Whether you plan to retire now or a few years from now, the question almost everyone asks is: How much will I need?
Unique You, Unique Number
Since each person’s goals and lifestyles are different, your number will also be unique. Using a few online tools, you can create a plan – and an estimated amount – to set as your goal.
In addition to being U-M’s trusted partners in administering faculty and staff retirement plans, TIAA and Fidelity offer several tools to help answer the “how much will I need?” question. From online worksheets and calculators to personal guidance, you can get an idea of your numbers. And, yes, the word budget will still be part of the equation!
Get started with this TIAA article about retirement basics. Then move on to this brief guide for tips toward retirement during all stages of your career. U-M’s Human Resources website offers an entire section about retirement preparedness; start with Planning for Retirement.
Wisdom Worth Watching
If the idea of retirement seems overwhelming, take it step-by-step. Learn a little at a time as part of your ongoing plan. Fidelity’s and TIAA’s free, online education programs can help build your knowledge base.
Watch these webinars in real-time or on-demand in June:
- Wednesday, June 8 – 2 p.m.
Women Talk Money: Financial Self-reliance – Investing for Your Future Self
- Thursday, June 9 – noon
Retirement is a Time of Change
- Tuesday, June 21 – noon
How to Survive the 2022 Rent and Real Estate Market
- Thursday, June 23 – noon
Financial Stability and Security for the LGBTQ+ Community
Fidelity’s enrollment system tells you how many seats are available for each workshop and can put you on a wait list if a workshop is proving to be popular. View a complete list of workshops.
- Tuesday, June 14 – noon
Attention to Details: Financial Finishing Touches for Women
- Wednesday, June 15 – 3 p.m.
At Your Fingertips: Manage Your Money Wherever You Are
- Thursday, June 16 – noon
Help Protect You, Your Family and Your Money
- Thursday, June 16 – 4 p.m.
Tomorrow in Focus: Saving for Your Ideal Retirement
Register for the above programs at TIAA’s webinar lounge.
Check in for a Check Up
Financial experts recommend that you assess your retirement savings plans periodically to ensure your investments are meeting performance expectations. You can meet with Fidelity and TIAA specialists in-person, by phone or virtually. Just schedule an appointment:
- Visit Fidelity's scheduling page or call (800) 642-7131, weekdays from 8 a.m. to midnight
- Visit TIAA's website or call (800) 732-8353, weekdays from 8 a.m. to 10 p.m.
Fidelity offers appointments exclusively for U-M employees every Tuesday from 8:30 a.m. to 5 p.m. Be sure to schedule an appointment first.
Face coverings aren’t required for in-person appointments. You may wear one and request that your Fidelity or TIAA specialist wear one, as well.
Financial Resources at MHealthy
MHealthy also offers several resources to assist faculty and staff with improving their financial literacy. These include education programs, coaches, and immediate assistance for those who need help now.