October is National Retirement Security Month (NRSM)
National Retirement Security Month is a national effort to raise public awareness about the importance of saving for retirement. NRSM provides an opportunity for employees to revisit their personal retirement goals and determine if they are on track for a secure future.
According to Retirement Insecurity 2026, a recent report on Americans’ views of retirement – published by the National Institute on Retirement Security, “more than sixty-one percent of Americans are concerned they will not achieve financial security in retirement”, yet “more than half [of survey respondents] report waiting until age 30 or later to begin saving for retirement”. The survey also noted that “sixty-eight percent of Americans say preparing for retirement is becoming harder” citing things such as rising cost of healthcare in retirement, inflation, increasing debt and longer life expectancies among the top challenges threatening their ability to adequately save for retirement. Therefore, it is more important than ever before to take time this month to look at your retirement savings plan and make adjustments or create a plan– it is never too late to begin saving for retirement.
Refer back throughout the month for information and access to resources that can help you confidently plan for your future.
Ways You Can Take Action
- VRS Plan 1, 2 & Hybrid Members: Log into your myVRS account and review your 2026 Member Benefit Profile
- Benefit eligible employees can start saving more today by enrolling in a Supplemental Retirement Plan, and earn the Cash Match
Participation in either of the following, earns you the Employer-Paid Cash Match
- Attend an educational webinar:
- 'Are You on Track' - This presentation for current VRS Plan 1 and Plan 2 members will get you up to speed on your VRS membership and the importance of planning now for your future. Topics include an overview of your VRS benefits and optional programs, why you may want to purchase prior service and member account resources, such as myVRS. Presented by a VRS Member Education and Outreach Counselor
- Wednesday, November 18, 2026
- Register Here
- 'Planning for Retirement Today' - This presentation is for current Hybrid Plan members to take a look at their retirement savings options and will also discuss the importance of planning now for your future. Topics include: How Much Do You Need in Retirement? How Much Should You be Saving Today for Retirement? How do voluntary contributions work? How Much Are You Saving Now for Retirement? How Can You Save More? and What Tools Are Available in myVRS?
- Thursday, October 29, 2026
- Registration Link Coming Soon
- 'Understanding Your Investment Options' - Do you find investing confusing? Learn about asset classes, diversification and the three investment paths available to you within the VRS Defined Contribution Plans. This presentation is appropriate for participants in the Commonwealth of Virginia 457 Deferred Compensation Plan and/or the Hybrid Retirement Plan.
- Thursday, November 19, 2026
- Register Here
- 'Are You on Track' - This presentation for current VRS Plan 1 and Plan 2 members will get you up to speed on your VRS membership and the importance of planning now for your future. Topics include an overview of your VRS benefits and optional programs, why you may want to purchase prior service and member account resources, such as myVRS. Presented by a VRS Member Education and Outreach Counselor
Explore a variety of financial wellness and educational tools including: articles, videos, calculators, live webinars and resources with myVRS Financial Wellness portal. You can explore general information or log in to your myVRS account and explore personalized content!
Financial Counseling is Available
See below for counseling options available and choose what works best for you!
- Employees may be eligible for a free 30 minute consultation with a CFP Professional. Schedule your meeting today!
- To meet with a Fidelity Advisor online or via phone, schedule your appointment.
- To meet with a Voya Representative virtually October 12, schedule your appointment.
- To meet with a TIAA Representative on October 12 or 26, schedule your appointment.
- To meet with a Corebridge Financial (VALIC) Representative on October 5, contact Jeffrey Gruse at 540-240-3317.
Experts recommend contributing approximately 10% - 15% of your current income to your future retirement. Check your current 457 contribution amount at DCP account login link or look at your paystub in MyMadison to see your current 403(b) contribution.
This illustration is a hypothetical compounding example that assumes biweekly salary deferrals (for 30 years) at a 6% annual effective rate of return. It illustrates the principle of time and compounding. This chart is for illustrative purposes only and is not intended to represent the performance of any specific investment. Actual returns will vary and principal value will fluctuate. Taxes are due when money is withdrawn.
How long are you going to live in retirement?
Imagine that your retired life lasts as long as your working life. It could happen, and saving a little more now will make a big difference then.
Your VRS pension income or Optional Retirement Plan (ORP) income and Social Security can take you pretty far on your journey to a secure retirement, but contributing to an employer sponsored savings plan, such as a 457 or 403(b) can help make your retirement income picture complete.
Join fellow co-workers by participating in a Supplemental Retirement Plan. If you are already participating, check your contribution level to make sure you are on track. For more information visit the HR Benefits Supplemental Retirement Plans page.
