We recently launched our “Saving for Retirement” campaign with AARP and it got us thinking about our own retirement plans.
While saving for anything can be daunting, especially if you’re working with a limited salary, we’re here to tell you that you probably already have the skill-set necessary to successfully save for retirement. If you’re using smart budgeting tricks like packing your lunches, shopping at thrift stores, or using rewards points to book a vacation, you’ve got financial savvy you can also put to use for your retirement savings.
Still not convinced? The Ad Council and AARP are here to help. In this post we’ve compiled some of our favorite tips when it comes to saving for retirement while working at a non-profit. If you want more tips from your own digital retirement coach, be sure to head to AceYourRetirement.org!
Every Little Bit Helps
Let’s face it: most of us aren’t working in social good for the fat paychecks. But even if your budget is tight, it’s important to set aside some of your income for retirement—any amount is better than none at all. Get on the right track by contributing whatever you can to your 401(k) or 403(b), and try to increase it every year, even if only by 1%.
Maximize Your Match
To incentivize employees to participate in their workplace retirement savings plan, many employers match a certain amount of your contributions. If this applies to you, make sure you’re putting in at least enough to maximize that match. Otherwise, you’re missing out on free money! To learn about your employer match, check with your HR representative who will be happy to help.
Roll It Over
If you have an existing 401(k) or 403(b) from a previous workplace, move those funds to your account with your current employer to enjoy the sweet rewards of compounding interest. And FYI: if you’ve moved between non-profit and for-profit jobs in your career, you can roll over a 401(k) into a 403(b) and vice-versa – it’s no problem! If you’re not sure how to get started with a rollover, ask your HR benefits provider for help getting started.
Do you have any other tips you’d like to share? Let us know in the comments!