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A small change today can grow into big savings tomorrow.

Saving for retirement doesn’t have to feel overwhelming. Small steps can make a big difference. Compound interest means your savings earn money, and then that money earns money too. Over time, even small contributions can grow much larger because of this snowball effect. The earlier you start saving, the more time your money has to grow and multiply.

Small changes add up

Start by asking yourself, “What percent of my salary am I saving in my 401(k)?” Then, compare it to
the recommended savings rate of 10-15% for a healthy retirement. For example, let’s look at a 30-year old earning $50,000 a year with a $10,000 401(k) balance.

Small increases in your savings can add up over the years. With gradual changes, you can steadily work toward the retirement lifestyle you envision.

Could you save more?

Increasing your contribution rate by 1% might not seem like much, but it can make a big difference. You can do it yourself, or if your plan allows, opt for automatic escalation. This will gradually increase your savings rate until you reach the limit.

Click the static image above to access an interactive chart that will automatically calculate how much you’ll save each week based on your personal salary.

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This communication is for educational and informational purposes only. The content does not purport to present a complete picture, but we believe the information is representative of issues and needs facing some clients. This should not be construed as specific ERISA, investment, tax, or legal advice. Individuals should seek advice from their wealth advisor or other advisors before undertaking actions in response to the matters discussed. No client or prospective should assume the above information serves as the receipt of, or substitute for, personalized individual advice. All tax laws and regulations discussed are subject to change. Nothing contained in this communication may be relied upon as a guarantee, promise, assurance, or representation as to the future. Investing involves risk, including, but not limited to, loss of principal. This is prepared using third party sources considered to be reliable; however, accuracy or completeness cannot be guaranteed. RO-25-4899280 ©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.
* Dopkins Wealth Management, LLC is a registered investment advisor owned by the partners of Dopkins & Company, LLP.
Disclosure: This presentation and its contents are for informational purposes only and should not be used as the basis for investment decision. Additional information and disclosure on Dopkins Wealth is available via our Form ADV which is available upon request or at www.adviserinfo.sec.gov.

About the Author

Aidan A. Hart

Aidan works closely with senior advisors to support the delivery of comprehensive wealth management services to individuals, businesses and trusts. He assists in the development and implementation of personalized financial strategies and is responsible for preparing financial plans, monitoring client portfolios, and helping ensure that client recommendations align with their long-term goals and risk tolerance.

About the Author

Chad R. O’Connell AIF

Chad manages Dopkins’ retirement plan services group, which focuses on investment management, consulting and fiduciary governance services to corporations and not-for-profit entities. In addition, Chad also provides financial services to high net worth individuals and business owners.

About the Author

Treg A. Lewis

Treg is responsible for providing financial solutions for individuals, businesses and employee benefit plans. His goal is to help clients enjoy the confidence that results from identifying what matters most to them, create strategies that align with their values and help them leave a legacy for future generations. He enjoys educating clients so they can be confident in the financial decisions they make in pursuit of their goals.