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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 2021, a recent report on American's view of Retirement, "more than half of Americans are concerned that the COVID-19 pandemic has impacted their ability to achieve a secure retirement." Therefore, making the time to consider plans for the future is a must for everyone.

Tune in throughout the month to the weekly emails and webinars to get information and resources that can help you confidently plan for your future.

Ways You Can Take Action
  • Attend a variety of educational webinars throughout the month: 

    • 'Are You on Track' - This presentation for current VRS Plan 1 and Plan 2 members educates you on your VRS membership and the importance of planning now for your future. Topics include an overview of your VRS benefits and optional programs, purchase of prior service and member resources such as our online self-service tool, myVRS. Presented by John Kegel, VRS Member Education and Outreach Counselor
    • ‘Five Money Musts’ – This presentation will cover a variety of topics that will help you understand what a budget is and how to create one for you and your family, recognize how investing can help you reach your money goals and will facilitate discussion on ways to begin thinking about retirement.
      Presented by Fidelity

    • ‘Planning for Your Retirement Today’ – Have you thought about saving for retirement, even if retirement is many years away? Are you saving enough today for your future? Are you taking advantage of all FREE retirement money available to you? This class will provide an opportunity for you to think about, revisit or update your personal retirement savings strategy and determine if you are on track for establishing a secure future.
      Presented by Janice Parker, Sr. Defined Contribution Plans Specialist VRS and Tiffany French, JMU Retirement Specialist

    • 'TIAA Presentation?' - This presentation will cover a variety of topics including: The real effect of time on money, why saving for your retirement is important and how to plan, understanding debt and how to manage it and finally, how budgeting can help you find and save money.
      Presented by TIAA
    • 'VALIC Presentation?' - This workshop addresses the distinct challenges faced by a younger generation—such as increased student loan debt and underemployment—and provides guidance and strategies that can help with early planning for a more secure financial future.
      Presented by Corbin Hess, VALIC Financial Advisor

  • Explore a variety of financial wellness and educational tools including: articles, videos, calculators live webinars and resources with myVRS Financial Welnness portal. You can explore general information or log int to your myVRS account and explore personalized content!
The Journey




By The Numbers
One of the smartest things you can do on the way to retirement is to start saving as soon as you are able to.

This illustration is a hypothetical compounding example. It shows the impact of contributing 6% of a $50,000 annual salary (i.e., $3,000) at a 6% annual effective rate of return. The example shows the result of contributing over the course of 40, 30, 20, and 10 years (assuming equal contribution amounts each month and a retirement age 65) to highlight the advantages of starting to save earlier in life. This illustration is not intended to represent the performance of any specific investment. Actual returns and principal values will fluctuate. Taxes are due when the money is withdrawn from the DC plan. 

Experts recommend contributing at least 10% of your current income to your future retirement. Check your current 457 contribution amount DCP account login link or look at your MyMadison to see your current 403(b) contribution.

Your tax deferred savings can multiply with the power of compound interest.

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. 

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.

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