Years of Service: 1
Marital Status: Single
“I don’t see how I can save money right now when I’m working so hard just to pay my bills.”
Angela graduated with a bachelor’s degree two years ago. She is in her first professional job in state government and makes about $30,000 a year. She was living with her parents until six months ago when she moved into an apartment with a roommate and two cats. Angela is struggling to pay off her student loans on top of costs for recent car repairs charged to her credit card, rent and other living expenses. She considers herself lucky not to have a car payment, since her parents “handed down” an older car.
Angela is aware of the importance of saving money and how money can grow more money with the power of compounded interest. Her parents started a Roth IRA in her name as a teenager and she even contributed a small amount of her own money a couple of times.
However, now that Angela is on her own, it’s been impossible to “pay herself first,” as her dad always says. Given her current monthly expenses, she has decided there is no extra money to continue funding her Roth or even add the $40 a month to her credit union savings account. One of her coworkers was talking about the Wisconsin Deferred Compensation Program as an easy way to save for retirement. But to Angela, retirement is a long time away.