Retirement readiness refers to how financially prepared you are for retirement. It is never too early to evaluate your retirement goals and make sure you will have enough retirement income so that your standard of living can be maintained after retirement.
Although retirement goals vary from person to person, a good strategy is to save at least 15% of your salary throughout your career which should be the equivalent of 10 times (or at least 80%) of your salary saved by the time you retire. Both Fidelity and TIAA offer resources to help you determine if you are on track for retirement.
The 2020 contribution limit for both 403(b) and 457(b) accounts is $19,500. If you are age 50 or older you are also eligible for an additional $6,500 catch-up contribution to each account.
- If you are a TIAA participant, you may simply log into your account to see a personal projection of your income in retirement on the home page.
- Would you like to increase your contribution to your supplemental retirement account? You can do so here:
- If you are a member of the MGS or PSS Retirement Plan A (pension) you can click here.
- A Certified Financial Planner can assist you with your personal financial planning. Certified Financial Planners are held to the highest ethical and educational standards and can make financial planning recommendations that are in your best interest. For more information and to find a CFP in your area visit the CFP website.
Representatives from Fidelity Investments and TIAA are on campus monthly. They are available to discuss how to help you manage your retirement savings goals, review investment choices, and build a plan that's easy to put into action. View our Events Page to find out when they will be on campus and to schedule an appointment.
The Retiree Connection is a GVSU website that helps retirees stay connected and informed as to what is happening at GVSU.
Encompass, GVSU's assistance program, is available to help you with the transition to retirement. Encompass offers counseling, financial, and legal services that are free and confidential. You can also order a free copy of the book How To Retire Happy by contacting Encompass at 1-800-788-8630.
Official Retirees can continue to use Encompass services after retirement.
Health Savings Account
If you are enrolled in the GVSU High Deductible Health Plan you should consider maximizing your contributions to your health savings account. The money that is contributed to the account will remain in the account until you spend it on your qualified medical expenses. The 2020 HSA contribution limit for individuals with self only coverage is $3,550; the limit for individuals with dual or family coverage is $7,100. If you are 55 years of age or older you are eligible for an additional $1,000 catch-up contribution. You can increase your HSA contribution by using the Anytime Events System. Anytime Events System