The response to our Save 10 $tories Video Contest was huge! And after your votes were tallied, we have a winner. Congratulations to Paige Rood from Utah State University who takes home the grand prize of $10,000! “Sally’s Lemonade” tells the story of a girl named Sally who saved 10% of her earnings from a lemonade stand toward retirement. The end result is a strong, successful financial future. Thanks to Paige and all our contestants who showed America who, when, why, and how anyone can Save 10.
1) Most Americans need to save more
2) Most aren’t doing enough of it on their own
Nearly 82% of employees save for retirement when their employers offer an Auto Save program – compared with just 64% when employers do not. Save 10 aims to fundamentally change these facts.
Save 10 is a business-to-business, peer-to-peer effort to encourage to encourage employers to enable their workers to Save 10% of their income for a secure retirement.
Over 40% of large 401(k) programs are already using automatic enrollment – or Auto-save – to help employees save more for retirement. When employers automatically opt-in their employees into the company retirement savings plan, they are practicing auto-save.
Auto Save has another component – auto escalation - that allows employees' savings to automatically increase over time. Auto escalation can dramatically increase retirement savings without employees feeling a paycheck pinch. Employees always have the option to opt-out, but research shows the vast majority do not and are better prepared for retirement.
Increasing Retirement Savings Access at Small Businesses
Only about one in seven small employers with less than 100 workers offers a retirement plan – there is much opportunity for improvement. Save 10 advocates for efforts that will increase saving and promotes successful examples of Auto Save and small business IRA options used by Save 10 members, while recognizing companies who are doing it right. We help them understand the many benefits of saving 10 for them and their employees.
Keep your 10
Being prepared for disability, death, or other curves life can throw is an essential part of planning for retirement. Companies should make sure workers keep the 10% they are saving. Every person’s situation is different, so if you aren’t sure how to get started, there are many resources that can help. Here is just one resource to help you on your way.