Each year during America Saves Week (February 26 to March 3), many people make an extra effort to save money. Started in 2007, America Saves Week is an annual opportunity for people to take a closer look at how they are saving in order to set themselves up for success in the year to come.
Bumping Up Your Savings
Fidelity recommends saving at least 15% of your annual earnings in your 401(k), including BMC matching contributions. But even putting away 1%, 3%, or 5% more can help you feel more confident about your plans for the future.
Take 1%, for instance. Like a rolling snowball, a 1% increase in your BMC 401(k) Plan contributions can build on itself and help impact your financial future. While 1% is a small percentage of your annual earnings, after 20 or 30 years it can make a big difference in your account balance when you retire. That’s because the longer you give your money a chance to grow, the better. And it works no matter how old you are—or how far off retirement is. Use the BMC Savings Tool to help you decide how much to contribute to the 401(k) and to help you maximize your 401(k) contributions, company matching contributions and catch-up contributions (if applicable).
Fewer Goals
According to Fidelity, most people are juggling competing financial goals, beyond saving for retirement. If you’re having trouble making progress toward your goals, consider shortening your list; people with fewer goals are more likely to feel “on track” toward meeting them.
Just Keep Saving
Saving for the future takes commitment and patience. The results are clear when you look at people who have been invested in their 401(k) for at least 15 years. These savers have seen their investments grow considerably, both because of new contributions and the growth of the market. Even the financial crisis of 2008-2009 did not stop their progress. Use the Fidelity Retirement Score Tool to see if your savings are on track.
Useful Links
Watch this video from the Investment Company Institute to learn how to put your 401(k) plan through a “checkup” to help you maximize your savings.
MyBMC Rewards provides a snapshot of your pay, retirement benefits, health and insurance benefits and corporate programs. Visit MyBMC Rewards to:
Go online anytime or call 877-262-4849. Representatives are available from Monday through Friday, 8 a.m. to 9 p.m., Eastern time.
From enrollment reminders to important 401(k) information and benefits updates, you can be the first to know when your attention or action is required.
The content on this site includes links to tools and information that are not the property of BMC Software, and BMC Software is not responsible for their accuracy, completeness or continued availability. Some of the material contained in this site is based on official plan documents. It is not, nor is it intended to be, the legal plan document or a contract between the company and any employee or contractor. Every effort has been made to ensure the accuracy of this material. In the unlikely event that there is a discrepancy between the site and the official plan documents, the official plan documents will control. BMC Software reserves the right to amend or terminate the plan(s) or program(s) at any time. If you believe the benefits do not describe those available to you, contact the Benefits Center at 877-BMC-4849.
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