We’ve all heard the advice to start saving when you’re young. But for many people, life and other financial obligations can get in the way. No matter where you are in your career—middle, late, or just beginning—it’s not too late to start building your retirement nest egg.

If you’re in PERA’s DB Plan, you’ve already got a solid start and foundation for your retirement. When the time comes to retire, you’ll receive a monthly check from PERA and it will help to pay regular bills and expenses. But you may want to have extra money to cover unplanned expenses such as your car is totaled or your home needs major repairs. A recent survey found that most Americans can’t come up with $1,000 for those rainy days.

PERAPlus offers a way to save more

The PERAPlus 401(k) and 457 Plans can supplement your retirement savings and help you reach your financial goals. PERA offers these voluntary savings plans to help you create your plan for the future by setting aside an additional pre-tax portion of every paycheck. The PERAPlus Plans also have new lifetime income options to help make savings go further in retirement.

Having money in a 401(k), 403(b), or 457 plan can serve as an emergency fund throughout retirement. The earlier you save in these type of retirement accounts, the more opportunity your money has to grow. Your money in these accounts earn investment returns which are then invested and earn returns on their own. This is called compounding and over time, compounding returns can begin to account for a substantial portion of your account.

Late savers don’t despair

If you’re in a position to save more money toward the end of your career, the IRS allows for “catch-up” contributions. When you turn 50, you can contribute an extra $6,500 in both 401(k) and 457 accounts that’s on top of the $20,500 annual limit for 2022.

To find out more about enrolling in the PERAPlus Plans go to coperaplus.org.