Slow & Steady Savings


Devin and LaShonda Foy are a picture-perfect example of the easy way to save for retirement: start early and keep at it. With annual contributions of $20,000 toward both of their retirement funds, they’ve amassed almost half a million dollars.

The Foys, both 42, began contributing to their retirement funds when they entered the workforce as single professionals. Twenty years later, LaShonda, who works as a director for Assurant Specialty Property, a division of Assurant Inc., and Devin, a real estate agent for Better Homes and Gardens Real Estate Metro Brokers, through their combined salaries of $220,000, have nearly $470,000 in their retirement funds. Their portfolio is a mix of long- and short-term investments that also include domestic and international stocks and mutual funds along with real estate properties. The Foys re-evaluate their portfolios once a quarter, eyeing each investment’s performance.

The Foys understand that how you save is just as important as how much you save. Every time they get raises at work, the extra money is deposited into their 401(k) accounts. “Retirement is wealth for life. You want your children to be better than you and at the same time you don’t want to be a burden on your children when they’re older, which is sometimes the way it is,” Devin explains.

“We participate in seminars, watch investment strategies on TV together, and we have mentors in our life who give us good advice. We talk about the advice and then we make an informed decision. We also have a very good financial adviser and we utilize that advice as well,” LaShonda explains, adding that diligence is very important.

“Our retirement savings combined with company 401(k) matching benefits, pension plans, and investment income position us to retire comfortably,” says LaShonda.The couple currently employs a moderate risk strategy, as they would like to have a seven-figure savings when they exit the workforce in their early 60s.

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