Did you know that saving for your retirement could cost less than your weekly Dunkin’ run? At Community Partners in Action, we’re proud to offer a 401(k) plan through Empower designed to help you build a secure financial future. Even a small contribution, like $20 a week, can grow into something significant over time, thanks to the power of compound interest.
Here’s the math:
- Saving $20 per week equals $1,040 annually.
- With a 5-8% average annual return, that small weekly investment could grow to approximately $68,000 to $110,000 in 30 years!
Yet, how you save is just as important as saving itself. Every 401(k) plan is different, and employees contribute at different levels—some as little as 1% of their income, while others aim for the annual maximum. CPA’s plan offers a wide array of investment options, giving you the flexibility to build a portfolio that fits your financial goals.
You can reach Empower at (800) 338-4015 to discuss your account and if desired, be referred to a financial advisor for investment guidance at no cost. Representatives are available by phone Monday – Friday between 8 a.m. – 10 p.m. ET, and Saturdays between 9 a.m. – 5:30 p.m. ET. You can also access your account by going to User login | Empower: Saving, investing and advice.
Whether you’re just starting out or a seasoned investor, it’s essential to ensure your 401(k) aligns with your risk tolerance and reflects your time horizon—how much time you have between now and retirement. Think of it this way: trading one coffee and donut for a brighter retirement might be the smartest swap you’ll ever make. Don’t wait!
If you’re ready to enroll or change your contribution your HR team is here to assist you. A small step now can lead to big rewards in the future.