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To view this message on the Web, please visit: http://benefits.umich.edu/plans/retire/savingstuneup.html

U-M RETIREMENT SAVINGS PLAN

Start with Four Simple Steps

A successful retirement requires planning. Here are four simple steps you can take now to help build financial freedom in retirement.

1. Calculate How Much You Need to Save

Take a few moments to calculate your savings goal by using these tools:

2. Review and Update Your Beneficiary

Designating a beneficiary is critical to ensure that your retirement account is paid to the beneficiary of your wishes.  Family status changes such as marriage, divorce, birth, or adoption may affect your desired beneficiary intentions. Review your beneficiary designations periodically to be sure they are up to date. For more information, see Beneficiary on the Benefits Office website.

Please note that designating or changing your beneficiary for life insurance does not update it for the U-M Retirement Savings Plans.

3. Save More with Your 403(b) SRA and/or 457(b) Plan

Saving more can help you reach your retirement savings goals faster. Start contributing now to the 403(b) Supplemental Retirement Account (SRA) and/or 457(b) Deferred Compensation Plan, or increase your contribution if you already participate. The Internal Revenue Service (IRS) has announced the limits for contributing to 403(b) and 457(b) plans for 2012. See the examples below and refer to SRA and 457(b) Limits on the Benefits Office website for more information.

Contribution Limit: Under Age 50

403(b) Limit
$17,000

+

457(b) Limit
$17,000

=

Total Limit
$34,000

Contribution Limit: Age 50 and Over

403(b) Limit
$22,500

+

457(b) Limit
$22,500

=

Total Limit
$45,000

For enrollment instructions, visit Retirement Savings Plan Tune-up.

4. Meet with a Retirement Specialist from TIAA-CREF and/or Fidelity Investments

You can meet with a TIAA-CREF and/or Fidelity Investments retirement specialist to review your retirement savings goals and help plan your path to a secure retirement. There is no cost for the consultation.

To schedule an appointment call:

TIAA-CREF
1-800-732-8353

Fidelity Investments
1-800-642-7131

Resources

For more information and additional resources, visit Retirement Savings Plan Tune-up.

 

 

 

 

 

 

 

 

 

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