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Community Foundation To Support Black Nonprofits in Give 8/28 Campaign

Photo Credit: Give828.org

The Community Foundation of Greater Memphis is celebrating Black Philanthropy Month by joining a nationwide campaign dedicated to supporting Black-led nonprofits in the city.

Give 8/28 Day encourages people to donate money to Black organizations in hopes of addressing the funding disparities they face. 

“Data shows significant disparities in financial support for Black-led nonprofits compared to their white-led counterparts,” the foundation said in a statement. “Funding equity begins with awareness and trust in the incredible Black-led, Black-serving organizations that are often uniquely positioned to listen and respond to those they serve.”

The Young, Black & Giving Back Institute said Black-led nonprofits have 24 percent smaller revenues compared to white-led organizations. They also have trouble attracting donors, achieving financial stability, and more.

August 28th also holds historical significance as multiple events in the Black diaspora occurred, such as the murder of Emmett Till, Martin Luther King Jr.’s “I Have A Dream” speech, Barack Obama’s acceptance of the Democratic nomination for president of the United States, and more.

Aerial Ozuzu, director of community impact for the Community Foundation said Memphis has a rich history in philanthropy that she feels isn’t always recognized, and she hopes that by participating in the campaign, they can help amplify these organizations.

“When you think of the contributions of Black people I think we kind of limit how we uplift and talk about them,” Ozuzu said. “I think it also goes with how we see the word philanthropy and see the definition of philanthropy.”

Ozuzu said she thinks when people talk about philanthropy, an image of an “older white man with a lot of wealth” comes to mind. In reality, philanthropy is rooted in how people give. She added that Black people have given through their gifts for years whether it’s  through church, mutual aid, sororities and fraternities or other entities.

“These people don’t have a lot of resources, but they continue to show up every day, put boots on the ground, and do impactful work to transform the community,” Ozuzu said. “That’s philanthropy to me as well.”

Joining in Give 8/28 Day, Ozuzu said, serves as a way to notice the contributions of these nonprofits and support them fully. The Community Foundation will also be giving 10 $1,000 grants out as well.

Ozuzu added they will continue this work by amplifying the work of these organizations, and encourage the community to continuously give and support their work in hopes of increasing funding and dismantling systemic inequities.

“It’s my hope that this goes beyond August 28,” Ozuzu said.  “This is work that should be done every single day. That’s going to be the challenge for us here at the Community Foundation – to make sure we’re continuing this message outside of August.”

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Film Features Film/TV

Now Playing Aug. 23-29: Environmental Justice and Zoe Kravitz

Blink Twice

Summer blockbuster season is winding down, but that doesn’t mean you’re at a loss of things to watch this weekend. Let’s get to it.

Underwater Projects

Tonight, Friday August 23, a very special screening is happening at the National Civil Rights Museum. Underwater Projects is a film sponsored by the Hip Hop Caucus about the Norfolk, Virginia, area’s problems with climate change and the impacts on the historically disadvantaged Black population around the world’s largest naval base. The event will include a panel discussion and Q& A with Rep. Justin J. Pearson, newly elected Shelby County General Sessions Court Clerk Tami Sawyer, Councilwoman Dr. Michalyn Easter-Thomas, Founder and CEO of the Hip Hop Caucus Rev. Lennox Yearwood, Jr., and the Hip Hop Caucus’ COO Liz Havestad. You can register for the event at Eventbrite.

Sing Sing

Coleman Domingo stars as John “Divine G” Whitfield, an inmate at New York’s infamous Sing Sing prison, who starts a theater program for his fellow incarcerated people. The program has an unexpected effect on the prisoners, giving them a new outlook on life and inspiring them to mount their own original production, Breakin’ The Mummy’s Code. Writer/director Greg Kwedar’s film is based on a true story and stars several people who were actually members of Sing Sing’s theater troupe. 

Blink Twice

Zoe Kravitz makes her directorial debut with this psychological thriller. Naomi Ackie stars as Frida, a waitress in a high-end cocktail bar who hooks up with a billionaire tech mogul, played by Channing Tatum. But when he invites her and her bestie (Adria Arjona) to a week-long party at his private island, things start to get weird. Christian Slater, Haley Joel Osment, Alia Shakat, Geena Davis, and the great Kyle MacLauchlin round out the packed cast. 

The Crow

After 16 years of development hell, director Rupert Sanders’ adaptation of the seminal ‘90s gothic comic book finally hits the big screen. Bill Skarsgard stars as Eric, a rocker who dies defending his fiancee Shelly (FKA Twigs) from attackers sent by Vincent (Danny Huston). Then, he is resurrected by the god Kronos (Sami Bouajila), who sets him on a mission of revenge and justice. 

Made In England: The Films of Powell and Pressburger

If you watch The Red Shoes or A Matter of Life and Death (aka Stairway to Heaven) and think, “Wow, they don’t make ’em like that any more!”, well, you’re right! The partnership of British filmmakers Michael Powell and Emeric Pressburger managed to create some of the most indelible images of the postwar period — the truth is nobody made ’em like that! Their relentless creativity was a big influence on Martin Scorsese, who narrates this documentary about the directing duo which will screen at Crosstown Theater on Thursday, August 29 at 7 pm.

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News News Blog News Feature

University of Memphis Secures $30M Contract to Develop Drone Testing Facility

Credit: University of Memphis I The project is being led by Eddie Jacobs, a senior researcher at the Center for Applied Earth Science and Engineering Research.

Successfully operating a drone in heavy rain or extreme wind conditions has long been a challenge, but a new, multi-million-dollar project at the University of Memphis could soon change that. 

The university has secured a $9.2 million contract from the U.S. Navy to design and construct a cutting-edge facility on Presidents Island  aimed at developing and testing drones capable of performing under adverse weather conditions. An additional $21.18 million in U.S. Navy funding over two years will develop a wind wall with variable airflow patterns for testing aerial drones. The majority of this work will be conducted in Memphis, with portions of the project also being carried out in Tucson, Arizona; Orlando, Florida; and Columbia, Missouri.

The facility, sponsored by the Office of Naval Research and the Naval Surface Warfare Center – Carderock Division, will be located on President’s Island at the William Morgan Large Cavitation Channel. This project, still in its early planning stages, underscores the U of M’s commitment to advancing technological innovation and contributing to national defense efforts.

“This project is the latest in an ongoing effort by the University of Memphis to develop intentional research-focused collaborations with the Naval Surface Warfare Center – Carderock,” said Cody Behles, Executive Director of Research and Innovation Development at the University of Memphis’ Division of Research & Innovation. “The Memphis Institute for National Defense Sciences at the University of Memphis helps coordinate opportunities in partnership with the offices of the Tennessee Congressional Delegation. Their collaboration and continued support are vital to get projects such as this off the ground.”

The project is being led by Eddie Jacobs, a senior researcher at the Center for Applied Earth Science and Engineering Research (CAESER) and professor of electrical and computer engineering in the Herff College of Engineering. The U of M will collaborate with researchers from the University of Arizona, the University of Central Florida, and the University of Missouri-Kansas City.

“The William Morgan Large Cavitation Channel is already a unique facility for testing ship and submarine components,” Jacobs explained. “We now have the incredible opportunity to help build another unique facility for testing unmanned aerial systems (drones) in this space, greatly expanding the Navy’s ability to develop and test these systems.”

Jacobs highlighted the potential of the new Unmanned Systems Degraded Environment Facility (USDEF) to significantly enhance the performance of unmanned systems in challenging environments, with far-reaching implications for both military and civilian applications.

“When flying drones, we are often restricted to days that have calm winds and no rain,” Jacobs said. “We will be able to accurately control the wind and generate rain in this new facility. This will help us design and test drones that can operate under more challenging conditions.”

U.S. Rep. Steve Cohen (D-Memphis) said he’s long supported the U of M’s “headlong leap into the unmanned aerial technologies of the future.” 

“This Navy contract will demonstrate the university’s critical national role in developing and testing these technologies, while helping create the cutting-edge aviation workforce of the mid- and late-21st century,” he said in a statement.

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On the Fly We Recommend We Recommend

On the Fly: Week of 08/23/24

Downtown Memphis Commission presents a free Alley Dayz event on Wednesday. (Photo: DMC | via Facebook)

Sam Hunt
Radians Amphitheater at Memphis Botanic Garden
Friday, August 23, 6 p.m.
On the hunt for something to do Friday night? Sam’s your man. Sam, I am not. I’m referring to Sam Hunt, the Grammy-nominated country music singer-songwriter, who’s taking over the Radians Amphitheater at the Memphis Botanic Garden for the Live at the Garden series. Tickets start at $87 and can be purchased here.

Blueshift Ensemble + ICEBERG New Music
Beethoven Club
Friday, August 23, 7:30 p.m.
Listen, I won’t lie to you: I don’t know much about classical music, so when I tell you the composers of ICEBERG New Music are back in Memphis, I think it’s a big deal but I have no idea who they really are. But according to the internet, they’re cool — classical music cool. And the Memphis-based contemporary chamber group Blueshift Ensemble will perform their music on Friday at the Beethoven Club, and you can see the coolness for yourself for free. 

Woofstock
Loflin Yard
Saturday, August 24, noon-4 p.m.
It’s the dog days of summer, and this pawsome event will have you barking up all the right trees if you know what I mean. I’m not sure sure what I mean — maybe the Woofstock vibes are already hitting me. That’s Streetdog Foundation’s upcoming 15th anniversary party. A $30 ticket donation will get you a limited edition cup, a wristband for $5 drinks from noon to 4 p.m., a printed photo from the Amurica photo booth, and cupcakes. Kids and pups get in free. Oh, and if you dress up your pup in their best fest gear, they can win a prize. 

Carpenter Art Garden “Just Be” Showcase and Art Sale
David Lusk Gallery
Saturday, August 24, 2-4 p.m.
David Lusk Gallery will host the fourth-ever Carpenter Arts Garden Summer Showcase, a celebration of art and community. The Binghampton nonprofit is focused around empowering the children of their community to create their best futures through art, educational, and vocational programs. The showcase will feature mosaics, drawings, paintings, photographs, and sculptures made by the kids of Carpenter Arts. Additionally, visitors will have the opportunity to purchase fresh vegetable bags from the Carpenter Arts gardens and the ever-popular Carpenter Arts potholders. All items will be available for purchase, with 100 percent of the proceeds benefiting Carpenter Art Garden and the children who participate in its programs.

Plants, Pies and Pinot
SANA Yoga Downtown
Saturday, August 24, 3:30-5 p.m.
All you potheads — like plant potheads — can learn how to pot and care for your plants while enjoying pizza and wine. You don’t need a green thumb for this class; all skill levels are welcome. You will receive a plant to take home, but feel free to bring plants from home that need a little extra love. Tickets are $35 and can be purchased here.

Rear Window 70th Anniversary Screening
Malco Paradiso Cinema Grill & IMAX
Sunday, August 25, 1 p.m. | Wednesday, August 28, 7 p.m.
Catch Hitchcock’s masterpiece about a photographer in a wheelchair who spies on his neighbors from his apartment window, and becomes convinced one of them has committed murder, despite the skepticism of his fashion-model girlfriend.

Alley Dayz 
Maggie H. Isabell Street (between Madison and Monroe Ave.)
Wednesday, August 28, 5:30-7:30 p.m.
Join the Downtown Memphis Commission for a free event that brings music, vendors, and community spirit to the heart of Downtown Memphis by activating alleys and unique spaces in different neighborhoods. Groove to the beats of our DJ, who will be spinning tunes throughout the evening to keep the energy high. Discover unique products and crafts from local vendors, perfect for a bit of shopping while you enjoy the festivities. Learn about the history of the block from local historians, adding an educational twist to your evening.

WiMM Presents Dottie, Delta Ondine, and DJ Bloody Elle
B-Side
Wednesday, August 28, 7-10 p.m.
Women in Memphis Music opens their season with Dottie’s soul and R&B, Delta Ondine’s alt-blues rock, and DJ Bloody Elle spinning ’60s and ’70s. 

Grease
Lohrey Theatre at Theatre Memphis
Performances through September 8
Grease is the word in the musical — get this — Grease. The Pink Ladies and the Burger Palace Boys bring the 1950s to life at Theatre Memphis. Performances are Thursdays through Saturdays at 7:30 p.m., with Sunday matinees at 2 p.m., through September 8. Tickets ($38.25) can be purchased here.

Coconut Cake
Hattiloo Theatre
Performances through September 8
For some couples, retirement is when they realize that their time apart at work is what kept them sane. That’s the case for Eddie Lee and Iris. In Hattiloo’s Coconut Cake, “Eddie retreats to the sanctuary of McDonald’s, where coffee refills are free and the rest of his retired friends, with marital problems of their own, wait faithfully for him. When a mystery woman moves in the abandoned house down the street, with her Creole wiles, melt in your mouth coconut cake, and medicine cabinet secrets, Eddie is not the only one who pays her a visit — a visit that threatens to change all their lives forever.” Tickets for this weekend’s performances are $30 and can be purchased here. Performances are Thursdays through Saturdays at 7:30 p.m., with Saturday and Sunday matinees at 2 p.m. through September 8.  

There’s always something happening in Memphis. See a full calendar of events here.

Submit events here or by emailing calendar@memphisflyer.com.

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News News Blog News Feature

Memphis School Leaders Grapple With School Safety, Air Conditioning Issues

Superintendent Marie Feagins, who was hired to lead Tennessee's largest district this spring, is dealing with a myriad of challenges as a new academic year begins for Memphis-Shelby County Schools. (Ariel J. Cobbert for Chalkbeat)

Superintendent of Memphis-Shelby County Schools Marie N. Feagins, wants to allay concerns about safety in the new school year after narrowly avoiding a walkout by school resource officers last week, and accepting the resignation of the district’s new security chief just days after he started.

“I give you assurance … that our district is fine,” Feagins told school board members Tuesday evening, after a tumultuous week in which she and the board agreed to give the district’s 125-plus officers significant raises.

Feagins also reported that air conditioning problems that caused a dozen schools to close early on Aug. 5, the first day of classes, also impacted student health as the heat index climbed to 106 degrees.

“We have had some asthma-related incidents and a couple of seizures,” she said. “And so that still remains at the top of mind for us.”

Feagins added that technicians have completed a third of the 1,393 work orders received in August to troubleshoot air conditioning issues across the district’s 165 buildings.

But the maintenance issues are severe, she said of the $1 billion backlog in Tennessee’s largest school system, and the district’s building maintenance division is short-staffed. The district recently increased pay for its technicians, partly because of workforce competition from Ford Motor Co.’s electric truck assembly plant under construction in nearby Haywood County.

The troubling reports came amid sometimes tense exchanges between the district’s new leader and school board members in one of their final meetings before four new members are scheduled to be seated in September, following this month’s elections.

But they unanimously agreed about the importance of completing Whitehaven High School’s $9.5 million STEM lab, approving $2.3 million for the job. The construction project, which broke ground in April and also is funded with private dollars, has been delayed three months because of a lag in disbursing money that had been promised earlier by the district’s interim leader, Toni Williams.

The vote to disburse $1.3 million that previously had been approved, plus another $1 million to cover the cost of a storm shelter required by building codes, prompted cheers from Whitehaven teachers and community members, some of whom spoke during the meeting.

“This is a slam dunk; we should have already done this,” said Wayne Hawkins, a teacher at Whitehaven.

Board members also voted unanimously to have the school system’s attorney report from now on to the elected board instead of to the superintendent — a change in organizational structure they said is needed to maintain independence and avoid conflicts of interest.

School safety was front and center last week as school resource officers threatened to walk off the job just days before the district’s annual football jamboree. Last year, gunfire broke out during two games.

But Feagins reported that no major incidents occurred during this year’s three-day jamboree that featured 67 middle and high school teams and attracted more than 6,000 spectators.

She and other board members thanked officers for ensuring a safe environment. A week earlier, they settled their dispute with SROS over pay and other issues.

But Feagins acknowledged missteps in hiring George Harris as her executive director of safety and security without conducting a more thorough background check.

Harris was recruited from Detroit Public Schools Community District, where Feagins previously was an administrator and he was a lieutenant in the department of patrol operations. After school board member Stephanie Love emailed Feagins and other board members on Aug. 16 about allegations that Harris had misappropriated funds during his time in Detroit, Harris resigned from his new job the next day, citing “personal reasons.”

“I own that I made the offer to the individual based on the information that I had,” Feagins told the board.

She said she’s open to policy changes to strengthen the background check process for filling such jobs as she looks to replace Harris in what she called “a very important role.”

Love responded: “I agree we need to strengthen policies so this will never happen again.”

Marta Aldrich is a senior correspondent and covers the statehouse for Chalkbeat Tennessee. Contact her at maldrich@chalkbeat.org.

Chalkbeat is a nonprofit news site covering educational change in public schools.

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Overton Park Conservancy Announces New Executive Director

Kaci Murley (Photo: courtesy Overton Park Conservancy)

Kaci Murley has been named the new executive director of the Overton Park Conservancy. This announcement comes after Tina Sullivan stepped down from the role this summer.

“I know this work, and I am absolutely energized to build and sustain a strong and lasting public asset while leading an incredible team that embodies dedication to the mission every single day. I love this city so much, and I could not be more honored to begin this new chapter,” Murley said.

Murley formerly served as the organization’s deputy executive director, where she worked on strategic leadership and development management, fundraising strategy, community relations and more. Officials said Murley’s experience in leadership, project management, and fundraising campaign planning will help guide the park into its “next phase.”

Before joining the conservancy, Murley worked in a number of roles in higher education, including being the director of post-secondary success at tnAchieves (also known as Tennessee Promise) and the director of engagement and advocacy at Complete Tennessee.

Murley also worked as the director of programs for Leadership Memphis. A graduate of Christian Brothers University, where she obtained a bachelor of arts in English for corporate communications, Murley also received a master of arts in leadership and public service from Lipscomb University.

In a statement released by the Overton Park Conservancy, Murley was selected from a “competitive field of applicants by a committee comprising current members of the Overton Park Conservancy board of directors, along with several past board chairs.” 

“The committee felt that her connection to the park, and the strong internal and community relationships she has built over the past five years, made her the ideal choice to lead the Conservancy into this phase of growth,” they said in a statement.

Sullivan said she is “grateful to be leaving the conservancy in such capable hands,” and that she’s been “accelerating  ever since.” She also said she has confidence in the staff and board.

“Kaci has a thorough understanding of the park, its unique history, and its opportunities,” said Yancy Villa, Overton Park Conservancy board chair. “We believe this knowledge will inform her as she strives to protect and improve the park while keeping Overton Park in the center of it all.”

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New TVA Rate Hike Will Raise Bills Here in October

(Credit: TVA)

Environmental groups blasted a rate increase for electricity from the Tennessee Valley Authority, (TVA) Thursday. 

The TVA board approved a 5.25 percent rate hike during its meeting Thursday in Florence, Alabama. The move is expected to raise nearly $500 million for TVA. The agency said the average residential bill in its coverage area last year was about $138. The new increase will translate to about an additional $4.35 each month.

“We recognize that people don’t pay rates, they pay bills, and that matters,” said Jeff Lyash, president and chief executive officer of TVA. “We know this is a kitchen table issue for many families across our region. At TVA, we don’t like price increases any more than you do, and that’s why we continually work to reduce expenses by hundreds of millions of dollars each year.

“We have done everything possible to absorb costs as we invest in the reliability of our existing plants, construct new generation to keep up with growth and maximize solar to produce more carbon-free energy,” Lyash added. 

The increase came almost exactly one year after the TVA board approved a 4.5 percent rate increase. That increase was expected to add $3.50 to customers’ monthly bills and was needed to improve efficiency and add 30 percent of new power load to the grid, TVA said at the time. 

However, the total 9.75 percent rate increase figure was by design, environmental groups said Thursday. If the agency raised rates by 10 percent in a five-year span, that would have triggered re-negotiations with local power suppliers, like Memphis Light, Gas & Water (MLGW). 

Knoxville-based Southern Alliance for Clean Energy (SACE) officials said they were frustrated by the lack of public information and input on the rate increase. 

”Only in an Orwellian world of misinformation do we see our nation’s largest ’public’ power utility pass a massive rate increase while providing the public the least amount of information compared to ‘private’ utilities,” said SACE executive director Stephen Smith. “It’s highly unusual for a utility the size of TVA to issue a rate increase with zero independent review. This is a broken process, and every ratepayer in the Tennessee Valley is literally paying the price.” 

SACE said it could “only guess” at what is driving “TVA’s current financial woes.” And it had a guess: “the largest buildout of fossil gas in the country in a decade,” pointing to new projects for fossil gas pipelines and power plants. 

This also drew the ire of Gaby Sarri-Tobar, energy justice campaigner at the Arizona-based Center for Biological Diversity.

 “It’s outrageous that TVA is raising rates again to pay for more dirty fossil-fuel plants and pipelines,” Sarri-Tobar said in a statement. “The country’s largest public utility is planning to build more methane gas capacity this decade than any other utility, defying its duty to be a clean-energy role model.

“By approving this rate hike, the TVA board is responsible for making life-saving power more unaffordable for millions of people, as our climate spins out of control.”

A 4 percent electric rate increase from MLGW began in January. It was the first of three annual increases to “fund continuing infrastructure improvements which will enhance the reliability and resiliency of the local electric grid.” Customers can expect their bills to — at least — increase each year for 2025 and 2026. It was not immediately clear how TVA’s new rate hike would impact MLGW’s scheduled increases.

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Ford Pauses West Tennessee Truck Production Until 2027

Credit: Ford Co.

Production of Ford Motor Company’s electric next-generation pickup truck at its new West Tennessee plant will be delayed until 2027, the company announced Wednesday.

Construction on the new campus continues, and the Tennessee Electric Vehicle Center where the truck will be manufactured still plans to employ 3,000 workers, a Ford spokesperson confirmed. The campus’ battery plant — a joint venture between Ford and SK — will make up the remaining jobs needed to fulfill Ford’s promise that the campus would create 5,800 jobs. Tennessee lawmakers approved nearly $1 billion for the $5.6 billion project three years ago.

A spokesperson said Ford remains confident it will meet requirements set in that incentives deal.

“West Tennessee is a linchpin in our plan to create a strong and growing Ford in America. BlueOval City will be one of the most advanced manufacturing complexes anywhere in the world, and we are counting on the workforce in West Tennessee to produce advanced batteries starting next year, and then our most innovative pickup ever starting in 2027,” Ford President and CEO Jim Farley said in an emailed statement.

The postponement decision is part of a shift in the Michigan automaker’s electric vehicle strategy, which will scrap plans for an all-electric three-row SUV and prioritize hybrid vehicles. The company will reduce its yearly capital expenditures for pure electric vehicles from 40 percent to about 30 percent, according to a Wednesday news release.

When Ford announced its plans for the BlueOval City campus in Stanton in 2021, the company set an initial production goal in 2025.

Dimming electric vehicle market may delay start of full production at Ford’s new West Tenn. plant

But a down-shift in electric vehicle demand and swelling market competition pushed Ford to reassess, the company stated.

Ford will now focus its electric vehicle efforts “where it has competitive advantages,” with plans to roll out production on a new all-electric commercial van in 2026 in Ohio, followed by a mid-sized pickup truck designed by Ford’s California skunkworks team, and the next-generation pickup, to be assembled at BlueOval City’s Tennessee Electric Vehicle Center in 2027.

Talk of a delay at BlueOval has been swirling since early June amid slowing demand for electric vehicles, including the company’s F-150 Lightning electric pickup truck. In late 2023, Ford CFO John Lawler said the company’s electric vehicle unit was on track to lose $1.3 billion that year.

Pushing back the timeline allows Ford to implement lower-cost battery technology in the next-generation pickup to make it more price-competitive, the release states.

Lower-cost battery production is a major underpinning of Ford’s revised strategy to make their new electric vehicles profitable within the first 12 months of launch. In Kentucky, BlueOval SK will begin manufacturing batteries for Ford’s E-Transit and F-150 Lightning in mid-2025.

BlueOval SK at BlueOval City in Tennessee will begin producing cells in late 2025 for the new electric commercial van slated for production at Ford’s Ohio Assembly Plant. Those batteries will also be used in the next-generation electric truck when it production begins in 2027.

Ford also aims to move some Mustang Mach-E battery production from Poland to Michigan in 2025 to take advantage of Inflation Reduction Act benefits, according to the release. Plans are on track to produce Lithium iron-phosphate batteries at BlueOval Battery Park Michigan in 2026.

The shift toward hybrid technology for its planned three-row SUVs will mean a “special non-cash charge of about $400 million for the write-down of certain product-specific manufacturing assets” for the now-scrapped all-electric SUVs. Other expenses resulting from the shift could total up to $1.5 billion (which will be reflected as “special items” when they are incurred).

Ford stated the company will provide an update in the first half of 2025 on its electrification, technology, profitability, and capital requirements.

Tennessee Lookout is part of States Newsroom, a nonprofit news network supported by grants and a coalition of donors as a 501c(3) public charity. Tennessee Lookout maintains editorial independence. Contact Editor Holly McCall for questions: info@tennesseelookout.com. Follow Tennessee Lookout on Facebook and X.

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News News Feature

Five Habits of Successful Retirement Savers

Be a successful saver. (Photo: Annie Spratt | Unsplash)

A recent report indicated that a mere 46 percent of American households have savings in a retirement account. Of those who have saved, 6 percent reported having more than $100,000 in retirement savings, and only 9 percent have more than $500,000, indicating a significant retirement savings gap between the amount they say they need for retirement and the actual amount saved for many Americans. 

The good news is that successful retirement savers can teach us a lot about how to set aside money for the future. The following habits of successful savers can help you bridge the retirement savings gap.

1. They start saving early in life.

Successful retirement savers understand the importance of saving early and consistently throughout life. This practice allows them to maximize the benefits of compound interest over time because as investment gains accumulate, they increase an account’s balance and begin earning their own interest. Over the years, this cycle can lead to significant earnings. 

2. They gradually increase the amount they save. 

Successful retirement savers understand that gradually increasing the amount they save over time can have a significant impact on their assets, with a minimal impact on their current lifestyle. These savers often make an effort to increase the amount they contribute to their retirement accounts by 1 percent to 2 percent each year. Over time, small, regular increases such as these can have a big impact on your retirement savings, and you’re unlikely to even notice the difference in your net income. 

3. They prioritize saving for the future. 

Saving for the future requires focus and dedication. Successful savers often prioritize saving over paying for nonessential expenses. A great way to prioritize saving is by incorporating it as a line item on your budget. Just as you need to pay the electric bill each month, so should you save for the future.

4. They remain focused on the long term. 

Successful retirement savers understand the importance of taking a long-term approach, both with their investment allocation and their savings behavior. For example, they tend to establish a long-term investment allocation and stick with it rather than trying to time the market. 

In addition, successful savers typically avoid behaviors that could derail their savings goals, such as taking 401(k) loans or withdrawals before retirement. 

5. They save in multiple accounts. 

Successful savers often save in multiple accounts. For example, you may wish to start by saving enough in an emergency fund to cover three to six months of unexpected expenses. At the same time, be sure to contribute to your workplace retirement account. If you have additional funds available, make regular contributions to an IRA and a health savings account (HSA). Regularly contributing to multiple accounts can help maximize your savings over time. 

Gene Gard, CFA, CFP, CFT-I, is a Partner and Private Wealth Manager with Creative Planning. Creative Planning is one of the nation’s largest Registered Investment Advisory firms providing comprehensive wealth management services to ensure all elements of a client’s financial life are working together, including investments, taxes, estate planning, and risk management. For more information or to request a free, no-obligation consultation, visit CreativePlanning.com.

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We Recommend We Saw You

WE SAW YOU: Memphis Chicken & Beer Festival

Reid Halford, Seth Cartwright, and Eli Christenbury (Photos: Michael Donahue)

More than 2,000 people attended the sixth annual Memphis Chicken & Beer Festival, which was held August 10th at Simmons Bank Liberty Stadium.

“We say ‘a beer fest with a chicken twist,’” says Caroline Hall, regional events director for iHeartRadio, which puts on the festival. “Our goal is a tailgate for adults. Having a big play area for adults.”

Big Sue and Caroline Hall
Stewart Kerby and Zachary Mashburn
Aniseya and Michael Butler Jr.

The play area included inflatable basketball, cornhole, and other games, as well as, for the first time, a mechanical bull.

Courtney Archer and Brandon Williams
Lernard Chambers

The event included 16 food vendors. The beer, which included brew from Meddlesome Brewing Company, Memphis Made Brewing Co., and Beale Street Brewing Co., was from Ajax Distributing Company Inc.

Marcus, Big Bang, and Phyouture

The next big iHeartRadio event will be the annual Wine on the River, which will be held October 5th at Tom Lee Park.