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America Saves Week 2009

  
  
  

Next week is America Saves Week 2009:

The third annual America Saves Week is scheduled for February 22-March 1, 2009, and early reports indicate that the Week will have more participation and a broader reach than ever before.

Activities for America Saves Week 2009 are being coordinated by the America Saves campaign and by the American Savings Education Council, who are working with a large coalition to promote the savings message and foster better savings behavior. Among the many companies, agencies and organizations committed to participating are the Cooperative Extension Service, WorldatWork and the Department of Defense.

During America Saves Week 2008, over 80 national organizations and over 500 local organizations participated, reaching millions through the press and internet. Over 75,000 people attended over 1,800 events, and tens of thousands joined the America Saves campaign and committed to begin saving.

The website has many resources including a savings checklist with related links:

  1. Do you know your net worth, that is, the dollar amount representing all your assets minus your debts? America Saves Wealth Calculator
  2. Do you have a personal spending plan with specific goals and plans for achieving these goals? Department of Labor's Savings Fitness: A Guide to Your Money and Your Financial Future
  3. Do you have a personal spending plan that allows you to save enough money to achieve these goals? NEFE's Create a Spending Plan-Draw a Spending Map So You Don't Get Lost
  4. Do you have credit card or payday loan debt? If so, are you reducing this debt? Credit Cards: Utah State University Extension's November 2001 Financial Fitness Fact Sheet: Reducing Credit Card Debt; Payday Loans: AARP's Payday Loans Don't Pay basics
  5. Do you spend less than your income and save the difference? InCharge's Spend Less Calculator
  6. Do you have sufficient emergency savings to pay for unexpected expenses like car repairs and medical treatment? AICPA's Emergency Savings Calculator
  7. Are you saving enough for a retirement where you have a desirable standard of living? Ballpark E$timate Worksheet and What Is Your R3 Retirement Readiness Rating?
  8. Do you save for retirement at work through a 401(k) or other contributory plan? FINRA's 401(k) Investing Advice/Homepage
  9. Outside of work, do you save automatically through regular preauthorized transfers from a checking account to saving or investment account? AICPA's Savings Calculator
  10. Do you save a portion of tax refunds, gifts, bonuses, or other financial windfalls? Choose to Save's tips on What to Do With Your Refund?
  11. Are you building equity in your home or other property? AICPA's Tapping the Equity in Your Home
  12. Do you expect to pay off all mortgage loans before retirement? AICPA's Mortgage Payoff Calculator

The website also defines the purpose of America Saves Week:

The personal savings rate is near zero, most Americans are not saving adequately for retirement, and most lower-income households do not have adequate emergency savings for unexpected expenditures like a car repair. But with more societal encouragement and support, more Americans will be persuaded to build wealth, not debt.

During America Saves Week, individuals will be encouraged and assisted to assess their savings progress and take action to advance this progress. This encouragement and assistance will be provided by organizations and professionals with an interest in improving the financial security of individuals and families.

ASPPA also supports America Saves Week and has a webpage with resources that would be useful for your employees, colleagues, and/or clients. We also covered America Saves Week 2008.

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2012 IRS Pension Plan Limits

401(k) Deferral Limit - $17,000

Annual Additions Limit - $50,000

Maximum Compensation Limit - $250,000

Catch-Up Contribution Limit - $5,500

Highly Compensated Employee - $115,000

ESOP 5-Year Distribution Threshold - $1,015,000

ESOP Additional Year Threshold - $200,000

2012 Pension Plan Limits

1989 - 2012 Plan Limits