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National Retirement Security Week|October 20-26, 2019

Saving for retirement doesn't have to be complicated or difficult. Whether retirement is down the road or right around the corner for you, National Retirement Security Week (NRSW) is a good time to evaluate your retirement savings plans. Six in 10 workers say they have saved for retirement, according to data from the Employee Benefit Research Institute, but fewer than half (41%) have tried to figure out how much money they will need in retirement. NRSW serves as a reminder and opportunity for you to revisit your personal retirement savings goals and determine if you are on track in establishing a secure future.

Ways You Can Take Action
The Journey

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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 Taxes are due when the money is withdrawn from the DC plan.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 Login Link 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 Taxes are due when money is withdrawn.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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