Take stock of your financial fitness and retirement readiness

Take stock of your financial fitness and retirement readiness

October 3, 2018


Only a third of retirees surveyed by the Employee Benefit Research Institute (EBRI) say they feel “very confident” in their ability to live comfortably throughout retirement. That just isn’t good enough for ERS’ director of voluntary income plans. “It’s ERS’ goal to ensure our members are prepared for retirement,” Nora stated. The Texa$averSM 401(k) / 457 Program can help members “enjoy more retirement security,” she added.

 

From left: Nora, Angelica and Sarah are members of ERS’ Texa$aver team. “We enjoy working together and bringing success to the program—and to ERS participants in their retirement,” Sarah stated. “It’s a win-win!”

The State of Texas Retirement defined benefit plan and Social Security lay the foundation for a financially secure retirement. But state agency employees shouldn’t expect those two programs to provide for them throughout retirement. Most people also need personal savings through Texa$aver (or a similar retirement account) to have a comfortable life when they’re no longer working. Texa$aver has the added advantages of automatic deduction from your paycheck—pre-tax, if you choose—and lower-than-average fees.

That’s why, at times throughout the year, you get information from ERS on how to boost your Texa$aver account. “Education is key for retirement readiness,” stated Sarah, the communications specialist on the ERS team (the team also includes Angelica, the plan manager, and a full team at Empower Retirement—the third-party administrator for Texa$aver).

 

For example, to commemorate National Retirement Security week, we encourage you to take a look at your overall financial fitness and retirement readiness. “Saving for your retirement is a marathon, not a sprint,” said Nora. Do you have good intentions, but need some help?

Here are some tips to help you get your financial fitness regimen started:

  • Think about what you’ve got. When you retire, your State of Texas Retirement and Social Security benefits combined may equal about two-thirds of your working salary. Consider how adding “muscle” to your Texa$aver account could help you “cross your retirement savings finish line” in a good position.
  • Take the first step. Getting started is the toughest part of any fitness regime. If you haven’t yet enrolled in the Texa$aver program or have opted out in the past and want to re-enroll, go to www.texasaver.com to get started.
  • Build momentum. Anyone who has reached their fitness goals knows that sticking with the minimum isn’t enough. Consider how you can use your Texa$aver account to build momentum. Start by increasing the amount contributed from your paycheck beyond the initial 1% level. You can make changes to your contribution level and schedule automatic contribution increases anytime at www.texasaver.com.

“Texa$aver is a voluntary program, and it’s our job to help you get to your end goal,” said Nora. She invited members to watch this video so they can successfully complete their own savings marathon.