In last month’s Monthly Benefits Spotlight, we covered the University’s mandatory 401(a) retirement plan and the basics of your TIAA account. This month, we are taking it one step further by exploring how you can maximize your retirement savings.
WVU offers multiple Supplemental Retirement Account options through TIAA. Unlike the 401(a), these plans are voluntary and available to all faculty and staff, no matter your benefits eligibility. SRAs are a great way to boost your retirement savings and could even help lower your taxable income.
You can choose between 457(b) and 403(b) SRA options — or participate in both. Contributions can be deducted from your pay pre-tax or post-tax (Roth).
It’s never too early to start planning for your future. In fact, a recent study found that 70% of U.S. retirees would tell their younger selves to start saving sooner. While Social Security provides a foundation, it typically replaces only 30-40% of pre-retirement income.
With rising costs of living, health care expenses and longer life expectancies, taking advantage of the University’s SRAs can help ensure you have the income you’ll need in retirement.
Whether you’re just getting started or fine-tuning your long-term plan, TIAA offers the following tools and resources to guide you and help you better understand your supplemental retirement options:
• Check out TIAA’s interactive Financial Essentials webpage for short articles, videos, and easy-to-follow visuals on topics like saving for retirement, understanding Roth contributions, and creating a lifetime income plan.
• Review TIAA’s Retirement Income Plan Checklist for 10 key steps to consider when creating your retirement income plan.
• Visit the TIAA Retirement Calculators and Financial Tools page to estimate how much to save, compare income strategies, plan for health-care costs in retirement, and more.
• Interested in learning more about Roth (post-tax) deductions? Join TIAA’s Roth Webinar on Dec. 10 and Jan. 22. Can’t make it? Register to have access to the recording for 90 days after the event.
Taking small steps now can make a big difference later. We encourage you to explore the resources available to you and start thinking about your retirement savings. Your future self will thank you.
For help with enrolling in an SRA or changing your contributions, review the SRA knowledge article in the Shared Services Community or contact Shared Services at SharedServices@mail.wvu.edu or 304-293-6006.