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It's Never Too Late to Save by Joyce DeMonnin

Sandra Teske worked until she was 70 in order to maximize her Social Security and 401K balance.
Cameron Browne Photography

Working Longer: They say pay yourself first when it comes to saving money, but for many busy moms like Sandra Teske, AARP member of Oregon City, she often put her needs last. With two children, she didn’t have a career as a younger woman that allowed her to save for retirement. Little did she know as a younger woman how important Social Security would be to her future.

 By the time her kids were grown,Sandra was behind on her retirement savings. But she didn’t let that get her down. For the first time at age 55, she found a job that offered a 401(k) and she aggressively started saving money.  By the time she was 65, Sandra didn’t just quit the workforce. She learned that her Social Security benefits would increase 8% every year she delayed taking Social Security benefits past full retirement age until age 70. She took stock of her complete financial picture with the help of the AARP Retirement Calculator and, in order to enjoy the lifestyle she wanted, delayed retirement until age 70.

Even though she started late, Sandra achieved her goals and feels confident that she’ll have enough money saved for retirement.

While Sandra was able to save, we all know it is easier when you start saving for retirement earlier. That is why AARP supports legislation this year that will make it easier for Oregonians to save throughout their working lives. Rep. Tobias Read and Senator Lee Beyer are introducing legislation in 2015 that will make it easier for all of us to save for retirement. It’s a plan that would be similar to a 529 account. People would be able to contribute their own money into a fund that would be pooled by the Oregon State Treasury and professionally managed, and with low fees.

According to state Treasurer Ted Wheeler, “by providing a voluntary, automatic, and secure way for Oregonians to consistently save some of the money they earn, we will provide security for families.” For more information about the legislation or to get involved, contact us at

“I feel fortunate I had an employer who believed in the value of mature workers, and I enjoyed the opportunity to work longer, Sandra said, “It was a great experience!”

Are you getting the most out of your Social Security benefits? Get the facts to discover what is right for you.  For more information,  

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