savings rate by 1 percent each year.

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There are many reasons to contribute to a 401(k), such as matching contributions and tax rates. Read the three reasons why you should contribute to your 401(k).

Key questions for planning your retirement

There are a lot of questions to ask yourself when retirement planning. These questions can help you kickstart your retirement planning process.

1. Example is for illustration purposes only. Assumes $60,000 salary, bi-weekly contributions, 3% annual pay increase, and a 7% rate of return. Balances shown are pre-tax and are subject to income taxes upon distribution.

Investments will fluctuate and when redeemed may be worth more or less than when originally invested.

This information is a general discussion of the relevant federal tax laws provided to promote ideas that may benefit a taxpayer. It is not intended for, nor can it be used by any taxpayer for the purpose of avoiding federal tax penalties. Taxpayers should seek the advice of their own advisors regarding any tax and legal issues specific to their situation.

DOFU 2-2020