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TDCI, NASAA Provide Investor Tips for America Saves Week (Feb. 25 – March 2)

Campaign Encourages Tennesseans to Set Financial Goals, Make Savings Plans
Friday, February 22, 2019 | 09:00am

NASHVILLE – In recognition of America Saves Week (Feb. 25 – March 2, 2019) the Tennessee Department of Commerce and Insurance (TDCI) Securities division and the North American Securities Administrators Association (NASAA) are reminding Tennessee consumers of the importance of smart saving, financial planning, and investing.

America Saves Week, which was created by and managed by the nonprofit Consumer Federation of America (CFA), is a national campaign to persuade, encourage, and motivate Americans to take financial action when it comes to building wealth through savings and reducing debt.

 “America Saves Week is the perfect opportunity for consumers to evaluate their financial goals and take proactive steps today that can lead to financial success in the future,” said TDCI Commissioner Julie Mix McPeak. “I urge Tennesseans to set financial goals that can help control expenses and plan for retirement.”

Said TDCI Assistant Commissioner and NASAA President-Elect Frank Borger-Gilligan. “I challenge Tennesseans to use America Saves Week as an opportunity to re-examine their savings plans and renew their commitment to making informed financial choices.”  

To help consumers invest wisely, TDCI and NASAA share the following tips:

GENERAL INVESTING

  • If you are investing, ensure your broker is properly licensed. BrokerCheck is a free online resource that allows consumers to review the credentials of both individuals and firms.
  • Do not fall victim to high-pressure sales tactics when searching for investments.
  • Consistently monitor your savings and investment accounts. Request regular written reports and monitor for any unauthorized use of your accounts.

SAVING FOR FAMILIES

  • Talk to your children from a young age about responsible money management.  Children
  • who are raised with money management skills are better equipped for financial success.
  • Make plans for your child’s college education that don’t include tapping into your retirement nest egg. Also, consider the potential financial burden of “boomerang” children who may return home as adults.
  • Ensure your savings, investment, and insurance needs are sufficient for your family. Conduct an annual review to ensure your accounts and policies are keeping up with your life.

SAVING FOR WORKING ADULTS

  • Planning for retirement begins the day you enter the workforce. Start by estimating how much money you will need in retirement and set goals accordingly. A professional can help you decide how to invest.
  • As your career progresses, make sure your savings and investment accounts are keeping up. Conduct a yearly evaluation of your financial portfolio and adjust accordingly.
  • Strive to meet financial balance in the lifestyle you want to live now while also saving for your retirement.

SAVING FOR RETIREES & SENIORS

  • Seniors and retirees can be especially susceptible to financial exploitation. Remember to only invest in products you understand and watch out for salespeople who offer you big returns on small investments or who prey upon your fears.
  • Be mindful of your “burn rate” or how quickly you are utilizing saved funds.
  • Assess increases in inflation. Adjust spending accordingly.

For more tips on being a savvy investor, visit tn.gov/securities.

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