Products January 31, 2019

Empower Aims to Reach More Millennials and Gen Z With New Social Media Campaign

Two video campaigns on Snapchat speak directly to young adults ages 18 to 34 about the idea that it’s never too early to start saving for their future financial freedom.

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Empower Retirement has expanded its social media strategy to reach Generation Z and more Millennials.

The firm has launched video campaigns on Snapchat, a mobile messaging application widely used by young adults, as well as Instagram Stories. Both campaigns speak directly to young adults ages 18 to 34 about the idea that it’s never too early to start saving for their future financial freedom.

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The first campaign features five new animated videos, developed by Empower, that have some fun with a “rare artifact” theme. The videos will run nationwide now through the end of February. The second campaign provides financial “pro tips,” and allows users to “swipe up” for additional educational content. Longer videos will be featured on Facebook, Twitter and Instagram.

Empower Retirement says it is among the first retirement services firms in the nation to take its message to Snapchat, which reported 186 million daily active users in the third quarter of 2018. According to the recordkeeper, Pew Research Center reports that 78% of 18- to 24-year-olds use Snapchat and 71% visit the platform multiple times per day.

“Empower wants to be in the spaces where young employees congregate and discover new ideas,” says Stephen Jenks, Empower Retirement senior vice president and chief marketing officer. “Snapchat is a terrific platform to start a conversation with young adults about planning for their future financial success.”

Empower reports it has had previous success in connection with younger generations on social media. In its last Snapchat campaign the number of users in the 18- to 34-year-old age range watching the entire video was nearly double the completion rate of other social media platforms.
Products January 30, 2019

Transamerica Urges Sponsors to Remind Participants About the Saver’s Credit

Sixty-two percent of workers are unaware of the credit, according to survey findings from Transamerica Center for Retirement Studies.

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The Saver’s Credit, also referred to as the Retirement Savings Contributions Credit by the Internal Revenue Service (IRS), is available to eligible taxpayers who are saving for retirement. However, 62% of workers are unaware of the credit, according to survey findings from the Transamerica Center for Retirement Studies (TCRS).

The Saver’s Credit is a non-refundable tax credit that may be applied up to the first $2,000 of voluntary contributions an eligible worker makes to a 401(k), 403(b) or similar employer-sponsored retirement plan, or a traditional or Roth individual retirement account (IRA). The maximum credit is $1,000 for single filers or individuals and $2,000 for married couples filing jointly.

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The credit is available to workers ages 18 years or older who have contributed to a company-sponsored retirement plan or IRA in the past year and meet the following adjusted gross income (AGI) requirements:

  • Single tax filers with an AGI of up to $31,500 in 2018 or $32,000 in 2019 are eligible;
  • For the head of a household, the AGI limit is $47,250 in 2018 or $48,000 in 2019; and,
  • For those who are married and file a joint return, the AGI limit is $63,000 in 2018 or $64,000 in 2019.

Additionally, the filer cannot be a full-time student and cannot be claimed as a dependent on another person’s tax return.

TCRS has created fact sheets, infographics and newsletter articles—in English and Spanish—that are available and encouraged for public use at www.transamericacenter.org/saverscredit.

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