Today marks the beginning of National Savings Week (also known as National Save for Retirement Week).
To give it a nudge in the right direction, three financial firms are marking the occasion with hints, tools, and even outright savings contributions.
Voya Financial Inc., in the most spectacular such gesture, has announced that as part of its “Born to Save” campaign, every baby born in the U.S. today—October 19—is eligible for a $500 mutual fund investment from Voya upon their enrollment in the program.
Considering that the U.S. Census Bureau estimates that more than 10,000 babies are born every day in this country, that’s a lot of mutual fund investments.
Voya pointed out that approximately 10,000 baby boomers turn 65 every day, a trend that is expected to last for the next 15 years—and one that underscores the necessity of saving for retirement.
Next is Lincoln Financial Group’s Retirement Plan Services business, which is noting the day, and the week, with the “Let’s Go!” retirement education and communication program, available for its plan sponsors to use with participants.
The program includes a suite of materials and a dedicated website with interactive features including a retirement planner, contribution calculator and other savings resources. The “Let’s Go!” program is available online.
Lincoln will also be providing, for the duration of the week, tips and actions that can benefit savers throughout their lives, as well as sharing insights from its Measuring Optimism, Outlook and Direction (M.O.O.D.) of America survey, which, among other things, looked at Americans’ attitudes and actions toward saving for retirement.
Last, but not least, is Prudential Financial, Inc., which is calling attention to its tools and resources aimed at helping people plan for a secure retirement.
Its interactive IncomeCertainty.com website offers educational videos, interactive tools and information from industry experts including the AARP, Insured Retirement Institute, and the Social Security Administration, and is accessible from a laptop, mobile phone, or tablet.
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