Contact Us ▫ Careers  Twitter Facebook

Treasurer Cowell Urges North Carolinians to 'Commit to Save' for Retirement

October 25, 2012

FOR IMMEDIATE RELEASE 
  

Treasurer Cowell Urges North Carolinians to 'Commit to Save' for Retirement

North Carolinians pledge to save more than $560,000 for National Save for Retirement Week 

RALEIGH – State Treasurer Janet Cowell announced today that North Carolinians have pledged to save more than $560,000 per year toward retirement as part of the Department of State Treasurer’s “Commit to Save” campaign. The campaign was designed to encourage North Carolinians to set aside money for their future in recognition of National Save for Retirement Week, Oct. 21-27.

“The good news is we are living longer, healthier lives. However, at the same time, the dollar does not go as far as it used to,” Cowell said. “We need to take action now to make sure we have the money we need to live comfortably during the years we will spend in retirement.”

The “Commit to Save” campaign launched at the North Carolina State Fair on Oct. 11. During the fair, citizens from across the state made a commitment to save extra money in preparation for retirement.

Financial experts predict that retirees need between 80 and 100 percent of their pre-retirement income to maintain their lifestyle after retirement. Yet, surveys show that most Americans remain unprepared for retirement. By saving just $5 a day, one person could save $18,000 at the end of 10 years, or more than $36,000 at the end of 20 years.

National Save for Retirement Week is part of a national campaign to help educate working citizens about what is needed for a secure retirement, and to help them understand their personal responsibility for saving for the future.

Treasurer Cowell encourages North Carolinians to make their commitment to save on the Department’s website at www.nctreasurer.com​ before Sunday, Oct. 28. The website also contains a variety of resources on budgeting, saving and investing to help North Carolinians achieve long-term financial security.

###

The North Carolina Retirement Systems, the formal name for the pension fund, is now the eleventh largest public pension fund in the country. It provides retirement benefits and savings for more than 875,000 North Carolinians, including teachers, state employees, firefighters, police officers and other public workers. For more information, visit www.nctreasurer.com.​

​​