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September 1st is here, bringing with it a new fiscal year and new opportunities to you as a University of Texas employee.
One of the best opportunities available to you is the UTSaver Retirement Program. However, it can be hard to know just how much you need to save. To help you understand what you might need down the road, and what you can do right now to get there, the University has partnered with Voya Financial to offer a powerful tool called My Retirement Outlook®.
My Retirement Outlook delivers two powerful calculators in one simple tool. In only a few easy steps, you can estimate how much you need to save for retirement and how various savings amounts will impact your take home pay today. The results are immediately presented in an easy-to-read graph that identifies potential gaps in retirement funding and the ability to print your personalized retirement needs and paycheck analyses.
Part 1) With the retirement calculator you can estimate how much you may need to save each paycheck, each year, in order to reach your financial objectives. The analysis takes into account several retirement income sources, including:
- Current retirement savings
- Ongoing retirement plan contributions
- Social Security retirement benefits
- Teacher Retirement System (TRS) or Optional Retirement Program (ORP).
Part 2) With the paycheck calculator you can compare your current paycheck situation to alternative situations. You can immediately see how increased retirement plan contributions would impact your take-home pay, taxes deferred, and potential growth over time.
To learn more, or to give this powerful tool a test run, please visit the UT Retirement Program Educate Me page to learn how best to save!
