New school year: Time to educate educators about saving

The beginning of the school year is a great time to get public school employees on track for a secure retirement. You can help your staff learn more about becoming financially secure by sharing the following information:

  • New teachers starting out in public education should start saving now. If they start saving early, they can take advantage of the benefit of compounding, which can make a huge difference in savings over time. Feel free to share our infographic that illustrates the value of saving for retirement sooner than later.
      
  • Encourage your staff to utilize your workplace 403(b) retirement plan, which allows automatic savings on a regular basis. This gets your employees in the habit of saving.
      
  • Remind your employees to get started, even if they don’t think they can save much. They can start with as little as $10 per paycheck.
      
  • If they get a raise, encourage them to set a new savings goal. They also have the option to choose a percentage instead of a dollar amount when choosing their total contribution. Choosing a percentage means that contributions will automatically increase when their salary goes up. This can help them become a more disciplined saver.
      
  • Financial education should cover all savings options but point out the benefits and tax advantages of investing in a 403(b). Ask us to present a free financial seminar for your employees by calling 1-800-279-4030. Seminar descriptions can be found on our Web site. 
      
  • Employees can visit weabenefits.com/seminars to register for a financial seminar or view one on demand.
      
  • Our Web site provides a wealth of articles about retirement and calculators about retirement saving. 
      
  • Lastly, Member Benefits offers financial planning services, including a free one-hour consultation.* Your employees can call 1-800-279-4030 or e-mail weafa@weabenefits.com to make an appointment. Meeting with one of our financial planners can help them get on the right financial track.

This article is for informational purposes only and is not intended to constitute legal, financial, or tax advice. Certain recommendations or guidelines may not be appropriate for everyone. Consult your personal advisor or attorney for advice specific to your unique circumstances before taking action. All investment advisory services are offered through WEA Financial Advisors, Inc.

* Must be a WEAC member, Wisconsin public school employee, or current participant in a Member Benefits program to qualify for the free consultation service.

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