Are you a savvy saver? These 5 tips from TIAA can help you become one.
1) Make Sure You’re on Track
Reaching your goals is easier when you know where you stand. Get a retirement check-up in less than 30 seconds. Just by entering a few numbers, you can see if you’re saving enough and get tips to help you get or stay on track.
2) Be a Best-in-Class Saver
Knowing what others like you are saving can help you set your own goals. See how you compare. Simply enter your age and salary and you’ll see how you’re doing compared to others like you.
3) Small Changes Can Add Up Big
Saving more can have little impact on your paycheck. Putting a little more toward retirement can save you money on taxes and give you the benefit of compound interest. With compounding, you earn money on what you save and on any earnings. Given time, your money can really add up. Use this calculator to estimate the impact on your take-home pay when you increase your savings.
4) Knowledge Is Key
Knowing how finances work will help you better plan for a secure future. From the basics on investing to understanding tax reform and more, TIAA offers a range of helpful webinars that you can attend live or view on demand. Visit TIAA.org/webinars to see the full lineup.
5) Make It Last
Choosing retirement income options that never run out may help you pursue the future you want without worry. Calculate the monthly income you could have in retirement from choosing lifetime income options.*
For a comprehensive list of tools and calculators visit TIAA.org/tools anytime. To meet with a TIAA Financial Consultant for a more personalized investment review, visit TIAA.org/schedulenow. Or call 800-732-8353 weekdays from 8 a.m. to 8 p.m. ET.
Browse Retirement Savings Plans for complete information about your retirement savings options as a U-M faculty or staff member.
*Subject to the claims-paying ability of the issuer.