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Plan Well, Retire Well

Saving and investing your money

America Saves: Reach Your Goals

Where do most people get the money to invest for future goals? Some receive lump sums, such as pension distributions, settlements, and inheritances. A few lucky people win the lottery or some other big prize. Most people, however, get money to invest the old fashioned way: they earn it and then they save it.

Setting goals can provide the motivation needed to reduce spending today in order to save for a secure future tomorrow. Be specific with a date and a dollar cost. An example is "save $8,000 for a used car in 4 years." Knowing your timeline can help you choose appropriate places to put your money (e.g., CDs for short-term goals and stocks for goals that are 5+ years away). For more information about saving and investing, see:

To calculate how much you need to save to achieve a financial goal, divide the amount you need to save by the time (e.g., number of months) you have left to save. If, for example, you want to save $5,000 by next year, you'll need to put aside $416.67 ($5,000 divided by 12) a month, or $96.15 ($5,000 divided by 52) a week. Become an American Saver (it's free and motivational) at

Celebrate America Saves Week and yourself! Set a financial goal today and begin moving forward with your finances.

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