Saving Again? Ways to Do It Right at All Life Stages

Organizing your savings can be as easy as organizing your drawers at home. It’s all about knowing where to put everything.

Throughout your career, you will have plenty of expenses competing for your paycheck—retirement, kids, college, mortgage, bills. Sorting out your savings into different “drawers” can help you feel less overwhelmed.

If you are enrolled in the YMCA Retirement Plan, your YMCA already plays a big part in helping you reach your savings goals. While at most YMCAs you don’t have to contribute anything in order to get the employer contribution—as you would with a 401(k) account—you should make your own contributions anyway. Young employees can build a large base that will grow throughout their career, thanks to compound interest. Older employees are nearing the peak of their earning power and may be able to save much more than they ever have.

Already have a 403(b) Smart Account? Now might be a good time to review your budget, and see how much more you can contribute. The maximum allowed in 2009 is $16,500, plus $5,500 in catch-up contributions if you’re age 50 or older.

Don’t have a 403(b) Smart Account? Open one today and see how easy it is to save tax deferred. Your savings are whisked out of your earnings before taxes, and before you can spend them.

Use this form to open—or add to—yours today.

Read more on sorting out your “savings drawers” with the right strategy.