The truth is we all have to take responsibility for our future.

And that includes making sure we have the income we’ll need in retirement. Social Security is estimated to provide, on average, about 40%, and the rest of your retirement paycheck is up to you through personal savings and other retirement income sources – including Individual Retirement Accounts (IRAs) and Firm provided plans like the Baker Botts L.L.P. 401(k) and Savings Plan ("Plan"). By contributing to your Plan now, you’ll be taking a great step toward building your savings for tomorrow.

Every dollar you save pre-tax reduces your current taxable income by a dollar.

Because you contribute to your Plan on a pre-tax basis (that is, before taxes are taken out of your paycheck), every dollar you save reduces your current taxable income by a dollar. This means you end up paying less in taxes today. It’s almost like you’re saving for your future at a discount. You pay taxes on your savings and earnings at withdrawal.

You also have the option of making Roth 401(k) contributions, which are deposited to your account after being taxed. With Roth 401(k) contributions, you pay no additional taxes ever – even at withdrawal*.

For more information on the Roth 401(k) contribution option, please log on to the Plan website at retirementplan.voya.com and click on Plan Information > Plan Highlights.

* For Roth 401(k) contributions and earnings to be eligible for tax-free withdrawals, your initial Roth 401(k) deposit must have been in your account for at least five years and you must be at least age 59½ (or in the event of your disability or your death).

Baker Botts L.L.P. may make a discretionary Firm contribution for any year that the Firm elects to make a contribution, provided you meet certain eligibility requirements. If the Firm makes a discretionary contribution to your account, those contributions and any earnings on those contributions accumulate tax free in the Plan until they are distributed.

Starting right now can make a huge difference.

Why? Because the longer you save, the more time your savings have to grow – and earn returns that go back into your account where they can earn more returns. It’s called compounding.

And with the Plan, your pre-tax savings and discretionary Firm contributions, as well as returns, grow tax-free until withdrawal. Eligible Roth 401(k) contributions and their earnings are tax-free at withdrawal. Regardless, whether pre-tax or Roth 401(k) contributions*, you benefit from “tax-deferred” compounding.

Look what saving $200 a month could mean to you!

* For Roth 401(k) contributions and earnings to be eligible for tax-free withdrawals, your initial Roth 401(k) deposit must have been in your account for at least five years and you must be at least age 59½ (or in the event of your disability or your death).

Vesting is a term for ownership of your account balance.

You’re always 100% vested in your contributions, discretionary Firm contributions and any related earnings on those contributions.