HR, Payroll and Benefits News

Are You Saving Enough for Retirement?
April 3, 2024

Are your retirement savings on track? Online calculators are available to help plan saving for retirement. The AARP online calculator is a helpful resource and the Universities of Wisconsin 403(b) Supplemental Retirement Program (SRP) providers TIAA and Fidelity have online tools to assist you.

Financial experts at Fidelity suggest saving 15% of your income, although saving for retirement is unique to each individual’s situation. Universities of Wisconsin employees who are eligible for the Wisconsin Retirement System (WRS) are already contributing 6.9% of their eligible wages in 2024. Considering WRS contributions, you can consider trying to save an additional 8% of your income.

What if what the experts recommend is just out of reach? Instead of asking how much you should be saving, ask how much you can save. Start with 2%, 3%, or as much as your budget allows. Increase your contribution as you become able to.

Not currently contributing to the UW 403(b) SRP?
Get started today! You can make contributions pre-tax, after-tax (Roth), or a combination of both. Go to the 403(b) SRP webpage to find out how to enroll. The on-demand webinar SRP: Investing in Your Financial Future: Intro to the 403(b) Program is a good resource for those interested in learning more about the program.

You can increase your contributions easily by logging into the MyUW Portal (for UW-Madison and for other Universities of Wisconsin) and clicking on the “Benefit Information” tile. Near the bottom of the screen click on “Update 403(b) Deductions.” Remember to monitor your contributions on your earnings statements.

Want to save as much as you can?
The basic maximum annual 403(b) contribution limit for 2024 is $23,000. Employees aged 50 and over in 2024 can contribute an additional $7,500 for a total of $30,500. If you have 15 years or more of service with the Universities of Wisconsin, you may be able to contribute even more! Check with your Institution Benefits Contact for more information.

No matter how much you contribute, make sure you are putting money aside for your future so you can attain financial security in your retirement.

 

Source: Universities of Wisconsin Office of Trust Funds
Categories: Retirement, Supplemental Retirement Program, Wellness