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| 10 Reasons to Save in the Alcoa Savings Plan |
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Automatic payroll deductions. Finding it hard to carve out a piece of your paycheck for the future? It’s done systematically for you. When you put your savings into your Alcoa Savings Plan account before you even see it, you won’t spend it.
- An added benefit. Some Alcoa employees are eligible for a company match, giving you an instant return on your investment. If that’s the case, try to save enough to get all of this free money.
- Save on taxes today. Who doesn’t want to reduce taxes? Your contributions can go into the Alcoa Savings Plan before most taxes are calculated on your pay. You can save more because your paycheck is reduced by less than the amount you are saving. When you retire, your withdrawals from the account will be taxed, but if you’re in a lower tax bracket, you have reduced the taxes on your savings.
- Your earnings grow tax-free. The earnings on your account are not taxed until you take them out. This means all of your earnings are compounding over time, including the money you would pay in taxes if you were saving in an after-tax account.
- You decide how much to save. You can save the amount that fits your budget, from 1% of pay up to the plan limits. Try to save enough to receive your full match, if not more. Plus, you can change your savings rate at any time so you are never locked in.
- A variety of investment options. You can choose from a wide range of investment options to meet your needs whether retirement is five or 35 years away. Or, instead of building your portfolio from individual funds, you can choose a LifePath® Portfolio from Barclays Global Investors, N.A. Each of these portfolios is geared toward a specific year. You decide when you want to retire and then invest 100% of your account in the fund closest to that date.
- Professional investment tools and advice. You can go to Your Benefits Resources™ to learn more about saving for retirement. Plus, we offer you the option of using resources from Financial Engines®, including a free online advisor, to help you make your investment decisions.
- You’re in control. You can access your account online or by phone at any time. You can check to see how your account is doing and make changes if necessary.
- You own it. If you leave Alcoa, you can take your vested savings with you.
- Financial security for you and your family. The more you save, the more you are preparing for a financially secure retirement.
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