The Arkansas Banker Winter 2019

Page 34

Save

Bankers

Retirement

for

By Shelly Loftin

Senior Vice President • Retail, Payments & Lending American Bankers Association

Today could be the day. The day you make a small decision within your bank that starts a ripple effect designed to change lives all over our great state for the better. Save10 has the power to change your family’s life, your employees’ lives and the lives of countless others by simply spreading the word. What is Save10? Save10 is a specific call to action for women to commit to save at least 10% for retirement.

The United States has a retirement crisis. Half of retirees retired on Social Security alone, and future generations are even less prepared. We’ve gotten a bad deal on how we prepare to exit the workforce. Many of us delay saving for the perfect time, but that perfect time never arrives.

Why Save10? As banks committed to our communities, it is imperative we help people take charge of their financial wellbeing. That is an overwhelming task, so the least we can do is provide them with a simple starting point. Save10 is that starting point.

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The Arkansas Banker n Winter 2019

Why is Save10 targeted at Women? Women have longer life expectancies than men, step out of the workforce more often as caregivers, and make less money than men. This means that saving is more critical for women than for


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