With National Retirement Security Week starting next week, it’s time for your annual retirement savings checkup. Faculty and staff should take the opportunity to assess their retirement savings progress. If the savings are not where they should be, National Retirement Security Week is a good time to begin thinking about how to get on track.
Some actions employees can take to start preparing include:
- Enroll in an employer-sponsored retirement plan or increase your contributions. Automatic monthly payroll deductions make saving for retirement convenient. Saving more earlier on will make it possible for employees to have the kind of retirement they want and deserve. Employees can contribute as much as $18,000 in 2015 (up to $24,000 if they’re 50 or older) without paying income tax on pretax contributions until it’s time to withdraw them in retirement. More information about the Case Western Reserve University retirement plans may be found at case.edu/finadmin/humres/benefits/retirement.home.html. Go to tiaa-cref.org/case or case.vanguard-education.com/ekit for investment options and enrollment instructions.
- Take advantage of advice. Schedule an advice session with a TIAA-CREF or Vanguard financial consultant—a service available as part of employee retirement plans at no additional cost. In person or by phone, employees will receive fund-level, personalized recommendations to help make informed choices, no matter how much or how little is in their account. Download a PDF for a schedule of dates and registration instructions.
- Review beneficiary selections. Employees can log in to their account at tiaa-cref.org/case or case.vanguard-education.com/ekit to view their current selection and make changes. Or, contact TIAA-CREF at 800.842.2252 or Vanguard at 800.523.1188 to request a form.