Department of Financial Institutions
Take Time to Save for Retirement
FRANKFORT, KY (Oct. 19, 2009) – This week is a great time to make a commitment to your future by investing in your retirement.
The Kentucky Department of Financial Institutions (DFI) supports National Save for Retirement Week, Oct. 18-24, 2009, by encouraging Kentucky citizens to start saving now if you haven’t – or to review your account to make the most of your money if you are already saving.
“It’s never too late to start saving for retirement, and now is a great time to begin,” said DFI Commissioner Charles Vice. “You can take advantage of the time-value of money by investing today and giving it time to grow.”
Thanks to compound interest, the more time you have to save and invest, the more money you can make. When compounded, interest is calculated on the original principal and on the accumulated interest, making your money grow faster. Even small amounts invested regularly can add up quickly.
DFI offers investment information, brochures, games and links online at www.kfi.ky.gov/public/invest.htm. Remember, before investing it is a good idea to check out the license/registration and complaint history of an investment adviser or broker and the products they are selling by calling the DFI Securities Division at 800-223-2579.
National Save for Retirement Week is congressionally endorsed and calls on employers to promote the benefits of saving for retirement and encourage employees to take advantage of employer-sponsored plans. Employers can use free tools online at www.nagdca.org, made available by the National Association of Government Defined Contribution Administrators Inc.
DFI is an agency in the Public Protection Cabinet. It supervises the financial services industry by examining, chartering, licensing and registering various financial institutions, securities firms and professionals operating in Kentucky. DFI’s mission is to serve Kentucky residents and protect their financial interests by maintaining a stable financial industry, continuing effective and efficient regulatory oversight, promoting consumer confidence, and encouraging economic opportunities.