5 ways to invest in your future

Infographic

Sep 18, 2023

 

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1.48% of workers are not participating in their workplace retirement plan1

Invest in your workplace retirement plan

You could be missing free money if you aren’t contributing to your workplace retirement plan. Your employer may offer a match up to a certain percentage of your annual contribution, which can add up over time helping you boost your savings.

2. 77% of those with an HSA said it helped give them peace of mind during the pandemic2 

Enjoy a tax-advantaged Health Savings Account

If you are enrolled in a high-deductible health plan at work, you can enjoy a triple tax advantage using a Health Savings Account (HSA). It is an individually owned account that you, as an employee, can contribute to on a pre-tax basis and use to pay for eligible medical, dental and vision expenses, while reducing your taxable income.

3. Only 48% of U.S. adults say they have enough emergency savings to cover at least three months' worth of expenses3

Boost your emergency savings

Keeping six to 12 months’ worth of expenses in an emergency savings account is one of the best ways to avoid falling into debt from an emergency, like a medical bill or an issue with your car. If you don’t have an emergency savings account, start small. Putting even $25 from each paycheck into a high-interest savings account adds up if you are consistent.

4. 58% of parents reported that childcare was more expensive than last year4

Cover your childcare

If your employer offers one, a dependent care Flexible Spending Account (FSA) can help cover the costs of eligible childcare expenses with pre-tax dollars. This includes things like preschool, daycare, before and after school care, and summer day camp.

5. Aim to contribute 10% - 15% of your paycheck to your workplace retirement plan5

Focus on long-term goals, evaluate your workplace benefits

Now may be a good time to find more money — by evaluating your workplace benefits and enrolling in only what you need — potentially saving you money to apply to other things like your retirement savings. Even starting small and gradually increasing your contributions to reach 10%–15% of your earnings can help build up your retirement savings.

Related Items

1. U.S. Bureau of Labor Statistics, 02/01/23

2 Health Equity “Did the pandemic boost the case for HSAs” 8/25/21 https://blog.healthequity.com/did-the-pandemic-boost-the-case-for-hsas

3 Bankrate’s 2023 annual emergency savings report, 6/22/23 Bankrate’s Annual Emergency Fund Report | Bankrate

4 Care.com “This is how much childcare costs in 2023” 10th Annual Cost of Care Report 2023 for Child Care - Care.com

5 Investopedia, How to set financial goals for your future, 10/8/22.

 

This information is provided by Voya for your education only. Neither Voya nor its representatives offer tax or legal advice. Please consult your tax or legal advisor before making a tax-related investment/insurance decision.

Products and services offered through the Voya® family of companies.

Health Savings Accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). Custodial services provided by Voya Institutional Trust Company.

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