ICMA-RC Initiative Encourages Saving in Small Steps

The public-sector retirement plan service provider says bringing lunch to work can add up to big savings towards retirement.

ICMA-RC, for the third year, is promoting National Pack-a-Sack Lunch Day, October 21, in conjunction with National Save for Retirement Week, which runs October 18 to 24.

National Pack-a-Sack Lunch Day reminds employees that small actions such as bringing lunch to work or forgoing a trip to the vending machine can add up to big savings for retirement.

Using its “Small Change, Big Savings” calculator, assuming a 5% investment return, ICMA-RC estimates employees can save $16,066 toward their retirement by bringing lunch twice a week for 15 years. Bringing lunch three times a week saves $24,099, and five times a week saves $40,165.

“Saving for retirement seems easier if you think in terms of small steps instead of larger segments of money,” says ICMA-RC President and CEO Bob Schultze. “Over time you can accumulate a substantial amount by taking small steps like bringing lunch to work a few times a week and saving that money for retirement instead.”

More information about National Save for Retirement Week from ICMA-RC is here.