Retirees in today's world are drawing more heavily upon personal savings accounts than ever before in order to support their lifestyle. In fact, most retirees will need to supply as much as 40%-50% of their total income during retirement from personal savings. From a TIAA/CREF national survey of 1,500 retires, the following are selected quotes regarding the importance of personal savings:
"One of the main attractions to retirement is the freedom to do what I want when I want to. However, to enjoy retirement freedom one has to have the financial strength to do so." -Retiree Age 74
"I believe retirement years can be the best years of our lives if we are blessed with health and financial security." -Retiree Age 62
"The only thing I would do differently is to start a sensible, safe investment plan sooner." -Retiree Age 68
"I should have looked into saving for retirement the day I first became employed. However, I was more interested in my work and I thought I could not afford it." -Retiree Age 66
"I should have invested more money. It is important to start early and stick with it." -Retiree Age 68
"I wish I would have contributed more money to my savings plans during the 18 years I was with the program so that my benefits would be more substantial." -Retiree Age 65
As you contemplate the use of your September 1st salary increase, we strongly encourage you to review your present savings level and consider increasing your contributions to help secure your financial freedom during retirement. Please contact the Benefits Office for information on the available savings programs. The Benefits Staff will be pleased to assist you and can calculate your net take-home-pay if you choose to increase your personal contributions.