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Who is saving money? It is You!
One only needs to review an overabundance of news periodicals to learn the effects of the COVID epidemic as it relates to saving money. For those individuals impacted by job loss, most likely you are relying on your savings to help see you through this unprecedented time. However, for individuals who have been fortunate to retain employment, a class of conscientious savers are evolving as not seen in the United States in decades. According to the U.S. Bureau of Economic Analysis, the personal savings rate has climbed from 7.3% in the Fall of 2019, to 14.10% Fall of 2020. The increase in national savings is a consequence of a forced change in our social and economic culture.
For years the WRS 457 Plan has encouraged public employees to forgo their favorite drive up coffee producer one time each week, to pack their own lunch rather than eating out, or occasionally watch a movie at home rather than paying for the theatre, and direct those small savings to your long term retirement savings plan. What WRS encouraged has become an unintended mandate.
You’re staying home and saving money!
Our members are discovering the empowering experience of “left over money” at the end of the month.
We have heard from members who are finding themselves with 10’s, 20’s and even 100’s of dollars they are no longer spending on disposal goods. There is no better time, than this difficult time, to evaluate priorities and make significant choices for your best interests and long-term outcomes.
Congratulations WRS 457 participants, you are making significant choices. You are continuing to save and are staying on track as you accumulate future retirement income resources.