How to be proactive about saving for retirement (1:58)


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Video Summary


Are you putting enough money into your retirement savings account? See how much people like you are saving and what motivated them to open a retirement savings account.

Video Transcript 

[MUSIC PLAYING]
Narrator:
We brought this red chair around Connecticut and asked people, do you have a retirement savings account?

Male:
- A 401(k).

Female:
Yeah, it's a 401(k) with the university I work for.

Female:
I have a Roth IRA and a 403(b).

Female:
I know it's RSP and maybe 403(b) and some other letters and numbers.

Female:
I have a 401(k) plan.

Narrator:
What percentage of your pay goes toward retirement?

Female:
So I've been putting, I think, 5%.

Male:
I put 6% into a 401(k).

Male:
I think I started at something like 7 or 8.

Female:
I kind of slowly have been saving, and I tried to increase it a percentage every two to three months.

Male:
I'm putting about 10% away right now.

Male:
Now I'm up to the maximum every year.

Male:
Yeah, 15% now.

[Title Card]
Wow, you’re doing great!

[Title Card]
The average American contributes 6.2 percent of their pay to a 401(k).

Source: Vanguard 2016

Female:
I kind of wish I started right out of school.

Male:
I wish I put more away when I was younger.

Female:
All you could do is try. I'm not always perfect at it, not even remotely. [Laughs]

Narrator:
What motivated you to start saving for retirement?

Male:
My mom told me if you put that money away before you ever have it, then you get used to not having it.

Male:
Well, when I was in law school, I took some business classes that sort of talked about investment in stocks and things, so that led to reading about investments and finance. And it seemed like the 401(k) was the best way to get started, so I did.

Male:
Especially if I just put away a couple thousand dollars now as opposed to six years from now, then it will have built up as well. Yeah, get that compound interest.

[Title Card]
[Liberty Bank Logo]
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