At the beginning of each new year, many of us make resolutions to start the year off right. This year, why not think about improving your “Retirement Readiness” – being well prepared to retire when you want to?
The University’s 403(b) Retirement Plan provides an opportunity to improve your retirement readiness. Here are a few suggestions to help you take advantage of this retirement plan:
- Voluntarily contribute as much as possible. If you are already making Voluntary Employee Contributions to the 403(b) Plan, consider increasing them. The maximum contribution in calendar year 2014 is $17,500, plus $5,500 if you are age 50 or older. If you are not making pre-tax voluntary contributions, consider starting. More about voluntary contributions.
- Meet with a financial counselor. Representatives from Fidelity, TIAA-CREF and Vanguard are on campus regularly for individual counseling sessions. These sessions provide you with the opportunity to discuss topics such as finding the right investment mix to suit your needs and investing to achieve your long-term goals. Schedule an appointment.
- Resolve not to borrow from your retirement plan funds. Although you can borrow against your voluntary retirement funds, doing so is contrary to the purpose of a retirement plan and the goal of saving for retirement.
- Learn about retirement from Notre Dame. The Office of Human Resources offers NDRetire Information Sessions (PDF) each month for the purpose of reviewing retirement eligibility rules, benefits available at retirement and general planning considerations. To schedule, call askHR at 631-5900 or schedule in eNDeavor (Search for NDRetire: an Information Session).
- Plan for retirement. Everyone has different retirement goals. Envision your retirement, set retirement goals, periodically assess your progress and revise your goals as needed.