Benefits Plans - Retirement Savings Plans: Savings tune-up
A successful retirement requires planning. Here are some steps you can take now to help you build financial freedom for your retirement.
You can manage your account online, update your personal information, sign up for e-delivery of quarterly statements and use multiple planning tools by setting up online access to your accounts with TIAA-CREF and/or Fidelity Investments.
Designating a beneficiary is critical to ensure that your retirement account will be 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.
It is vital that your mailing address on record with the retirement savings plan companies is current so you receive quarterly statements, important notices and to ensure the privacy and security of your account. If your address changes, or if you experience a name change due to marriage or divorce, update your personal information directly with TIAA-CREF and/or Fidelity Investments.
Having the right mix of investment funds that reflect your current risk tolerance is critical to achieving your savings goals. It is important to periodically monitor and re-balance your portfolio because over time since the investment returns of your funds may result in accumulations that are no longer aligned with your target investment goals. Meet with a retirement specialist from TIAA-CREF and/or Fidelity (or use their web tools) to determine your risk tolerance and activate a free automatic re-balancing feature.
Take a few moments to calculate your savings goal by using these tools:
TIAA-CREF and Fidelity Investments have developed several tools to help you plan for retirement and manage your retirement savings. These can be found at the special microsites developed especially for the University of Michigan by both carriers:
Participating in the university's Basic Retirement Savings Plan is a smart way to invest for your future. 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. There is no minimum contribution for either plan and you can contribute to the 457(b) without contributing to the SRA.
View these brief videos to learn more about the free custom investment advice you can receive from TIAA-CREF and Fidelity:
TIAA-CREF Custom Advice and Planning (2 minutes)
TIAA-CREF Retirement Advisor: Your Personalized Investment and Savings Plan (2.75 minutes)
Fidelity: Creating a Retirement Income Plan (3 minutes)
You can meet with a TIAA-CREF and/or Fidelity Investments retirement specialist to review your retirement savings goals, receive personalized advice on selecting investment funds, and help you plan your path to a secure retirement. To schedule an appointment call:
If You Enrolled Since 2008
If you enrolled in the Basic Retirement Plan, SRA and/or 457(b) since 2008, the investment fund and beneficiary designations are a default unless you specifically made changes. You may change these at any time by contacting TIAA-CREF and/or Fidelity Investments. Note that any changes you make must be done for each account for which you have enrolled.
The University of Michigan in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their dependents. Although the university has elected to provide these benefits this year, no individual has a vested right to any of the benefits provided. Nothing in these materials gives any individual the right to continued benefits beyond the time the university modifies, amends, or terminates the benefit. Anyone seeking or accepting any of the benefits provided will be deemed to have accepted the terms of the benefits programs and the university's right to modify, amend or terminate them.