America Saves Week is here, but we’re still updating our digital toolkit on a daily basis as new partners sign up and new materials are added. Please check back often for new content.
If you haven’t signed up for America Saves Week 2018 yet, please click here to sign up your organization today. >> See who is already participating
In This Kit:
- Daily savings themes
- Financial Action: #ImSavingForSweepstakes
- Resource library
- Military Saves Week video
- Social media posts and graphics: #ASW18
- Sample content for blogs, emails, newsletters, and more
America Saves Week 2018 daily savings themes
We encourage you to promote these savings strategies and themes each day during America Saves Week:
Monday, February 26: Save with a plan
- Savers with a plan can be over twice as likely to save successfully for things like retirement and their education. Start your savings habit during America Saves week by creating a simple savings plan when you take the America Saves Pledge for a chance to win up to $750.
Tuesday, February 27: Save the easy way…automatically
- It can be hard to put aside money for savings, but there is an easy way to save money without ever missing it by making your savings automatic in 2018. Already saving automatically? Find ways to automate other aspects of your financial life this year.
Wednesday, February 28: Save for rainy days
- A rainy day fund consists of a small amount of money in a savings account separate from your checking that you do not have easy access to. Saving for this fund starts with small, regularly scheduled contributions that build up over time.
Thursday, March 1: Save to retire
- Saving now for retirement will ensure you have enough money to have a comfortable standard of living when you stop working or reduce the amount of hours you work. Participate in a work-related retirement program such as a 401(k) or open an Individual Retirement Account (or IRA). Already saving for retirement? We recommend increasing the amount you save toward retirement by 1 percent.
Friday, March 2: Save the extra
- We’re more likely to save a windfall than a small amount consistently over a long period of time. Hack that psychology by saving your bonuses, raises, and tax refunds. This tax season, get ahead of your financial goals by saving at least $50, and reward yourself with SaveYourRefund by entering to win one of over 100 prizes up to $10,000.
Saturday, March 3: Save as a family
- Good savings habits start at home. Whether you’re budgeting, saving, making retirement decisions, or assessing workplace benefits, share the choices you make with your children, no matter their age.
Financial Action: #ImSavingForSweepstakes
The goal of America Saves Week goes further than telling Americans why it is important to save, but to get Americans to save, preferably automatically; American Saves Week is all about motivating financial action.
We know that savers with a plan are more than twice as likely to be making good or excellent progress meeting their savings needs. That’s why we created the America Saves Pledge. When someone takes the America Saves Pledge, they identify a savings goal (such as a rainy day fund or retirement), an amount to save per month, and the number of months they will save that amount. In other words, they make a basic savings plan.
To encourage Americans to pledge during America Saves Week and to make taking financial action fun, America Saves is excited to launch once again it’s annual #ImSavingForSweepstakes. We’re asking savers to inspire friends and family to save by making a savings plan and sharing their goal or savings story on social media for a chance to win up to $750 toward that goal.
How does it work? It’s simple. For a chance to win $500, individuals just need to take financial action and complete the America Saves Pledge. And then they can boost their potential prize by $250 by sharing their goal, personal story, or favorite savings tip on social media with the hashtag #ImSavingForSweepstakes.
Help us spread the word about this fun and easy savings contest by using the following:
Sample Announcement
For use in blogs, emails, newsletters, and more!
Share Your Savings Goal for a Chance to Win up to $750 in the #ImSavingForSweepstakes
To celebrate the upcoming America Saves Week (Feb. 26-March 3, 2018), America Saves is launching the #ImSavingForSweepstakes. It’s easy to enter. Just tell America Saves your savings goal and make a plan to reach it for your chance to win $500 toward your goal, then boost your potential prize by an additional $250 by sharing your savings goal, story, or tip on Facebook, Instagram, or Twitter.
When you’re ready to get started, you can enter to get your shot at up to $750 at americasaves.org/for-savers/pledge.
How to enter:
- Take the America Saves Pledge and tell America Saves what you’re saving for and make a simple savings plan to reach your goal
- Make a short video featuring your savings goal by answering at least one of these questions: What are you saving for? What is your savings story and how can it help other people? What is your favorite savings tip or trick?
- Or take a picture illustrating your savings goal
- Share your video or illustration on Facebook, Instagram, or Twitter with the hashtag #ImSavingForSweetpstakes
- Enter for a chance to win up to $750 at americasaves.org/for-savers/pledge
Get creative!
- Keep it simple by taking a video or picture in front of the item your saving for – like a new car or house
- Use a video or photo editing tool to put yourself in the frame with your goal – like a trip to the Grand Canyon or Mount Rushmore
- Use an app to add a caption or some character to your submission
No Purchase Necessary. Sweepstakes ends 4/6/18. See Official Rules.
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Social Media Posts
Share your savings goal and enter for a chance to win the #ImSavingForSweepstakes – up to $750 toward your goal! http://bit.ly/2dFhJf9 v/ @AmericaSaves #ASW18 | See official rules: http://bit.ly/2GgC3hm
Make the most of #ASW18 & submit your #ImSavingForSweepstakes selfie or video for a chance to win up to $750: http://bit.ly/2dFhJf9 v/ @AmericaSaves | See official rules: http://bit.ly/2GgC3hm
Show @AmericaSaves what you’re saving for and enter for a chance to win up to $750 towards your #savings goal! http://bit.ly/2dFhJf9 #ASW18 #ImSavingForSweepstakes | See official rules: http://bit.ly/2GgC3hm
Resource Library
Looking for tools and resources to share with your savers? Our America Saves Week resource library features helpful materials shared by participants. Browse the library by issue, author, audience, or resource type.
Interested in submitting your own resource for consideration? >> Share your resource
Military Saves Week video
You know it’s America Saves Week, but did you also know it’s Military Saves Week? Military Saves is an initiatve of the America Saves campaign that works with service members and their families to save money, reduce debt, and build wealth. After all, financial readiness is key to mission readiness.
Learn more about Military Saves and Military Saves Week in this video generously sponsored by USAA Educational Foundation.
Suggested tweet: It’s Military Saves Week! Learn more about @MilitarySaves and financial readiness for service members and their families: http://bit.ly/2F54va2 #ASW18 #MSW18
Social media posts and graphics
Follow @AmericaSaves and @ChooseToSave on Twitter. Like and promote the America Saves and Choose To Save Facebook pages. Share the hashtag #ASW18 in any savings or America Saves Week-related content at the end of each post.
Interested in hosting a social media event? >> Submit your event to our America Saves Week calendar of activities
- Social media graphics
- Posts sharing America Saves Week with partners
- Post encouraging savings during America Saves Week
- Featured social media events during the Week
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Posts sharing America Saves Week with partners
Join us and thousands of organizations committed to helping others save during #ASW18 (Feb 26 – Mar 3) with @AmericaSaves and @ChooseToSave: http://bit.ly/2hPG42K
America Saves Week and Military Saves Week is Feb. 26-March 3, 2018. Learn how to participate in motivating Americans to save at americasavesweek.org #ASW18
America Saves Week motivates millions of Americans to save every year. Get involved in #ASW18 at americasavesweek.org
We’re proud to participate in America Saves Week 2018. See who else is participating and learn more: http://bit.ly/2zRQ0ni #ASW18
Posts encouraging saving during America Saves Week and featured social media events
Monday: Save with a plan
Twitter chat: Saving Methods Tips
Time: 1:00-2:00 p.m. EST (iCal | Google | Outlook | Yahoo)
Host: Bank on DC (@BankonDC)
Hashtag: #DCSavings
Tweet chat: Save with a plan…for education
Time: 2:00-3:00 p.m. EST (iCal | Google | Outlook | Yahoo)
Host: Invite Education (@InviteEducation)
Hashtag: #ASW18
Details
Twitter storm: America/Military Saves Week 2018 Kickoff
Time: 3:00-4:00 p.m. EST (iCal | Google | Outlook | Yahoo)
Host: America Saves (@AmericaSaves) and Military Saves (@MilitarySaves)
Hashtag: #ASW18 and #MSW18
Details and sample tweets
America Saves Week 2018 starts today! Join @AmericaSaves and @MilitarySaves this afternoon at 3p Eastern for the kickoff tweet storm! #ASW18 #MSW18
Looking for some saving method tips for America Saves Week? You’ll want to join @BankonDC’s #DCSavings tweet chat at 1p Eastern today. #ASW18
Saving a dollar today is better than borrowing one tomorrow! Join @InviteEducation at 2p Eastern for an America Saves Week 2018 tweet chat on saving with a plan for education: http://bit.ly/2oiNNZi #ASW18
It’s America Saves Week! Are you a successful saver? Check out the @AmericaSaves Saver Checklist Tool see how you’re doing: http://bit.ly/2gBUlAs #ASW18
Savers with a plan are 2x more likely to save for #retirement, have a rainy day fund, and stick to a budget. Hack your savings for a chance to win up to $750 from @AmericaSaves: http://bit.ly/2dFhJf9 #ASW18 | Official rules: http://bit.ly/2GgC3hm
America saves, do you? Plan for your financial future with a #mySocialSecuity account: http://ow.ly/lqBE30gDgzn #ASW18
Share your savings goal and enter for a chance to win the #ImSavingForSweepstakes – up to $750 toward your goal! http://bit.ly/2dFhJf9 v/ @AmericaSaves #ASW18 | See official rules: http://bit.ly/2GgC3hm
Tuesday: Save the easy way…automatically
Tweet chat: #Bridgingthegap
Time: 3:00-4:00 p.m. EST (iCal | Google | Outlook | Yahoo)
Host: AFCPE (@AFCPE)
Guests: America Saves (@AmericaSaves); Military Saves (@MilitarySaves); Dr. Barbara O’Neill, Rutgers University (@moneytalk1); Jerry Buchko (@jerrybuchko)
Hashtag: #bridgingthegap
Details
It’s America Saves Week and today’s theme is saving the easy way…automatically. I’m joining @AFCPE today at 3 PM ET for #BridgingtheGap twitter chat. #ASW18 #MSW18
Did you know the easiest way to save is automatically? This America Saves Week, consider setting up split deposit to transfer $ to your savings account every paycheck: http://bit.ly/2dIKQuK #ASW18
Save and invest wisely this America Saves Week by asking these important questions from the @SEC about the fees you pay: http://bit.ly/2nPXwtr #ASW18
Make the most of #ASW18 & submit your #ImSavingForSweepstakes selfie or video for a chance to win up to $750: http://bit.ly/2dFhJf9 v/ @AmericaSaves | See official rules: http://bit.ly/2GgC3hm
Wednesday: Save for rainy days
YouTube Live and tweet chat: The Many Benefits of Saving Money
Time: 2:00-3:00 p.m. EST (iCal | Google | Outlook | Yahoo)
Host: eXtension Financial Security for All Community of Practice (@moneyeXtension)
Guests: Dr. Barbara O’Neill, Rutgers University (@moneytalk1 ); Dr. Laura Hendrix, University of Arkansas; Lindsay Ferguson, America Saves (@AmericaSaves); Dr. Bryce Jorgensen, New Mexico State University; Dr. Erica Tobe, Michigan State University; Dr. Elizabeth Kiss, Kansas State University; Dr. Lauren Jones, The Ohio State University; Rachael DeLeon, AFCPE (@AFCPE); Dr. Lorna Saboe-Wounded Head, South Dakota State University (@SDSUExtFinance); Dr. Becky Smith, Mississippi State University; Sasha Grabenstetter, University of Illinois; Erik Anderson, University of Idaho; Bob Bertsh, North Dakota State University
Hashtag: #eXASchat
Periscope, YouTube Live, Snapchat and tweet chat: The Importance of an Emergency Fund for Military Personnel
Time: 2:00-3:00 p.m. EST (iCal | Google | Outlook | Yahoo)
Host: Experian (@Experian)
Guests: Military Saves (@AmericaSaves); Brian Posten, Air Force Federal Credit Union (@AirForceFCU); Christina Roman; Experian
Details
Periscope, YouTube Live, Snapchat and tweet chat: The Importance of Establishing Your Rainy Day Fund
Time: 3:00-4:00 p.m. EST (iCal | Google | Outlook | Yahoo)
Host: Experian (@Experian)
Guests: America Saves (@AmericaSaves); Brian Posten, Air Force Federal Credit Union (@AirForceFCU); Shannon McNay (@shannonmcnay); Rod Griffin, Experian; Christina Roman; Experian
Details
Most families don’t have enough to cover the unexpected. Start your rainy day fund this America Saves Week: http://bit.ly/2iJpMXA v/ @AmericaSaves #ASW18
Want regular tips and real-time savings advice? Follow @AmericaSaves on Twitter all year ‘round! #ASW18
Start saving for emergencies this America Saves Week with small, regularly scheduled automatic contributions: http://bit.ly/2iJpMXA v/ @AmericaSaves #ASW18
In celebration of #ASW18 @ABABankers announces this year’s #LightsCameraSave national winners. Check out which video took home the $5K grand prize: http://bit.ly/2skKPZQ
Thursday: Save to retire
Tweet chat: Saving for Retirement!
Time: 3:00-4:00 p.m. EST (iCal | Google | Outlook | Yahoo)
Host: Wise Bread (@WiseBread)
Guests: America Saves (@AmericaSaves)
Hashtag: #WBChat
Details
It’s America Saves Week and today’s theme is saving for retirement. Join @WiseBread for a lively tweet chat today at 3p Eastern for a chance to win $100 in prizes! >> http://bit.ly/2sQgr9F #ASW18
Are you saving enough for retirement? This America Saves Week, use the @choosetosave Ballpark E$timate to know if you’re hitting a savings home run or striking out: http://bit.ly/2imH3I9 #ASW18
Does America Saves Week have you wondering about #retirement and when you should start collecting #SocialSecurity? @CFPB has you covered. Get started: http://bit.ly/2nR7EBR #ASW18
Start Small. Think Big. Start preparing for your future #retirement today when you open a #mySocialSecuity account: http://ow.ly/lqBE30gDgzn #ASW18
How much can you expect to get in #retirement benefits from @SocialSecurity? Your #mySocialSecurity account will tell you! Get your @SocialSecurity Statement today: http://ow.ly/h3mU30gDha5 #ASW18
Ace your retirement this America Saves Week with Avo, @AARP’s new digital #retirement coach: http://bit.ly/2nUxqpc #ASW18
Does your 401(k) have you scratching your head? This America Saves Week, check out @FINRA’s Smart 401(k) resources: http://bit.ly/2nPTHnY #ASW18
Saving for retirement can be intimidating, but it doesn’t have to be. Head to AceYourRetirement.org this America Saves Week to start #AcingRetirement #ASW18
If you’re a coupon-clipper or comparison-shopper, you can save for retirement. Visit AceYourRetirement.org during America Saves Week to start #AcingRetirement today #ASW18
Friday: Save the extra
Twitter storm: America/Military Saves Week 2018 Sendoff
Time: 3:00-4:00 p.m. EST (iCal | Google | Outlook | Yahoo)
Host: America Saves (@AmericaSaves) and Military Saves (@MilitarySaves)
Hashtag: #ASW18 and #MSW18
Getting a large check from the IRS? You could win BIG for saving just $50 of your #taxrefund with #SaveYourRefund. Learn more: http://bit.ly/2jGAHW9 #ASW18
Millions miss out on valuable tax credits because they don’t claim it or don’t file taxes at all: http://bit.ly/2jGxMge v/ @AmericaSaves #ASW18
Show @AmericaSaves what you’re saving for and enter for a chance to win up to $750 towards your #savings goal! http://bit.ly/2dFhJf9 #ASW18 #ImSavingForSweepstakes | See official rules: http://bit.ly/2GgC3hm
It’s Military Saves Week! Learn more about @MilitarySaves and financial readiness for service members and their families: http://bit.ly/2F54va2 #ASW18 #MSW18
Saturday: Save as a family
Are your kids asking these common questions about money? Here’s how to answer them: http://bit.ly/2jGssJs #BetterMoneyHabits #ASW18
Learn financial lessons as a family this America Saves Week. Make decisions and practice good money management together: http://bit.ly/2iJjg36 #BetterMoneyHabits #ASW18
Kids learn from you, whether you’re teaching them or not. Get financially fit this America Saves Week with help from @CFPB: http://bit.ly/2jlU4jS#ASW18
Did you pledge to save this America Saves Week? Next step: decide where and how to save with this helpful guide to different accounts from @FDIC: http://bit.ly/2nQFI1g #ASW18
Sample content for blogs, emails, newsletters, and more
We encourage you to use the sample emails and America Saves blog language as your own in your emails, blog, and overall content marketing strategy during America Saves Week. Please attribute the additional guest blog posts to their original author.
Email content
America Saves Week Email-a-Day
Blog content
America Saves Week 2018 signature guest blog post
Save with a plan
- Invite Education: Saving for Education is Simplified in 2018
Save the easy way…automatically
- The Penny Hoarder: 7 Ways to Get Your Savings on Track — No Apps Required
- NACHA: Split Deposit: The Workplace Perk that Will Help Employees Build Wealth
- SEC: What do Online Shoppers and Investors Who Use Robo-Advisers Have in Common?
Save for rainy days
Save to retire
- Employee Benefit Research Institute: Debt Levels for Households Nearing Retirement Decreasing, But Still High Compared to Past Generations
Save the extra
- American Express: Investing in our colleague’s future
- America Saves: 3 ways to give your savings account a little boost
- Prosperity Now: Make Your Tax Refund Work for You!
Save as a family
- Cooperative Extension: Saving as a Family
- Kansas Saves: Saving as a Family
America Saves Week Email-a-Day
Although drafted for quick and easy email content for you to share, the following emails can also be repurposed as blogs, newsletter articles, and other publication content.
Email #1
Subject: America Saves Week is here!
America Saves Week is a national effort to set a savings goal, make a savings plan, and save automatically. Join millions of others who are taking time this week to start or grow their savings.
It all starts when you make a commitment to yourself to save. Let America Saves help! Take the first step today and take the America Saves pledge to save money, reduce debt, and build wealth over time. America Saves will keep you motivated with information, tips, and reminders to help you reach your savings goal. Think of them as your own personal support system.
Email #2
Subject: Are you saving for the right things?
Just like your car needs a tune-up, and just like you need your annual physical, your checkbook needs a checkup, too. America Saves Week is an annual opportunity for savers just like you to assess your savings and make sure that you are saving for all the right things.
If you only do one thing during America Saves Week 2017, complete this simple assessment to see if you are saving adequately.
Email #3
Subject: Saving Automatically
Saving automatically is at the heart America Saves Week’s mission. It’s proven to be that the easiest and most effective way to save is automatically. This is how millions of employees save through 401(k) and other retirement programs at work. It is also how millions of Americans save at their bank or credit union.
How to Save Automatically
The best automatic saving is when you make a decision to do so, then it just happens:
- Every month, have your bank or credit union transfer a fixed amount (like $25) from your checking account to a savings or investment account. Talk to your local bank or credit union to set this up.
- Every pay period, have your employer deduct a certain amount from your paycheck and transfer it to a savings account. Ask your HR representative for more details.
- Set up automatic payments towards your debt by providing your checking account information to your loan provider to ensure that the payments are on time and in full. Enrolling in automatic payments may even qualify you for a small interest rate deduction with some types of loans and providers, such as some student loans.
- If your employer offers a retirement account, sign up and put in at least the minimum contribution to receive any matches they may offer. Ask your HR representative for more details.
Not sure how much to save each month? Take the America Saves Pledge. The pledge will help you create a monthly savings plan and will help you stay committed to your plan all year long!
Email #4
Subject: Make Your Savings Automatic Today
[YOUR COMPANY NAME] has joined forces with America Saves to raise awareness about the importance of saving money during America Saves Week.
Secure your financial future today by splitting a portion of your pay into a savings account and/or opening or increasing the amount you save for retirement. These automatic savings methods are one of the best ways to save.
Complete the following information and return to [STAFF MEMBER].
Watch Your Savings Grow
_____ Yes, I want to split my pay.
Amount to save per paycheck: $________________
Account Number _______________________
Routing Number _______________________
_____ No, I already split my pay.
_____ No, I don’t want to split my pay.
Watch Your Retirement Savings Grow [FOR EMPLOYERS WHO OFFER RETIREMENT PLANS]
_____ Yes, I want to open a retirement account.
An HR representative will contact you soon to open an account.
_____ Yes, I want to increase the amount I save.
Percentage of paycheck to save: ______%, or
amount to save from each paycheck: $_______
_____ No, I do not want to open an account or increase the amount I’m saving.
Email #5
Subject: Celebrate America Saves Week
Saving money, improving your financial life, building wealth. It all starts when you set a goal and make a plan to reach that goal. After all, those with a savings plan are twice as likely to save successfully.
America Saves Week may be coming to an end, but there’s never been a better time to start saving.
4 Ways to Celebrate America Saves Week
- Take the America Saves Pledge to set a savings goal and get support year-round.
- Complete this simple assessment to see if you are saving adequately.
- Make your savings automatic.
Happy saving!
Blog content
Is It Always Best to Pay Off Credit Cards Before Saving for Retirement?
By Janet Alvarez
Conventional wisdom says you should pay off your credit cards before saving for retirement. While it’s generally true you should pay off high-interest credit card debt as quickly as possible, there are a few situations where retirement savings should come first. Let’s look at the benefits of each approach.
Benefits of Paying Off Credit Cards First
Credit cards usually mean high-interest debt, and the longer you take to clear it, the more you’ll pay in interest. Here are some key reasons why you should pay off credit cards first:
- High-interest credit card debt can be hard to make a dent in. If you’re not making more than the minimum payment on your credit card, compounding interest means your balance will barely budge. Even if you never use the card again, you will end up making payments for a long time.
- If you’ve got credit card debt, your finances might be strained. High credit card debt is usually an indicator that you’re living above your means. You should get your spending and budget under control before investing in retirement.
- High-interest debt rates are usually higher than market returns. If your credit cards carry a 25 percent interest rate, but a retirement fund is likely to only earn about 8 percent per year in the market, that’s a whopping difference of 17 percent that you’d be missing out on by saving for retirement instead of paying down credit cards.
Benefits of Saving for Retirement While Paying Off Cards
Still, saving for retirement is critical, and there are several reasons why you might wish to do so even if it takes you longer to pay down high-interest cards. Among these are:
- 401(k)s and other retirement vehicles carry tax benefits. You can contribute to 401(k)s and certain other retirement plans using pre-tax dollars, thereby reducing your adjusted gross income and overall tax burden. This frees up extra cash for other purposes, such as credit card debt repayment.
- The earlier you start saving for retirement, the better. Delaying retirement savings means missing out on months or years of compound interest. The longer you wait, the more likely you’ll end up pinching pennies in your 50s as you try to catch up on retirement savings. Compounding interest allows even people who never make big salaries to end up with comfortable nest eggs—but only if they start saving early.
- Saving for retirement builds good financial habits. Socking money away for retirement is not only essential to your financial future, but it also helps you develop better money habits today. In doing so, you’ll learn how to budget better and address the sources of your debt. Plus, retirement accounts are usually difficult to raid (they often carry fees and penalties for early withdrawal). These extra hurdles discourage you from accessing this cash until you actually need it for retirement.
Special Situations May Help You Decide
Deciding whether to pay off credit cards or save for retirement first is a complex, personal issue. However, there are some special circumstances that suggest a clear direction:
- Your employer offers a 401(k) match. A retirement savings match is free money. Even if you have high-interest credit cards, save at least the minimum required to get your full employer match, or you’re leaving money on the table.
- Your credit cards have low interest rates. If you’re able to carry or transfer your credit card debt on low or zero percent APR cards, then it makes sense to save for retirement while paying these off, since your low interest rates mean debt won’t snowball quickly—assuming you’re not making new purchases that add to existing debt. (See: When to Do a Balance Transfer to Pay Off Credit Card Debt).
- You’re age 50 or older. If you’re 50 or older, savings are critical because you’re that much closer to retirement, and have less time to save or allow money to compound. Plus, savers 50 or older are allowed extra catch-up contributions to their retirement plans.
- You’re buying a house or applying for credit. If you’re applying for a mortgage or other forms of credit in the foreseeable future, you’ll want your credit card balances low, and your credit score as high as possible.
Paying off credit card debt and saving for retirement are both important financial goals. Often, they can even be achieved simultaneously. Regardless of which one you pick, commit today to setting aside extra cash each month to achieve your financial goal.
Janet Alvarez is the news anchor for WHYY/NPR and the Executive Editor of Wise Bread, an award-winning consumer education publication focused on helping consumers make smarter credit choices.
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Saving for Education is Simplified in 2018
By Invite Education
The recent tax bill expands 529 savings plans to include expenses for elementary and secondary education. And, the annual gift tax exclusion has increased. This is big news for education savers – no matter how much you are saving!
Congress wanted to make it easier to save for education. Traditionally, 529 plans have been used to cover college costs only, making 529 savings plans the go-to option to save for college for many families.
The new tax bill allows 529 plan distributions of up to $10,000 annually to pay for private school tuition all the way through the senior year of high school. This would include religious and parochial institutions.
“This expansion of the 529 plan is a net positive for families saving for higher education as it opens flexible options for tax-advantaged savings towards high school tuition as well.” said Peter Mazareas, a member and former chairman of the College Savings Foundation.
The other benefits of 529 plans remain unchanged. Earnings are accumulated tax-free each year, and distributions from the accounts for qualified educational expenses are also made free of tax. These tax-free savings and distributions help build a larger education savings nest egg and help reduce the amount borrowed for college.
States and national program managers offer 529 plans, often sold directly by the states (direct-sold plans) or through financial advisers (adviser-sold plans)
In addition to the federal tax benefits, you should also consider these factors:
State tax advantages: Many states offer deductions for qualified contributions. However, take a closer look at any restrictions. Some states require residents to use an in-state plan to qualify for deductions.
Fees and performance of investment options: As with any investment plan, it is important to pay attention to the fees and to the risk/return given the time frame for saving. Many plans offer age-based investment options to reduce the risk of principal loss as students get closer to college age.
More information on the program in your state can be found at SavingforCollege.com.
Some education savers may also take advantage of the increase in the annual gift tax exclusion. Taxpayers can now make tax-free gifts up to $15,000 ($30,000 for joint filers). If you have the means, consider taking advantage of a unique 529 plan benefit: you can lump-sum, super-fund a 529 plan with five years of gifting. Up to $75,000 can be bundled without gift taxes and put into a 529 plan, making it easy to transfer to relatives and help pay for future expenses. Once making the maximum bundled gift of $75,000, the contributor would have to wait five years before making additional gift contributions without penalty.
These changes are intended to encourage saving for education. But, the most important step remains the same: begin saving today. Consistently saving – even small amounts – over long periods of time allows a basic concept of finance, compounding, to work in your favor. Compound interest is the additional amount earned on previous interest. For example, if you have $100 in the bank and earn 3 percent interest, after 1 year you will have $103 if the interest compounds annually (aka simple interest). If it compounds every day, you will have $103.05. At the end of the second year, you will have $106.09 with annual compounding and $106.18 with daily compounding. The point is to illustrate that earning interest on interest grows savings as quickly as possible.
Another related basic rule of finance is that savings will double when the number of year times the interest rate approximately equals 70. For instance, in 10 years at a 7 percent interest, a $100 investment would be valued at $201.36, compounded daily. Taking advantage of compound interest can help grow education savings and reduce future college debt.
Finally saving for education is getting easier as crowd-funding opportunities are used. Many 529 plans have programs to permit relatives and friends to contribute to a student’s 529 education savings account. Also, be on the look-out for national programs such as Gift of College, which can now be found at retail outlets such as Toys R Us and Babies R Us. Friends and relatives can purchase these gift cards online or in stores to contribute to a student’s college savings.
All of these programs are designed to make saving for education easier with the hope of reducing future student debt. Remember: Saving a dollar today is better than borrowing one tomorrow.
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7 Ways to Get Your Savings on Track — No Apps Required
By Jacquelyn Pica, Penny Hoarder
We all want to save more money. The question is, how?
With so much new technology out there, it’s easy to feel overwhelmed. Plus, maybe you don’t feel comfortable sharing personal bank details with tons of different websites and apps.
Forget the latest tech — these seven methods will help you get your savings on track without signing up for any apps.
- Figure out what you owe
First things first, find out what — and who — you owe.
Use a spreadsheet such as Google Sheets or Microsoft Excel to track all your debts and recurring bills. Personally, I use Excel to record my different credit cards, each payment due date and any balances on them.
I prefer using a plain-old spreadsheet over a budgeting app or website. It’s simple. It’s easy. And — best of all — you don’t have to provide your bank or card information to any third parties.
- Create a budget
Now that you know what you owe, it’s time to get the rest of your money in order.
Keep track of your budget without relying on software or sharing personal information. You can use a spreadsheet for this one, too, and it’s easy to find free templates online. Here are my favorites for Google Sheets and Excel.
With these monthly spreadsheet templates, you’ll be able to track your income and expenses, and set goals for yourself.
- Participate in the 52-week money savings challenge
The 52-week money savings challenge involves setting aside a certain amount of money per week. The first week, you save $1. The second week put away $2, etc. This continues until the last week of the year, when you’ll save $52.
Here’s a helpful chart so you can check off each week as you go. At the end of the year, you will have saved a little over $1,300! Without using technology to help guide you, it’s important to stick to some kind of savings plan or challenge so there’s a tangible goal.
- Save every $5 bill you get
This savings strategy is a less calculated approach than the 52-week savings challenge, but it still adds up.
For this method, save every single $5 bill you get. If you usually don’t purchase items with cash, now’s a good time to start! (Plus, did you know paying with cash can help you save money?)
I’ve read countless stories of people who have managed to save thousands using this strategy alone, without even realizing the money was gone.
- Save all your spare change
Likely the oldest savings tactic in the book, buy a giant jar and drop all your spare change into it. I do this religiously. So far I’ve saved a little over $100 — just in spare change.
It’s such an easy way to save money without thinking about it. If you combine this with the $5 savings method above — since you’ll already be spending cash — you’ll be hitting your savings goal in no time.
Tip: When you’re ready to cash in the coins, don’t go to one of those change machines at the grocery store. They charge a hefty percentage of whatever you cash in.
Instead, ask for empty coin rolls next time you’re at the bank and roll the coins yourself. It’s a bit time consuming, and you do have to count it all out in specific amounts, but you’ll get to keep all your money. Once they’re rolled up, take them to the bank and exchange your coins for cash.
- Define “why” you’re saving and constantly remind yourself of it
Keep yourself motivated to save by defining why you’re saving, and constantly remind yourself of it. Are you saving to take a trip to Europe next year? To pay off credit card debt? Put a down payment on a house?
Whatever your reason, write it down on a sticky note and put it around your house. Seeing a daily reminder of what your goal is will help keep your savings on track.
- Have a money date with yourself
I know — this doesn’t sound like the most exciting night in. But, it’s important to stay on top of your finances.
Have a “money date” with yourself weekly or monthly and figure out how you’re doing. Check your credit score, look at what you spent over the past month and see if your budget is on track. Based on this, you can figure out if you’re already doing everything right or if there’s room for improvement.
These savings methods are just as effective as any savings app, and you won’t have to share personal information or clutter up your phone. Here’s to saving more and achieving your financial goals in 2018!
Jacquelyn Pica is a junior writer at The Penny Hoarder.
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Split Deposit: The Workplace Perk that Will Help Employees Build Wealth
By Bill Sullivan, Senior Director and Group Manager for Government and Industry, NACHA
American workers are not saving enough for their future or to even cover emergencies and planned expenses that may crop up in the short term. According to the Federal Bureau of Economic Analysis, the average personal saving rate for Americans hovers around 5 percent – which is far too low. In fact, people aged 30-49 are the most likely of any age group to have no emergency savings, according to Bankrate.com.
One easily accessible solution that is simple, safe, flexible and smart is for workers to enroll in Direct Deposit via ACH and start or build their savings using Split Deposit. Direct Deposit enables workers to have their pay electronically deposited into their bank accounts so they can have access to their money on payday. “Splitting” a Direct Deposit is the ability to automatically direct a fixed percentage or dollar amount of pay into a savings or investment account.
Direct Deposit via ACH is the most widely used method to pay workers. Yet its least discussed benefits – and probably greatest incentives to convert any holdouts – is its ability to help workers increase savings, while helping employers build their bottom line.
For workers, the importance of automatic savings – particularly through Direct Deposit and Split Deposit – to their financial future cannot be overstated. According to research conducted on behalf of NACHA—The Electronic Payments Association, 72 percent of users say it helps them better control their finances, and 85 percent say it helps them save.
The study also found that 82 percent of workers receive Direct Deposit of their pay, but only 24 percent use Split Deposit – despite it being one of the easiest and most effective ways to grow savings and build wealth. Of Direct Deposit users who split their deposits, 73 percent said they are likely to continue doing so. In fact, consumers who split their Direct Deposit save up to $90 more per month than those who use another method to save.
To help further highlight the value of Split Deposit in building wealth, NACHA partnered with America Saves and ePayResources in 2017 to launch the “Split to Save” initiative. The campaign is designed to educate workers on the benefits of Direct Deposit and Split Deposit, and provide organizations with educational resources available via a toolkit to share with their constituencies.
The campaign welcomes businesses, financial institutions, federal and state government agencies, banking groups, consumer organizations and more to join this initiative to promote Split Deposit as a way to automatically grow savings.
Everyone wins when more people are introduced to saving automatically and are empowered to take control of their financial future.
For more information about Split Deposit, Direct Deposit, and partnering with the “Split to Save” campaign, visit ElectronicPayments.org or contact Bill Sullivan at WSullivan@NACHA.org.
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What do Online Shoppers and Investors Who Use Robo-Advisers Have in Common?
By Lori Schock, Director of the SEC’s Office of Investor Education and Advocacy
What do online shoppers and investors who use robo-advisers have in common? Both provide convenience and oftentimes lower costs. But before you decide whether using a robo-adviser is the best way to invest, check out the SEC’s Investor Bulletin on Robo-Advisers.
“Robo-adviser” generally refers to a digital investment advisory program that uses automation to create and manage an investment portfolio. Like other online services, robo-advisers have become more and more popular over the years. Although a robo-adviser may offer some of the same products and services as a traditional investment adviser, there are also some differences.
A few important things to remember when considering using a robo-adviser include: understanding the level of human interaction available; keeping your key information updated; and knowing the fees and costs involved.
Make sure you are comfortable with the level of human interaction that will be available to you, as it varies from one robo-adviser to another. Some may offer an opportunity to work with an investment professional to discuss your investment needs while others may only offer technical support, which could limit you to relying on their website or other sources for investment information. Others may offer a combination of both automated and personal advice. Only you know what type of personal interaction makes you most comfortable.
Similar to a traditional investment adviser, a robo-adviser collects information about your overall financial goals, risk tolerance, investment timeline, income and other assets. The difference is that rather than talking to someone in person, a robo-adviser asks you to complete an online questionnaire. Filling out the paperwork online may be more convenient for you and can save you time, but remember that the investment portfolio the robo-adviser creates and manages for you is limited by the information it requests and receives from you. It’s important to keep your key information updated because your portfolio is based on the most current data you provide.
Costs and fees are a big consideration whenever you invest. Robo-advisers often offer investment advice for lower fees and costs and sometimes even require lower account minimums than traditional advisers. That may be attractive if you’re just starting out in the investing world and don’t have a large amount of money to invest. However, it’s important to remember that total overall costs may include not just the cost of advice but also costs and fees associated with the investment products the robo-adviser utilizes.
Investment products offered by robo-advisers vary. Many offer pre-determined portfolios that you may or may not be able to customize. Others may use exchange traded funds (ETFs), which may be more suitable for some investors than others. Their approaches to investing also may vary widely. Make sure the robo-adviser you choose meets your financial needs and goals and that you understand the costs, benefits and risks of your investment decisions. And always check to see if your robo-adviser is registered by using the free search tool on Investor.gov.
Just as you would go online and shop for the best products and deals for life’s everyday essentials, it’s important to shop around, do research and prepare for perhaps the most important life essential–a financially secure future.
The Securities and Exchange Commission disclaims responsibility for any private publication or statement of any SEC employee or Commissioner. This article expresses the author’s views and does not necessarily reflect those of the Commission, the Commissioners, or other members of the staff.
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Do you and your money care about the same things?
By Heather Marshall, CFPC, MPP; Educator, AAA Fair Credit Foundation/Utah Saves
As the old adage goes “Actions speak louder than words.” On the topic in question, it is fair to say spending is an action that implies values. Which explains why the nature of finances can be so personal, and challenge us to ask the question, what do we value?
Is it:
- Family?
- Friends?
- Health?
- Happiness?
- Travel?
- Spontaneity?
In asking these questions, spending becomes a means of self-examination shedding light on our actions and our values. Sometimes they don’t add up and when they don’t add up life can get off track. Such as if you value health, and yet find on your bank statement a lot of transactions related to unhealthy fast food. Thus, prompting the questions:
Does your money care about the same things you do?
Is your budget going towards things you really care about?
In which case steps can and should be taken to realign spending with what we value. Such as:
- Review expenditures and categorize them to see where the money is going. Know where you are now so you can make a plan going forward.
- Recognize there may be some items in your budget that need adjusting, but will take time to achieve. For example, moving closer to work to cut down on travel and provide more family time will require time and planning.
- Set goals to getting your money on track.
- Make your goals visible. When you have the impulse to spend on something you really don’t value, you can stop yourself because you have visual reminders around you. Create visuals with pictures of your goals on the wall, on our computer, on your phone. Keep it readily in front of you.
Remember, money can enable a lifestyle of values and goals that reflect us. Now that you are aware of these tendencies and about what you value in life…go make your money care about what you care about.
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Debt Levels for Households Nearing Retirement Decreasing, But Still High Compared to Past Generations
By Craig Copeland, Senior Research Associate, Employee Benefit Research Institute
Are you approaching retirement age and still carrying debt, including credit card balances? Are you working to pay off your debt before you retire? Recent analysis of data from the Federal Reserve shows that while the current generation of individuals approaching retirement are making headway in reducing their debt, they are still are carrying more debt than earlier generations.
Evidence from the Federal Reserve Board’s Survey of Consumer Finances (SCF) paints a mixed picture of trends relating to debt levels of families with a “near elderly” head—those age 55 to 64. By many measures, the debt burden has improved for this demographic group since the Great Recession. At the same time, in many ways, this family cohort shows higher levels of indebtedness than families with older heads. Also, as with many of the families with elderly heads examined in the SCF, the families with a near-elderly head show a pattern of stubbornly higher indebtedness than in past generations—specifically those in the 1990s.
Debt Levels:
- As with most families with elderly heads, the families with nearly elderly heads have experienced a decline in debt levels as a percent of their assets since 2010—from 10.7 percent to 8.4 percent.
- Total debt payments to income levels of families with near elderly heads have been trending down since 2007 and are at their lowest levels in two decades (9.1 percent). However, this level is still higher than that of families with older heads, which range from 6 percent to 8.2 percent.
- More than three-quarters of families with a nearly elderly head held debt in 2016 (77.1 percent). While this level represents a downward trend from 2007 when it was 81.7 percent, it remains higher than the proportion in 1992 (71.4 percent). The family head age cohort with the next highest percentage with debt were families with heads ages 65-74, where the percentage with debt ranged from 51.5 percent in 1992 to 70.1 percent in 2016.
- The proportion of families near-elderly head with debt payments that are greater than forty percent of their income is also down substantially since 2007 (8.5 percent in 2016 versus 12.5 percent in 2007). However, this cohort is more likely to have debt payments in excess of 40 percent of income than any older family head cohort.
Credit Card Debt:
- The percentage of families with heads age 55-64 that have credit card debt declined in 2016 to 41 percent, which is well below the peak level of 50 percent in 2007. This, however, remains higher than the proportion in 1992, which was 37 percent.
- The median credit debt for families with heads age 55-64 decreased significantly in 2016 from $4,168 to 2007 to $2,800 in 2016. However, this is still higher than the 1992 level of $1,676, and the highest of any of the older family head cohorts.
“Research like this helps us understand the risks those nearing retirement run when it comes to retirement preparedness,” says EBRI President and CEO Lori Lucas. “It is ASEC’s mission to educate people on how to improve outcomes by managing debt levels so they have the ability to save for their long term financial security.”
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Investing in our colleagues’ future
By Barbara Kontje, America Express
At American Express, as with most companies in America, millennials are our fastest growing population. When the Millennial Network was formed, their first request was to help them understand their finances. So we began by sharing ways that they could take control of their finances utilizing tools and resources being provided through the company’s benefits programs.
So what’s a millennial to do? Learn about your benefits and use them to your advantage! Here are some things to think about:
- Make a spending and savings plan (aka a budget!); it doesn’t have to be complicated and there are lots of apps to help you do it. Be sure to consider how the app is using your information, and protect your privacy.
- See if your company offers discounts on insurances, like auto, homeowner’s or renter’s insurance (think about your most valuable assets – phone, laptops, tablets and more), phone plans and everyday activities (movie tickets, dinners, concerts, etc.).
- Look into student loan debt and refinancing options.
- Save a little today to create an emergency fund, buy a home or engagement ring, go on vacation, celebrate a wedding, or invest in your family.
- Check your credit score. If you want to make a major purchase later, like a house, car or condo, you may need a loan. Managing your score today will help you get a better rate in the future.
- Talk to a financial coach! There are lots of great coaches that can help you take charge of your finances.
- Save for retirement. Especially if your company has a plan, consider enrolling today. Start small, increase annually, give your money time to grow!
- Name beneficiaries for your retirement accounts, life insurance, bank accounts and more.
At American Express, our goal is to build a “Culture of Health” through our leadership, policies, and work environment. We take a holistic approach to supporting colleagues and their families on their journey toward better health. That means providing resources that support their physical, financial and emotional wellbeing. Smart Saving, our financial well-being program provides resources and tools like financial coaching – at no cost to our colleagues – to help colleagues make better informed decisions about their money and create plans to save today and plan for the future.
In that spirit, following a great 2017 year for the company and some tax benefits, senior leadership wanted to provide a long-lasting contribution to our colleagues’ financial wellbeing. With that in mind, rather than a cash payment, the decision was made to provide a special profit sharing contribution of 2.5 perrcent of eligible pay to eligible participants in the company’s 401(k) plan, in addition to a regular profit sharing contribution of 3 percent of eligible pay into eligible participants’ 401(k) accounts. Participants don’t even have to contribute to the plan to get both profit sharing contributions. And for those that do contribute to the plan, the company will match up to 6 percent of eligible pay, dollar for dollar. Doing the math, that’s an additional 11.5 percent for 2017 for those contributing 6% of their eligible pay to the 401(k) plan. In 10, 20, 30 or 40 years from now, the compounding creates an even bigger value to colleagues’ future financial wellbeing.
Now, I’ve thrown a lot of information at you. And Millennials, by nature, are a collaborative group and want to share what they know and what they use, so it’s no surprise they banded together with other network groups at American Express, like the Veterans Network and the Black Employee Network to talk money and how to manage it. Of course, this was followed by a happy hour for more social networking.
I’ll close with this. Use your networks to exchange information, but always consider the source. Make sure it is someone who knows what they’re talking about and that you trust, and keep in mind the rules for using and sharing investment information.
Save on, America! Little savings today add up and compound over time.
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3 ways to give your savings account a little boost
By Tammy Bruzon, America Saves Communications Coordinator
What does “saving the extra” mean to you? Whether it is putting change in a piggy bank or moving everything not in the budget into savings, those three little words can mean big money down the road. This America Saves Week, try one (or all) of these three ways to save the extra:
- Add a savings line to your budget. Rent, utilities, internet. Every important piece of your financial picture gets a designated spot in your budget each month, so why not your savings? We don’t always consider our savings goals a priority in our short term savings and spending plan, but it ought to be. Prioritize your goals by adding a “savings” line with an affordable amount to your budget; pay yourself with each paycheck.
- Stow away the windfall. Did you receive notice of a raise for 2018? Maybe you have a bonus coming your way for a job well done. Whatever the bounty may be, allocate any unexpected funds to your savings goals. You won’t miss the percentage raise you receive, so divert it into your savings account. You weren’t expecting that bonus, so tuck it away for a rainy day.
- Split and save your refund. It’s a universal truth: saving at tax time can be a big step toward meeting your savings goals. This tax season, opt to split a portion of your tax refund into your savings account. For many of us the tax refund is the largest check we will receive all year, which provides the perfect opportunity to start or grow your savings goal.
Bonus! The SaveYourRefund promotion is sweetening the deal by giving you a chance to win one of 102 prizes up to $10,000 just for saving a portion of your tax refund using IRS Form 8888 and sharing your savings goal*. But you can’t enter to win unless you save, so make a commitment to yourself today.
Saving the extra is an easy and quick way to jumpstart your savings. As America Saves Week comes to an end, identify the ways that you and your household can save the extra and add a little boost to your bank account.
*NO PURCHASE NECESSARY. Open to legal residents of the 50 United States and DC with a valid taxpayer ID number who are 18 years or older at time of entry and due a 2017 individual tax refund. Begins 12:01 am ET 1/22/18 and ends 11:59 pm ET 4/17/18. For how to enter and Official Rules, including odds, alternate method of entry, and prize descriptions, visit www.saveyourrefund.com/rules. Void where prohibited. Sponsor: Build Commonwealth, Inc.
Make Your Tax Refund Work for You!
By Justin Chu, Program Associate, Taxpayer Opportunity Network
Every year, the middle of April marks the end of the federal tax return filing season. For many Americans, that can mean seemingly endless forms, paystubs, and other paperwork. However, tax time can also be a unique opportunity for saving for your future! You can maximize tax time in three easy ways and have your tax refund work for you.
1. Put your refund into a saving account
For people claiming some of the unique tax credits that benefit hardworking families around the country such as the Earned Income Tax Credit and the Child Tax Credit, their tax refund may be the largest sum of money they will see the entire year. By opening a savings account, you can deposit a portion or all of your refund and let the amount grow over time. Luckily, you can do this using the IRS Form 8888, which will divide your refund over multiple accounts.
2. Put your refund into a savings bond
As a part of the Form 8888, you are now able to easily and seamlessly purchase Series 1 US Savings Bonds as you prepare your tax return! These 30-year bonds are backed by the United States government and they will pay you interest yearly. Bonds are a great, low-risk option to grow your savings while receiving a little bit of money each year.
3. Get your taxes prepared for free
If you make less than $53,000 a year, you can your taxes prepared at no-cost by IRS-certified volunteers in your local community! The Volunteer Income Tax Assistance (VITA) program has served millions of Americans for more than 45 years. If you qualify, you can find your local VITA program using this tool; at these VITA sites, you can find expert information to help demystify the tax code and to prepare your taxes.
These three steps are only a small sample of how you can leverage this annual process! Tax time can be confusing but you can maximize your tax return to build for a more sustainable future. Don’t delay and be sure to start your own saving story today!
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By Sarah M. Ellis, UF/IFAS Extension Citrus County
When you have a family, it seems like there is never enough money to go around and saving money frequently gets pushed aside. However, saving money can help stabilize your family’s financial life.
Saving is putting money aside for future use and requires discipline and, at times, denial. Therefore, it’s important to discuss the importance of saving with the whole family. Generally, people save with a goal in mind. Do you have an emergency fund? Do you need a new car? Would you like to take a family vacation?
If you do not have an emergency fund, establishing one should be your first goal. Life happens and you never know when a family member or pet might get sick or have an accident. Having money set aside in case of an emergency helps you avoid building debt if a crisis occurs.
How much money should be in your emergency fund depends on your family size, income, spending habits, and job security. It is recommended, if possible, to have three months of income in your emergency fund. Saving three months of income might seem impossible, but how much you save is less important than how often you save. Small, but consistent, savings add up over a period of time.
Once you have your emergency fund established you can start saving for other needs or wants!
For saving tips visit America Saves’ 54 Ways to Save Money.
By Elizabeth Kiss, Ph.D.; Associate Professor and Extension Specialist, Kansas State University/Kansas Saves
Sometimes when children hear their parents or other adults in their lives talking about cutting spending or saving money, they assume that the family is going through a rough patch. As appropriate based on children’s ages, family conversations about money goals, including saving and spending plans, reassure children. It is also a great way to introduce (or remind) children about the reasons we save.
Talking about family saving goals helps children understand that putting money aside for the future – whether to be prepared for unexpected expenses, for short-term goals such as summer vacation, or for longer term goals such as paying for college – is important to you. They will also likely be interested in knowing how they can help. They may even want to set their own savings goals and be motivated to work toward achieving them!
Saving as a Family
Get your family involved with your saving plan by brainstorming ways to cut expenses in order to free up money to put toward your saving goals. Explore low- and no-cost activities you can do together as a family. Consider selling rarely used books, toys, clothes and other items in a garage sale or other marketplace.
Involve children by:
- Encouraging them to be aware of their energy and water use by turning off lights and electronics when not needed and by turning off the water when brushing teeth and taking showers
- Thinking about things that the family regularly spends money on and talking about if the family stills wants or needs the items or if they can select cheaper alternative or perhaps do without them
- Teaching them to comparison shop and choose generics or use coupons when it makes sense
- Challenging them to suggest ways to enjoy time together as a family for less. Not sure where to start? Check out these suggestions
Including children in trips to your financial institution (or an ATM) to deposit or transfer money into a saving account helps them to visualize the process. Consider posting a running total of the dollar amount of deposits and the progress made toward a family saving goal on the refrigerator or a bulletin board.
Encouraging Children to Save
Saving money is a habit that is developed over time. In addition to letting children know that you save, help them begin to develop their own saving habit. Money as You Grow, a framework that links money-related activities to children’s developmental stages, is a great resource for conversation starters and activities for children of all ages at consumerfinance.gov.