Contact Us
Bronxville Daily Voice serves Bronxville, NY

Menu

Bronxville Daily Voice serves Bronxville, NY

Nearby Towns

business Content Partnership

Help Your Future Self By Boosting Your Financial Contributions

Looking for some extra money? Boost your contributions for a greater return in the long run.
Looking for some extra money? Boost your contributions for a greater return in the long run. Photo Credit: 550ways.org

A common question Financial Advisors hear from clients is, “How can I save more than I’m saving now?” Fortunately, there are several ways you can accomplish that goal with a bit of professional help.

Last month we discussed monitoring your expenses and reducing credit card expenses. We conclude today with boosting contributions.

If you participate in a workplace retirement plan, consider increasing your contribution by an additional 1% or 2% of income. Even if you think that may be too much, try it out for a few months. The extra effort could make a big difference down the road: Contributing even $20 extra each week could provide you with an additional $87,493 after 30 years (before taxes), assuming 6% annual investment returns.2

Use windfalls wisely. While it may be tempting to spend a windfall--such as an inheritance or workplace bonus--on something fun, it’s probably a better idea to use the money to enhance your long-term financial standing. For example, assuming you invest a $2,000 windfall in an account earning a 6% annual rate of return, it could grow to $2,698 after 5 years, $6,620 after 20 years or $12,045 after 30 years (before taxes).1

At Morgan Stanley, we can help you implement effective strategies for reducing expenses and set up customized savings and investment plans to help pursue your goals. Call me so we can talk about the best way to get started.

Footnotes/Disclaimers:

1These examples are hypothetical and for illustrative purposes only. Your results will vary. Indicated returns cannot be guaranteed. They do not reflect the performance of any actual investment and do not allow for the fees and expenses incurred with investing. Calculations use monthly compounding at an annual rate of 6%, however actual investment returns may vary from year to year, which could impact projected values.

If you’d like to learn more, please contact Julia A. Peloso-Barnes, CFP®, CPM®, ADPA®, CPRC®

Article by Wealth Management Systems, Inc. and provided courtesy of Julia A. Peloso-Barnes.

The author(s) are not employees of Morgan Stanley Smith Barney LLC ("Morgan Stanley"). The opinions expressed by the authors are solely their own and do not necessarily reflect those of Morgan Stanley. The information and data in the article or publication has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley.

Neither the information provided nor any opinion expressed constitutes a solicitation by Morgan Stanley with respect to the purchase or sale of any security, investment, strategy or product that may be mentioned.

Julia A. Peloso-Barnes engaged www.thedailyvoice.com to feature this article.

Julia A. Peloso-Barnes, CFP®, CPM®, ADPA®, CPRC® may only transact business in states where she is registered or excluded or exempted from registration www.MorganStanleyFA.com/pelosobarnesgroup.

Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Julia A. Peloso-Barnes is not registered or excluded or exempt from registration.

©2015 Morgan Stanley Smith Barney LLC. Member SIPC

Daily Voice produced this article as part of a paid Content Partnership with our advertiser, The Peloso-Barnes Group

We are highly selective with our Content Partners, and only share stories that we believe are truly valuable to the communities we serve.

To learn more about Content Partnerships, click here.

Share this story

Welcome to

Bronxville Daily Voice!

This is a one time message inviting you to keep in touch

Get important news about your town as it happens.