We get it: it’s hard to save for your future when your today demands all your money. Yet, we all know we should.
Here’s an easy way to build more wealth for your future…. use your workplace retirement plan’s automatic savings increase feature. With auto-increase, you agree to regular boosts to your savings percentage over time, typically once per year. You decide the increment that your savings will increase, the date it will occur, and when the maximum is reached. The idea is that you’ll set it now, and then hopefully forget about it, allowing your savings amount and your balance to grow painlessly over time.
For most, increasing your savings in 1% increments can be painless. Check out the examples below to see the change in pay with a 1% savings increase on a weekly basis.
| Annual Income | 1% of Weekly Pay |
| $35,000 | $6.73 |
| $45,000 | $8.65 |
| $55,000 | $10.58 |
| $65,000 | $12.50 |
| $75,000 | $14.42 |
| $85,000 | $16.35 |
| $95,000 | $18.27 |
So, for the price of a fancy coffee or lunch, you can make a big impact in what is waiting for you at retirement.
How to Enroll in Auto-Increase
Electing auto-increase is easy by accessing your retirement account online. You can elect auto-increase with pre-tax or Roth dollars. If you need assistance finding a website URL or phone number for your account’s recordkeeper, reach out to Francis at 866-232-6457.
If Your Plan Doesn’t Have Auto-Increase
It’s no problem if your employer plan doesn’t offer auto-increase. You can still get the same benefit by manually boosting your savings 1%.
Did You Know?
Francis Investment Counsel, and its MoneyAdvice@Work services, have rebranded and shortened our name to Francis LLC. We’ve updated our look with new logos and website and refreshed our messaging to better reflect the way we serve you.
Our Services Aren’t Changing
We will continue to provide you with personal and uncompromised financial wellness advice on all money matters – without any hidden sales angles. Our advice is always conflict-free, meaning we won’t make money off your investment decisions.
Our sole desire is to help you achieve the Work-Life-Money Balance that leads to strong financial futures and more fulfilling lives, inside and outside of work. Visit our website, francisway.com to explore the new look and orient yourself to the new and improved Participant Portal. Then, book a meeting with your financial planner!
