February 27 through March 3, 2023 marks America Saves Week — an annual event focused on engaging with and providing resources to Americans looking to start saving or rev up a current savings plan. As a leading provider of products and solutions that help people plan, protect and retire with confidence, Lincoln Financial Group is proud to offer tips and resources to help you get started.
Each day of America Saves Week has a theme to help you take control of your financial future. Below, members of the Lincoln Financial leadership team share how they think about each theme and some tips to help you build your financial confidence.
“Saving for retirement is a journey, and if you’re already saving as part of your journey, consider increasing the amount you are saving automatically,” said Ralph Ferraro, Senior Vice President, President of Retirement Plan Services, Lincoln Financial Group. “Your first step is to find out if your employer offers a retirement plan, and to take advantage of their match percentage. From there you can increase your contributions gradually and see big changes in savings over time. Tools like this calculator will help you see the benefit of acting now vs. waiting to save.”
Saving For the Unexpected
“People tend to downplay their own personal risk regarding the need for long-term care. However, 70% of adults who survive to age 65 develop severe long-term care needs during their lifetime,” said Bill Nash, Senior Vice President, Head of MoneyGuard Distribution, Lincoln Financial Distributors.* “Long-term care costs are one of the biggest threats to accumulated wealth, particularly retirement savings. Therefore, developing a long-term care plan is about mitigating that risk before care is actually needed. There’s never a wrong time to start the conversation.”
Saving For Major Milestones
“We often think of saving for life milestones, like vacations, children’s college tuition or retirement. Yet, as a new generation becomes savvier about investing, they may consider commemorating major life events by investing in financial protection products, like annuities,” said Jared Nepa, Vice President and National Sales Manager for Annuities, Lincoln Financial Distributors. “Milestone birthdays, big promotions and the birth of children are all a great time to work with a financial professional to purchase products like annuities to help protect and grow your financial future.”
Paying Down Debt Is Saving
“Debt can feel insurmountable and can make saving for retirement take a back seat, but it doesn’t have to,” said Sharon Scanlon, Senior Vice President, Customer Experience, Marketing and Transformation, Lincoln Financial Group. “Financial wellness resources and programs, which many employers offer to their employees, help create a personalized action plan to improve your overall financial well-being.”
Saving At Any Age
“Employees are looking for an answer to market volatility and a way to protect their retirement to ensure their savings last a lifetime,” said Matt Condos, Senior Vice President, Retirement Plan Services Product, Lincoln Financial Group. “In-plan annuities can help provide that protection at any age during the accumulation phase of their retirement journey while also setting them up for a steady stream of income in retirement.”
*What Is the Lifetime Risk of Needing and Receiving Long-Term Services and Supports?” ASPE, https://aspe.hhs.gov/reports/what-lifetime-risk-needing-receiving-long-term-services-supports. April 2019.