October is National Retirement Security Month (NRSM)
National Retirement Security Month is a national effort to raise public awareness about the importance of saving for retirement. NRSM provides an opportunity for employees to revisit their personal retirement goals and determine if they are on track for a secure future.
According to Retirement Insecurity 2021, a recent report on American's view of Retirement, "more than half of Americans are concerned that the COVID-19 pandemic has impacted their ability to achieve a secure retirement." Therefore, making the time to consider plans for the future is a must for everyone.
Tune in throughout the month for information and resources that can help you confidently plan for your future.
Ways You Can Take Action
- VRS Plan 1, 2 & Hybrid Members: Log into your myVRS account and review your 2023 Member Benefit Profile
- Start saving more today by enrolling in a Supplemental Retirement Plan and earn the Cash Match
Participation in either of the following, earns you the Employer-Paid Cash Match
- Attend a variety of educational webinars:
- 'Are You on Track' - This presentation for current VRS Plan 1 and Plan 2 members and will educate you on your VRS membership and the importance of planning now for your future. Topics include an overview of your VRS benefits and optional programs, purchase of prior service and member resources such as our online self-service tool, myVRS. Presented by John Kegel, VRS Member Education and Outreach Counselor
- On Demand
Click HERE to REGISTER
- On Demand
- ‘Understanding Your Investment Options’ – This presentation is for partipants in the COV 457 DCP Plan, Virginia Cash Match Plan, and/or Hybrid Retirement Plan and will cover asset classes, diversification, and the three investment paths available to you.
Presented by MissionSquare (ICMA-RC)- 10/11/23 10am-11am
Click HERE to REGISTER - 10/26/23 10am-11am
Click HERE to REGISTER
- 10/11/23 10am-11am
- 'Are You on Track' - This presentation for current VRS Plan 1 and Plan 2 members and will educate you on your VRS membership and the importance of planning now for your future. Topics include an overview of your VRS benefits and optional programs, purchase of prior service and member resources such as our online self-service tool, myVRS. Presented by John Kegel, VRS Member Education and Outreach Counselor
Explore a variety of financial wellness and educational tools including: articles, videos, calculators live webinars and resources with myVRS Financial Welnness portal. You can explore general information or log int to your myVRS account and explore personalized content!
Financial Counseling is Available
See below for counseling options available and choose what works best for you!
- Employees may be eligible for a free 30 minute consultation with a CFP Professional. Click here to schedule your meeting today!
- To meet with a Fidelity Advisor online or via phone 10/13-10/19, schedule your appointment here.
- To meet with a MissionSquare Representative (multiple days and times available), schedule your appointment here.
- To meet with a TIAA Representative on October 10th or 26th, schedule your appointment here.
The Journey
By The Numbers
This illustration is a hypothetical compounding example. It shows the impact of contributing 6% of a $50,000 annual salary (i.e., $3,000) at a 6% annual effective rate of return. The example shows the result of contributing over the course of 40, 30, 20, and 10 years (assuming equal contribution amounts each month and a retirement age 65) to highlight the advantages of starting to save earlier in life. This illustration is not intended to represent the performance of any specific investment. Actual returns and principal values will fluctuate. Taxes are due when the money is withdrawn from the DC plan.
Experts recommend contributing at least 10% of your current income to your future retirement. Check your current 457 contribution amount DCP account login link or look at your MyMadison to see your current 403(b) contribution.
This illustration is a hypothetical compounding example that assumes biweekly salary deferrals (for 30 years) at a 6% annual effective rate of return. It illustrates the principle of time and compounding. This chart is for illustrative purposes only and is not intended to represent the performance of any specific investment. Actual returns will vary and principal value will fluctuate. Taxes are due when money is withdrawn.
How long are you going to live in retirement?
Imagine that your retired life lasts as long as your working life. It could happen, and saving a little more now will make a big difference then.
Your VRS pension income or Optional Retirement Plan (ORP) income and Social Security can take you pretty far on your journey to a secure retirement, but contributing to an employer sponsored savings plan, such as a 457 or 403(b) can help make your retirement income picture complete.
Join fellow co-workers by participating in a Supplemental Retirement Plan. If you are already participating, check your contribution level to make sure you are on track. For more information visit the HR Benefits Supplemental Retirement Plans page.
