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Why Act Now? Because…
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About 1 in 5 workers say they have no
savings at all.
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Set up a "sinking fund" for money to cover an
upcoming, expected expense, such as purchasing a new car, going on
vacation, or replacing your home's furnace or roof.
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You should have an "emergency fund" in place to cover
the unexpected expenses. This could be an unexpected car repair,
unexpected medical bills, or an emergency flight home to your parents.
Most low-income households don't have adequate emergency savings on hand
for unexpected expenses, such as funerals or car repairs.
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To live comfortably in retirement, you'll need
65%-90% of your pre-retirement income.
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The sooner you start saving for retirement, the
better your money will work for you through compounding interest.
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Half of U.S. workers have less than $25,000 in total
savings.
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How will you recover if you lose your job? Save
at least 6 months worth of bills and expenses to cover you during
unemployment.
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You should consider saving for your or your child's
future education.
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Save for large purchases, such as a house, car, or
vacation. You can get a better interest rate on a house or car
with a bigger down payment. Also, your bargaining power will
likely increase.
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