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Retirement Corner

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Starting out: A Primer for New Savers

Make the most of your paychecks
You probably have some friends and family members who seem like natural born savers. But even if you do not fall into that category, you can still be successful with your finances.  Knowing how to effectively invest, save, and spend will help you make smart financial decisions.

Invest now, thank yourself Later
At this stage in life, you probably have a lot of competing financial priorities. You might be paying off debt, saving for a first home, or starting a business or a family. Still, the advantages of saving towards retirement early, while balancing your other goals, cannot be overstated.

Learn how to choose the Right Investments
Investing doesn’t have to be complicated, and there are ways to invest that can make it even easier for you. In addition to investing regularly, just learn some basic concepts and you’ll be on your way to a sound investment strategy.

*Diversification does not ensure a profit or guarantee against loss.

Article Courtesy of Fidelity Investments. 

Continuing to Save with your UTSaver 457(b) Deferred Compensation Plan

With a new year comes new opportunities.  If you are planning on retiring or leaving University employment,  remember that you can defer your unused annual leave payment into retirement savings if you have a UTSaver 457(b) DCP account in place before you leave UT employment. Before your last day on the payroll, inform your benefits office that you wish to deposit all or part of your annual leave payment into your UTSaver 457(b) DCP account.

You can defer any portion of your unused annual leave payment up to the 457(b) limit.  For 2010  the 457(b) limit if you are under age 50 is $16,500.  If you are age 50 or older, you can defer up to $22,000.00. 

Federal income tax will not be withheld for the amount you defer to the UTSaver DCP.  However, deductions for Social Security and Medicare will be withheld. 

This information is intended for general informational purposes only.  You should not consider it tax, legal or investment advice.  In the event that anything in this newsletter conflicts with the UT System Retirement Program plan documents, UT System policies, or state or federal law, the UT System Retirement Program plan documents, UT System policies, or state or federal law will govern.  Please consult your tax, legal or investment advisor for assistance with your personal situation.

Contact Us

If you have a Benefits question, submit your question by replying to the “newsletter email” or by sending an email to benefits@utsystem.edu.

UT System Employee Benefits Web site: www.utsystem.edu/benefits/
UT System Retirement Programs Web site: www.utretirement.utsystem.edu
Your Local Benefits Office: www.utsystem.edu/benefits/contacts/#1