On the fourth day of America Saves Week, we are celebrating Wealth Wednesday and I’m going to show you how you can save over $100,000 by the time you retire using the Grow Your Retirement Savings Calculator! Let’s say you are a new employee and auto enrolled at a the minimum 1% contribution rate per paycheck. If you increase your contribution every year by just ½ a percent using the automatic increase tool, earn a 6% average annual rate of return and save for 25 years, your balance at retirement could be roughly $133,770. If you don’t have 25 years to save, you can adjust the calculator entries to fit your situation. The last step is to log in to your account and make the contribution change! It’s that simple!
