April 2014 > Retirement Corner
National Financial Literacy Month
April is National Financial Literacy Month — and there's no better time than right now to learn more about the advantages of increasing the contributions to your UTSaver retirement plans.
Save More Now to Use When You Need it Most
You may live 30 years or more in retirement. That’s why it's important to save as much as you can now to give your financial future more potential. And as an employee of the University of Texas System, you have ample opportunities to save.
- Give Tomorrow a Raise — Consider allocating raises or other payroll compensation to your UTSaver 403(b) Tax Sheltered Annuity or UTSaver 457(b) Deferred Compensation Plan each year.
- Give Your Contributions a Chance — Generally, the more risk you take on, the greater your potential rewards. Look at your risk tolerance and time to retirement to see if you should adjust your asset allocations.
- Give Yourself the Max — Consider contributing up to the IRS maximum of $17,500 in 2014. If you’re 50 or older, you can contribute up to $23,000. Nor are you limited to just one plan. UT System employees can contribute up to $17,500 into both the UTSaver TSA and DCP plans, for a total saving of $35,000. If you are over fifty, that amount can rise as much as $46,000 a year. The more you can contribute now, the better your chances of achieving the kind of retirement you want.
Find Out More About Money and Investing.
Visit the UT Retirement Program at www.utretirement.utsystem.edu to learn more about your investing and savings opportunities, or to contact a representative for one of your authorized UT Retirement Providers today.