July 2013 > Special ANNUAL ENROLLMENT Edition for UT System Employees > Retirement Corner
Planning for Retirement: How's Your Financial Health?
During Annual Enrollment (July 15 – July 31), while you are reviewing and making adjustments to your insurance coverage for yourself and your family, it's also a great time to review coverage for your financial health.
People are living longer, healthier lives than we used to. That means we need healthier, more robust sources of retirement income to care for ourselves and our families. Through the UTRetirement program, the University of Texas System offers several different tools to help you plan and save enough to ensure you will have income available when you need it most.
Evaluating Your Retirement Savings
You may enroll in or increase your contribution to a UTSaver TSA or a UTSaver DCP at any time. This makes it easy to make changes and also makes it easy to forget or put off making changes! Annual Enrollment is a perfect time, as you are thinking about your total benefit needs, to evaluate your retirement savings. If you find that you need to make a change, you can easily adjust your contributions to help keep your retirement savings healthy and growing at a rate that is appropriate your future plans.
UTSaver contributions can be as little as $15 per month or as much as $17,500.00 a year. In some cases, you may even be able to contribute more. By default, all contributions are conveniently deducted from your paycheck before taxes, which means your current taxable income decreases. If you prefer to make your contributions after taxes have been deducted, you have that option, too.
Need help investing your contributions?
The UTRetirement Program partners with our contracted providers to ensure you have the resources you need. There are dozens of financial representatives in your area who will be glad to sit down with you and help you determine your best course of action.
To learn more about your retirement savings opportunities, schedule an appointment with a financial advisor or enroll, please visit our website at www.utretirement.utsystem.edu today! Take the opportunity during Annual Enrollment to ensure that your financial health is just as robust as your physical health!