January 10, 2024 Dear Colleagues, Happy New Year! As we step into 2024, it's the perfect time to reflect on our achievements and set new goals. One crucial aspect that deserves our attention is retirement savings. Ensuring a secure and comfortable retirement is a shared goal, and we want to support each of you in reaching your financial milestones. Here are a few tips to help you meet your retirement savings goals this year: Review Your Retirement Plan: Take a moment to review your current retirement plan. Understand your contributions, investment choices, and any employer match available. Review the retirement benefits website to learn more. Set Realistic Goals: Establish clear and achievable retirement savings goals. Consider factors such as your age, expected retirement age, and lifestyle preferences. Setting realistic goals will help you stay motivated and on track. Your money has the potential to grow through the power of compounding interest. That growth can help offset increases in the cost of living. Saving more may bring you closer to the kind of retirement you want and deserve. Increase Contributions: If possible, consider increasing your retirement contributions. There are tax advantages to saving within your plan, which means the impact to your take-home pay may not be as much as you think. Even a small percentage can make a significant difference over time. Eligible employees should take advantage of employer-matching contributions to maximize savings potential. Remember, the IRS allowed for an increase on salary deferrals this year. You can contribute up to $23,000 annually to your 403b and/or 457b accounts—or up to $30,500 if you’re 50 or older. Diversify Your Investments: Explore the diversification of your investment portfolio. A well-balanced mix of assets can help manage risk and enhance your overall returns. If you're unsure about your investment strategy, speak with your retirement consultant. Attend Retirement Planning Workshops: Look out for any retirement planning workshops or webinars. These can provide valuable insights and guidance on optimizing your retirement savings. Meet with a TIAA Retirement Consultant: Give your investments more potential. Meet with your TIAA financial consultant to see if your savings are on track. Visit TIAA.org/schedulenow or call 800-842-2252, 8 a.m. to 10 p.m. (ET). You can meet with your retirement consultant in-person, via zoom or over the phone. Your retirement consultant will be on-site at UAH Shelbie King Hall every 2nd Friday of each month beginning January 12, 2024. In person meetings are available on a first come first serve basis. Remember, securing your financial future is an ongoing process. By taking proactive steps now, you can pave the way for a more comfortable retirement. Starting or increasing your plan contributions is easy, log into TIAA through your MyUAH webpage. View the instructional guide for step by step instructions.Wishing you a prosperous and financially sound New Year!
