Relying on pension funds and Social Security is no longer sufficient when planning for retirement. To help, here are some tips to help you take charge of saving for retirement:
- Set a goal: Even if you can only save a small amount, setting aside money each month will get you in the habit of saving.
- Open an Individual Retirement Arrangement: Most Americans can open and make tax-deferred contributions to an IRA.
- Learn about Brenau’s retirement plan: If you’re covered under your employer’s retirement plan, be sure to review the summary plan description to learn about your rights under the plan. (This can be found in ADP under Forms Library).
- Review your benefits statement: TIAA can provide you with a benefits statement, which details your total plan benefits and the amount vested.
- Sign up for 403(b) contributions: You can select how much money you want taken out of each paycheck to be put into this account.
- Estimate your Social Security benefits: Use the Social Security Administration’s calculator (ssa.gov/planners/calculators) to do so.
- Learn about your spouse’s retirement plan: Many plans provide spousal benefits. Be sure to read the plan’s details to see if you are eligible.
Brenau contracts with a financial advisor from Cannon Financial Strategists to come to campus once each month. Should you wish to schedule a meeting, please contact Kelley Maddox at ude.uanerb@xoddamk.