New Year’s Saving Resolution #3: Save for Retirement

The following post comes from the America Saves Blog. Follow them on Twitter and Facebook.

January 30, 2013
By Katie Bryan, America Saves Communications Manager

Retirement savings is a top priority for many Savers. There are striking differences between the savings progress of those with and without a retirement savings plan. You fall into one of two groups: those that have made a saving plan for retirement and those that have not. 61% of Americans with a retirement plan said they were saving enough for retirement. For those who said they did not have a plan for retirement savings plan only 27% reported saving enough for retirement.


One way to automatically increase your retirement savings is to increase the amount you are saving towards retirement by 1% in 2013.

There are two different places you can save for retirement:

Save at Work
Many employers offer ways to save for retirement. If you are already saving for retirement through your work, upping your retirement contribution is easy. Just visit your HR department and let them know you want to increase your retirement contribution. Your employer may also offer matching funds for contributing to a 401(k) or other retirement plan. Make sure you are putting in enough to receive the full match – or you are missing out on free money.  The military version of the 401(k) is the Thrift Savings Plan which now has both Roth and Traditional options.  You can visit for information on increasing your contribution percentage.

Are Fees Eating Away at Your Retirement Savings?
No matter how generous your employer is in helping you save for the future, your retirement plan isn’t free – you’re paying for it – and as a consumer you’re entitled to know what you’re being charged. Learn more.

Save Outside of Work
If your employer doesn’t offer a retirement plan you can still save for retirement, and get some tax benefits in the process, by putting money in an Individual Retirement Account (IRA). Many IRA accounts require you to have at least $1,000 to open an account. If you don’t have $1,000 handy, automate your savings by putting $50 a paycheck into a savings account. Then once you’ve saved the minimum amount required, you can open an IRA.

For more information:
Save for Retirement
Get Rich Slow: Maximizing Your Retirement in 2013
Thrift Savings Plan (TSP) Roth Option
Roth TSP Adds a Tool to Your Savings Kit


Tip of the Day

  • Written by Guest Blogger | April 29, 2014

    It's important to know your #credit score and what's on your credit report. Find out why it matters: 

Saver Stories View all »

Setting a Goal Leads to Success

Written by Super User | May 24, 2019

Growing up, Marisa’s dad had always talked about saving first, but she said she didn’t really internalize it until much later. “I was drifting along with no plan, carrying a little bit of revolving debt, saving some money here and there, but without a real plan for it.”


One That Almost Got Away

Written by Super User | November 26, 2010

Brody Lockwood - Like a typical fledgling, I started down the track of financial indebtedness. Nineteen years old and nothing to lose. Credit - who need it? Savings - that was for older people with responsibility. Debt - my parents were in debt ergo it must be OK. When I was eligible for reenlistment, I reenlisted for a multiple of 3 worth $15K. I was happy to pay off my debt, but would I be able to stay out of debt?


Involving Kids in Family Finances

Written by | April 19, 2019


One of the best lessons we can share with our kids is about money. By middle school, kids should have a good understanding of how money works as well as the importance of saving.