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It’s easier than you think to start saving for the future you want. Here are eight reasons to start saving:
1 Starting early can make a big difference
Starting early and making small increases in the amount you contribute could make a real difference when you retire.
2 You can reduce your current taxable income
With traditional pretax savings, your contributions are deducted from your pay before income taxes.
3 A focus on monthly retirement income
When you log in to your account, you are able to clearly see your estimated monthly retirement income and the percentage of current income you’re on track to replace in retirement. These estimates are based on your total account balance, current contribution amount and other income sources.
4 Review your finances in one place
When you log in to your account and connect your financial accounts, you unlock helpful resources and tools to help you manage your current finances and view your complete financial picture.
5 More ways to save on taxes
You may be eligible for an IRS saver’s credit on the first $2,000 you contribute to your plan based on your adjusted gross income and tax-filing status. Find out if you’re eligible for a credit at the IRS website.
Empower Retirement, LLC and its affiliates are not affiliated with the author or responsible for the third-party content provided.
6 Build your investment mix
Select from a variety of investment choices and build the right mix for your personal situation.
7 A partner for your future
Your employer manages and monitors your plan and continually works on your behalf. They carefully selected the investment options and a service provider, Empower, to work directly with you.
8 Stay as long as you like
Even after you change jobs or retire you often can keep your account right where it is so you have access to all the resources your plan has to offer.