Start small, save big


Don’t think you have enough money to save for retirement? Then you might be surprised to learn that saving with as little as $20 per pay period can make a big difference.

The key is to start…now.

Saving a small amount for retirement is perfectly okay, as long as you start. To understand why, the importance of saving early is illustrated clearly in our story of Jack and Jill. Jill starts contributing soon after starting her first job and reaps the benefits of compounding interest. Jack procrastinates and, because he waits, he will need to contribute much more to catch up with Jill's account balance in retirement.

Compounding is when earnings on your investments are reinvested in your account. The reinvested earnings may also have earnings, and then those earnings are reinvested and so on. It’s said that Albert Einstein called compound interest the "eighth wonder of the world." Because of compounding, any small amount you can start contributing now could benefit you more than larger amounts you contribute later on.

Optimize the impact of compounding by:

  • Saving as soon as you can to lengthen your timeline.
  • Making regular contributions through payroll deduction or monthly automatic withdrawals from a checking or savings account.

With Member Benefits, no large amount is required like with many other providers, so it's easy to get started.

Once you get started, look for opportunities along the way to increase your contribution—like when you get a salary increase, eliminate an expense, etc.

Learn more about how compounding can help you build your retirement account.

More resources

  • Use our paycheck comparison calculator to help you determine the impact of changing your retirement savings payroll deductions.
  • Our 403(b) and IRA information and enrollment pages are a great way to start educating yourself on these saving options.

P.S. Your family members may also qualify for our IRA program. Let them know! (Wisconsin residency required.)

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