America Saves Week 2020 is February 24th to February 29th. It is a nationally recognized campaign that encourages you to take a closer look at how you are saving in order to set yourself up for success in the year to come.
TIAA, one of the Retirement Program partners of the A&M System, provides savings advice to help you make saving a habit.
- Set goals you can reach—Saving is a challenge. To win big, you don’t have to start big. Set realistic goals and try to increase your savings every year.
- Switch into “easy” mode—Automatic deposits allow you to set it and forget it. And you can’t spend what you’ve already saved.
- Use the right tools—Financial calculators can help you track your progress and see if changes are needed.
- Protect your accounts—Taking some simple steps may help ensure your savings won’t end up in the wrong hands.
To get started, you can use TIAA’s financial goal planner. Gauge your “fiscal fitness” by calculating your monthly income and expenses, write down achievable financial goals, and then identify a time frame to achieve those goals.
In addition to TRS and ORP, the A&M System offers two additional voluntary, pre-tax savings programs: the 403(b) Tax-Deferred Account (TDA) and the 457(b) Texa$aver Deferred Compensation Plan (DCP). Take this opportunity to also learn about the savings options available to you on the Retirement Programs website at https://www.tamus.edu/business/benefits-administration/retirement-programs/.