Young professionals should focus on saving for retirement today, advises this Houston expert

Guest Column

It's National Retirement Security Week — and to celebrate, you need to start thinking about saving. Getty Images

National Retirement Security Week is upon us. In 2006, the United States Senate passed a resolution establishing the third week of October as a time to raise awareness about the importance of retirement savings and to encourage Americans to contribute to their retirement plans. The sponsors of the resolution hoped Americans would think about their retirement goals and assess their progress.

The Senate had good advice. Consider this: less than half of Americans have calculated how much money they will need to have in retirement. Additionally, the average person will spend a whopping 20 years in retirement. This data means you need to be proactive in your retirement planning, especially if you plan to retire early. Experts project that the average American will need 70 – 90 percent of their pre-retirement income to continue to live in their current standard of living. Even with well-funded savings, retirees will face challenges such as high costs of healthcare and the future of Medicare and Social Security.

For young investors

Research has shown that younger Americans, approximately ages 18 to 35, say the ideal time to retire is 60 years old. However, young professionals need to remember that the full retirement age for social security benefits is 67 years of age. Therefore, saving early in their career is key to attaining a livable retirement income.

Additionally, many young Americans are simply not saving for retirement at all. Data has demonstrated that two-thirds of Millennials have nothing saved. A rule of thumb is to continually save 10 to 15 percent of your income throughout your career for retirement. If you would like to retire at 60 years of age, you should be saving 20 percent or more.

First step: Start saving

Therefore, your first step should be starting to save today, and it should be a priority. By beginning to save as soon as possible, you benefit from the power of compound interest. Each year's investment gains build on the next year's gains. Ideally, you should begin saving for retirement in your early twenties at the beginning of your career. Saving early can reap big rewards later. However, if you are further along in your career and have not been saving, start now.

Many employers offer 401(k) plans, allowing employees to save for retirement before taxes are taken out of their paycheck. If your company offers a 401(k) plan, ensure you are enrolled and contributing at least enough to receive the maximum matching contribution. In 2019, the IRS allows you to contribute up to $19,000, and for those 50 and over, you may contribute $25,000. While 401(k)s have many benefits, there are some restrictions. For example, the plan may require you to leave the money in for a minimum amount of time before you are entitled to your employer's matching contributions. To ensure you understand your employer's plan, consult the plan administrator.

Not all employers offer retirement plans. If that is your case, or you are self-employed, look into an IRA. These accounts are another smart way to save for retirement. IRAs are controlled by you, not your employer. You can choose either a Roth IRA or a Traditional IRA. The difference between the two varies on issues such as age restrictions, income limits, and tax breaks. For an IRA in 2019, you may contribute $6,000 per person, or $7,000 for those 50 and over. Similar to 401(k)s, IRAs can be set up by automatic deduction if you so choose.

No matter your industry or the season of your life, take the time this National Retirement Security Week to educate yourself on your saving options, focus on your retirement goals, and begin the action steps necessary to be able to retire securely.

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Marcellus Davis is a financial adviser with the Wealth Management Division of Morgan Stanley in Houston.

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Houston space companies land $150M NASA contract for vehicles and robots

space simulations

Houston-based MacLean Engineering and Applied Technology Services LLC, known as METECS, has received a five-year contract from NASA to develop simulations and software services for space-based vehicles and robots, with a maximum value of $150 million.

Two other Houston-area companies, Tietronix Software Inc. and Vedo Systems LLC, were assigned as subcontractors for the award.

"This award is a strong testament to NASA’s continued trust in the quality of our work and their confidence in our ongoing support of the human spaceflight program," John MacLean, president of METECS said in a release.

According to NASA, the awardees are tasked with providing:

  • Simulation and software services for space-based vehicle models and robotic manipulator systems
  • Human biomechanical representations for analysis and development of countermeasure devices
  • Guidance, navigation, and control of space-based vehicles for all flight phases
  • Space-based vehicle on-board computer systems simulations of flight software systems
  • Astronomical object surface interaction simulation of space-based vehicles
  • Graphics support for simulation visualization and engineering analysis
  • Ground-based and onboarding systems to support human-in-the-loop training

The contract is called Simulations and Advanced Software Services II (SASS II), and begins in October. This is the second time METECS has received the SASS award. The first also ran for five years and launched in 2020, according to USASpending.gov.

METECS specializes in simulation, software, robotics and systems analysis. It has previously supported NASA programs, including Orion, EHP, HLS, Lunar Gateway and Artemis. It also serves the energy, agriculture, education and construction sectors.

Tietronix Software has won numerous awards from NASA. Most recently, it won the NASA JSC Exceptional Software Award (2017). Some of its other customers include Houston Independent School District, Baylor College of Medicine, DARPA and Houston Methodist.

Video Systems offers software for implementing human-rated, AI and autonomous systems, as well as engineering services to address the needs of spaceflight and defense. The company has previously worked with NASA and METECS, as well as Axiom Space and defense contractor Lockheed Martin.

The three companies are headquartered near NASA’s Johnson Space Center in Houston.

Greentown Labs names Lawson Gow as its new Houston leader

head of hou

Greentown Labs has named Lawson Gow as its Head of Houston.

Gow is the founder of The Cannon, a coworking space with seven locations in the Houston area, with additional partner spaces. He also recently served as managing partner at Houston-based investment and advisory firm Helium Capital. Gow is the son of David Gow, founder of Energy Capital's parent company, Gow Media.

According to Greentown, Gow will "enhance the founder experience, cultivate strategic partnerships, and accelerate climatetech solutions" in his new role.

“I couldn’t be more excited to join Greentown at this critical moment for the energy transition,” Gow said in a news release. “Greentown has a fantastic track record of supporting entrepreneurs in Houston, Boston, and beyond, and I am eager to keep advancing our mission in the energy transition capital of the world.”

Gow has also held analyst, strategy and advising roles since graduating from Rice University.

“We are thrilled to welcome Lawson to our leadership team,” Georgina Campbell Flatter, CEO of Greentown Labs, added in the release. “Lawson has spent his career building community and championing entrepreneurs, and we look forward to him deepening Greentown’s support of climate and energy startups as our Head of Houston.”

Gow is the latest addition to a series of new hires at Greentown Labs following a leadership shakeup.

Flatter was named as the organization's new CEO in February, replacing Kevin Dutt, Greentown’s interim CEO, who replaced Kevin Knobloch after he announced that he would step down in July 2024 after less than a year in the role.

Greentown also named Naheed Malik its new CFO in January.

Timmeko Moore Love was named the first Houston general manager and senior vice president of Greentown Labs. According to LinkedIn, she left the role in January.

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This article originally appeared on our sister site, EnergyCapitalHTX.com.

Houston foundation grants $27M to support Texas chemistry research

fresh funding

Houston-based The Welch Foundation has doled out $27 million in its latest round of grants for chemical research, equipment and postdoctoral fellowships.

According to a June announcement, $25.5 million was allocated for the foundation's longstanding research grants, which provide $100,000 per year in funding for three years to full-time, regular tenure or tenure-track faculty members in Texas. The foundation made 85 grants to faculty at 16 Texas institutions for 2025, including:

  • Michael I. Jacobs, assistant professor in the chemistry and biochemistry department at Texas State University, who is investigating the structure and thermodynamics of intrinsically disordered proteins, which could "reveal clues about how life began," according to the foundation.
  • Kendra K. Frederick, assistant professor in the biophysics department at The University of Texas Southwestern Medical Center, who is studying a protein linked to Parkinson’s disease.
  • Jennifer S. Brodbelt, professor in chemistry at The University of Texas at Austin, who is testing a theory called full replica symmetry breaking (fullRSB) on glass-like materials, which has implications for complex systems in physics, chemistry and biology.

Additional funding will be allocated to the Welch Postdoctoral Fellows of the Life Sciences Research Foundation. The program provides three-year fellowships to recent PhD graduates to support clinical research careers in Texas. Two fellows from Rice University and Baylor University will receive $100,000 annually for three years.

The Welch Foundation also issued $975,000 through its equipment grant program to 13 institutions to help them develop "richer laboratory experience(s)." The universities matched funds of $352,346.

Since 1954, the Welch Foundation has contributed over $1.1 billion for Texas-nurtured advancements in chemistry through research grants, endowed chairs and other chemistry-related ventures. Last year, the foundation granted more than $40.5 million in academic research grants, equipment grants and fellowships.

“Through funding basic chemical research, we are actively investing in the future of humankind,” Adam Kuspa, president of The Welch Foundation, said the news release. “We are proud to support so many talented researchers across Texas and continue to be inspired by the important work they complete every day.”

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