Auto Increase Explained
Auto increase is like cruise control for your retirement savings. How does it work? You set up an auto increase percentage or dollar amount and choose a month for the increase to occur. When that month rolls around, your contribution will increase by the amount you chose. Unless you shift your auto increase election, your contributions will then continue to increase by that same percentage or dollar amount in the same month each year with no additional action required from you. For maximum flexibility, auto increase percentages can be as low as one-tenth of one percent or five dollars. This great tool lets you focus on the more important things in life while your retirement savings strategy accelerates with your career.