If you look for a Hallmark card to recognize America Saves Week, you’ll be hard pressed to find one. Still, the annual celebration of savings held each February may serve as a great conversation starter with clients.
In light of recent economic events and record unemployment, establishing sustainable financial practices and saving habits may be more important than ever. Consider whether this “holiday” may serve as an additional way to engage and help your clients.
What is America Saves Week?
Established in 2007 as a call for everyday Americans to commit to develop a habit of saving, America Saves Week is an initiative that advisors can leverage to build stronger relationships with their clients.
This year’s activities are scheduled for February 22 – February 26, 2021, and CUNA Mutual Group is a participating organization.1 The emphasis is on encouraging Americans to focus on the importance of saving for the unexpected.
Each day of the week focuses on a different area of finances to help individuals and families address short- and long-term savings goals to achieve better financial stability, along with strategies for how they might get there.
Here are the themes for each day:2
- Monday, February 22, 2021 | Save Automatically
- Tuesday, February 23, 2021 | Save for the Unexpected
- Wednesday, February 24, 2021 | Save to Retire
- Thursday, February 25, 2021 | Save by Reducing Debt
- Friday, February 26, 2021 | Save as a Family
Advisors can be a part of the national conversation about the importance of saving. Participants are encouraged to pledge to save money, reduce debt, and build wealth over time — all in alignment with the goals you’ve likely helped your clients set. America Saves Week may inspire your clients to further define those goals, including establishing an emergency fund, paying for a vehicle, debt repayment, education, home ownership and retirement or long-term investments.
Savings can take on many forms, from a simple bank account that automatically deposits a portion of someone’s income to lower-risk market participation as part of a retirement plan. When discussing America Saves with clients, consider including information about the guaranteed returns available with some annuity products which may help them reach their goals.
A major concern for those attempting to save for the future includes protecting those hard-earning dollars. A well-implemented annuity strategy may help provide the peace of mind they desire while offering higher returns than traditional savings vehicles.
To help start the conversation about annuities, you may want to include some simple educational facts:
- Fixed annuities are insurance products that earn a fixed interest rate, compared to the potential gains or losses associated with traditional investment accounts
- Some products, such as registered index-linked annuities, have the potential for greater gains up to a cap and are linked to market performance
- Clients may choose to combine diversification with protection with a variable index-linked annuity, offering customized, guaranteed limits on loss
- For clients who are concerned about running out of money in retirement, income annuities that offer guaranteed lifetime income may be most appropriate
Explore additional resources to help support your client conversations about saving with annuities on our Elevate Advanced Planning resources page, and visit americasavesweek.org for additional inspiration to help your clients save for the future.