Home < Human
Resources and Benefits Briefing < February
2007
How prepared do you feel for your retirement? Watch for a new planning tool, coming soon, that will help you see the big picture and make plans for a secure retirement.
In February, active UCRP members will all receive a Personalized Retirement Update and Readiness Guide. The Update will:
- Project your estimated income and expenses in retirement,
- Show your UCRP, CAP, DC Plan, 403(b) Plan, and 457(b) Plan estimates, all in one place
- Demonstrate the effect of increasing your contributions to 403(b)/457(b) Plans, and
- Compare your current investment mix to various sample investment allocations, ranging from conservative to aggressive growth.
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The Personalized Retirement Update and Readiness Guide is not
a statement of your plan eligibility or account status; it is an educational
tool intended to help you focus on your future and plan for your retirement
security.
In addition to this mailing, UC and Fidelity Investments Tax-Exempt Services (FITSCo) will be partnering throughout 2007 to bring you more financial education, featuring free onsite workshops, targeted mailings and additional communications throughout the year. |
Five Ways to Get Ready for Your Retirement
Participate. Making monthly contributions to the UC 403(b) plan or UC 457(b) plan can be a good way to supplement your UC pension and future retirement income. If you haven’t begun to participate, it’s not too late. Money you invest in your retirement plan accounts will be well spent because it not only reduces your taxable income but its potential growth over time may surprise you. If you haven’t already, sign up to begin contributions.
Contribute. It’s a good idea to include retirement savings among your monthly financial responsibilities. Make saving a priority. Investing your hard-earned dollars toward retirement shouldn’t be something you do only when you have money left over. Find money to put away and you’ll thank yourself later. Automatic paycheck withdrawals make it easy for you to contribute each month.
Allocate. The way you divide your savings among different classes— stocks, bonds, and short-term investments—can affect the amount of income you earn. To identify the right mix for you, consider your personal goals, investment time frame, and risk tolerance. Choose an investment mix that works best for you.
Stay on Track. Review your account statements regularly and access www.netbenefits.com to take advantage of the account management and planning tools available to you. Stay involved in your retirement saving process to make sure that your retirement planning matches your goals.
Develop an Income Plan. When you retire, your pension benefits and savings become your source of income. It’s important to have a plan to create enough monthly income to cover regular living expenses and health care costs. You will also want a withdrawal plan that doesn’t take out too much or too little, considers tax ramifications, and protects against inflation.
Focus on your future and take advantage of the many tools available to you under the UC Retirement Readiness Program.
If you have retirement questions, call FITSCO at 866-682-7787 or go online at www.netbenefits.com.