Vincenza Vicari-Bentley, AFC, Empowering Financial Wellness Program Coordinator

It’s not a big secret that most Americans aren’t saving enough for retirement. According to the National Institute on Retirement Security, more than 75% of Americans have retirement savings that fall short of what are considered “conservative” savings targets. Further, 21% aren’t saving/investing at all!

You may be thinking “how much money do I need to save/invest” and that depends largely on your goals, health, and lifestyle.  Financial experts recommend that you save 15% of your income every year starting at age 25 . That would put you in a good position to retire by the age of 67.

Here's an example: If a 25-year-old started investing 15% of their average salary in Utah (49K) from age 25 to age 65 (assuming their savings/investments grow 6% over that time) they could potentially have over $1.1 million dollars saved when they retire! The contributions over the 40 years would be $288,000 but the rest of the $1.1 million total is all interest that was earned on the contributions!

Can’t afford to set aside a full 15% of  income for retirement? Don’t be discouraged. Remember investing any amount for retirement positions you to benefit from compounding interest as soon as possible. Time is your most powerful ally for retirement savings. Enrolling with your employer’s retirement plan is one of the best ways to start saving for retirement. If your employer offers a match, take advantage of that! You can slowly increase your contributions so you can get the full match to maximize your savings, because that’s free money!

If your employer does not offer retirement savings options then you can open your own Individual Retirement Account (IRA) with your bank/credit union or other low-cost provider. Even if you feel like you’re behind with your retirement savings, there are always ways to catch up and save a bit more. Stashing something is always better than doing nothing!

Vincenza Vicari-Bentley, AFC
​Empowering Financial Wellness Program Coordinator

Amanda H. Christensen, AFC, Extension Associate Professor

Vincenza Vicari-Bentley, AFC, Empowering Financial Wellness Program Coordinator

When you read the word “estate” in estate planning, are you thinking only wealthy people need that?

The reality of estate planning is that when you own anything of value, you have an estate- and it’s so important to have a plan in place for it after you pass on. Planning for the worst is actually the best way to protect yourself, the people you love and your valuables. Having an estate plan gives you control over protecting your property and possessions and distributing them after your death so they support heirs and your beneficiaries the way YOU want them to.

Your estate plan also protects you.  What if you became temporarily incapacitated? Who would handle your affairs? Who would manage your healthcare if you were physically unable to make those decisions? All these decisions can be made as part of your estate plan. 

We just launched a free new toolkit that can help you take the initial steps necessary to make your own plan.  Click HERE to access the Estate Planning Toolkit: A beginner's guide to estate planning in Utah.  

What better way to say “I love you” during the month of Valentine’s!

Melanie Jewkes, Extension Associate Professor

Are you saving for retirement? Do you want to be saving for retirement? Are you looking for strategies to invest more money? Put it off no longer -- the best time to start saving for retirement is NOW. 
But I get it! LIFE gets in the way sometimes. It doesn’t help that picking a way to invest in retirement can be is complicated. But time is of the essence, and you are literally losing money, and money on that money (compound interest), the longer you put off figuring out how to save for retirement.
It is never too late to start saving for retirement. NOW is always better than tomorrow. Here are some strategies to get you on your way to investing in you beginning today.