We have all heard how important it is to save for retirement. A few comments may have included “Social Security might not be around when you retire” or “What do you want your life to look like when you retire?”  

Well, URAC recently made enrolling in the 401(k) plan easier for employees. June 1st was the beginning of a new way for employees to save for retirement. All new and current employees will automatically be enrolled in URAC’s 401(k) plan at a 5 percent deferral rate. This will make it easier for employees to passively save without having to think about it. However, both new and current employees can opt to change that deferral rate but must take an extra step to log into the Fidelity website to do so. Another enhancement includes new employees being able to immediately contribute to the 401(k) plan the following month after their date of hire. 

If that is not enough motivation to participate in URAC’s 401(k) plan, here are some other great reasons to invest in our 401(k) plan:

• Our plan offers a variety of investment options managed by experienced professionals.
• You can save automatically. Simply specify how much, and the amount will be automatically deducted from your paycheck and deposited to your plan account — before you ever see the funds.
• Your contributions reduce your current taxes. Because your contributions are made with pre-tax money, you reduce your overall taxable income, which adds up to considerable savings.

But don’t stop there —  put the power of compounding on your side.

When you save in a retirement plan, you’re putting the power of tax-deferred compounding to work for you. Your money can grow faster because earnings that could have been taxed get reinvested and earn even more. In addition, if your budget permits additional savings, the power of compounding interest can yield considerable savings in after tax choices such as savings accounts. Speak to a financial professional to learn more.

The link below shows how to overcome excuses to saving for retirement:
https://www.dartmouth.edu/~hrs/pdfs/fidelity_overcome_the_excuses.pdf