MaineSaves Bulletin
January 2017
WHAT’S THE STATE OF YOUR FUTURE?
What’s stopping you from saving?
Statistics show that only a quarter of State employees participate in MaineSaves, and very few are under age 35.In all likelihood, the pension you will eventually receive from the State will not be enough, on its own, to meet your retirement income needs. So, what’s stopping you from saving?
No more excuses. Start your new year off right, and start saving for your future.
Reason you’re not saving with MaineSaves… / … and the reason why you should stop delaying and start saving. / Get help from these resources.I don’t know how to pick a provider. / All of the investment fund providers have similar fund lineups. Visit each provider’s website to see the tools they offer, or call them to see who you’d be most comfortable working with. / To find a local provider website, go to the home page of > Providers > View Website
I don’t know how to choose the funds. / You don’t need to decide on funds in advance. You can get help from your provider. Each provider has local representatives who can explain its investment options and help you pick your investment mix. / Find contact information for a local representative by going to the home page of > Providers > Local Representatives
I can’t afford it. / You can start small. The plan allows you to contribute as little as $1 per paycheck. The trick to starting small is to keep saving on a regular basis. That’s what makes your savings add up, and that’s why the automatic contributions in MaineSaves arekeyto meeting your goals. / This simple calculator shows you how much you can save depending on how much you set aside each month: monthly savings calculator
I’ll do it later. / The sooner you start to save, the more time you have to take advantage of compound interest. When you save in the plan, your earnings can do some of the work to build your savings, but you have to give them enough time to grow. / To see how much your money can grow over time, try this tool from investor.gov: compound interest calculator.
Try 5% as the annual interest rate if you want to make an estimate
It’s too risky. / If you want to be prepared for retirement, you don’t really have a choice. You can pick safer investments if you are risk-averse. But, over the long term, the only way to see real growth is to diversify your portfolio with a mix of stocks, bonds, and cash. / To plan your investment mix, get help from resources like theCNNMoney Asset Allocation Tool
It’s never too early — or too late — to take charge of your future.
No matter what your age, income, or current savings status, it’s important to focus on your retirement strategy, now. Let MaineSaves help you improve the state of your future.The plan offers a comprehensive slate of investment options, plus tools and resources, to help you build a personalized retirement plan and gain the savings that you need.
Visit to learn more.
Division of Employee Health & Benefits
114 State House Station
Augusta, ME 04333-0114
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