CHARLESTON – State Treasurer John Perdue urges West Virginians to save whenever and however possible, as the country acknowledges National Save for Retirement Week (Oct. 20-24).
“I acknowledge saving isn’t possible under some circumstances,"" said Treasurer Perdue.""But I remember my dad putting something away on a regular basis. Sometimes it wasn’t fun, but it was a good decision.”
Americans’ personal saving rate was 5.4 percent in August. Personal saving as a percentage of disposable personal income (DPI), frequently referred to as “the personal saving rate,” is calculated as the ratio of personal saving to DPI.
Saving is common sense, the Treasurer said. Borrowing leads to a hole that might take years to dig out of, or result in bankruptcy, which has obvious and lasting effects on one’s financial future.
Among public employees, the Treasurer’s Office offers a solution to the savings dilemma – West Virginia Retirement Plus. Since the Treasurer’s Office assumed control of the plan in July 2006, 13,000 new enrollees have joined and assets have climbed to $173 million.
Retirement Plus is the state’s official retirement savings plan. It offers a broad array of investment options and attractive tax breaks. For more information, go to www.wv457.com or call 1-800-422-7498. About 235 political subdivisions make the plan available to their workers, in addition to regular state employees. Nearly every county in the state makes the plan available to its employees.
Regardless of whether one is a public or private employee, the message is the same, Treasurer Perdue says.
“If West Virginia Retirement Plus is not available, then find a savings vehicle which meets your needs and stick with it,” the Treasurer said. “It’s not easy but the rewards are great.”