GOALS & SAVINGS
Question 1 of 5
I want to live the way I’m living today
Many financial planners estimate that you’ll need 80-90% of your pre-retirement income to maintain your lifestyle in retirement. As you get older, more of that money may need to go toward healthcare and other essential expenses.
Retirement annuities can help replace your salary with monthly income that’s guaranteed for life.
Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. Guarantees are based on the claims-paying ability of the issuer. This applies to fixed-annuity products only. Withdrawals from annuities are subject to ordinary income tax, plus a possible federal 10% penalty prior to age 59 ½.
Question 1 of 5
Simplifying can help your money last longer
Think how long your retirement savings will need to last. People are living longer than ever. When we turn 65, there’s an 80% probability that we’ll live to 80, and a 27% chance we’ll reach 95.*
Plan to save at least enough to cover the essential and inevitable expenses, like healthcare, long after you retire.
* TIAA Mortality Tables 2013
Question 1 of 5
Consider these ways to maximize your future retirement income:
Contribute the maximum annual amount to your retirement savings. The most you can contribute in 2020 is $19,500 per IRS rules.
Consider contributing to annuities1 that offer growth opportunities while your're saving and monthly income that’s guaranteed for life when you retire.
1 Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. If you make a withdrawal prior to age 59 1/2, you may be subject to a 10% penalty in addition to ordinary income tax. The value of a variable annuity is subject to market fluctuations and investment risk so that, if withdrawn, it may be worth more or less than its original cost.
Question 2 of 5
You can start saving now and make the most of your benefits
Contributing even a small amount now can potentially make a big difference by the time you retire. The earlier you start contributing to retirement plan investments, the more you can potentially save.
Thanks to compounding, any earnings on your investments gets reinvested and can potentially earn even more money, and so on.
Take advantage of your job’s retirement benefits. Many employers offer contribution matching. Other benefits may be available, such as pre-tax and tax-deferred contributing, which could help maximize your savings.
Please keep in mind that there are inherent risks in investing. It is possible to lose money by investing in securities.
Question 2 of 5
Think about these three easy things to do to help you pursue your goals for retirement:
- Contribute as much as you can afford, up to the IRS limit
- Get the most from any employer matches (if they're available).
- Check your investment mix. Does it still make sense in relation to your age and lifestyle? Strive for a smart balance of aggressive and conservative investments that fit your needs.
Please keep in mind that there are inherent risks in investing. It is possible to lose money by investing in securities.
Question 2 of 5
Good! Keep on track and continue making contributions to your plan
Think about these three easy things you can do to keep your momentum & finish strong:
- Taking advantage of any new plans or matches your employer may offer.
- Reviewing your current investment mix to see if you need to rebalance your portfolio as you near retirement.
- Protecting your retirement savings through guaranteed annuities. These lower risk products offer a guaranteed income that you can’t outlive. You may have access to these products when you choose your options in enrollment.
Annuities are designed for retirement and other long-term goals. They offer several payment options, including lifetime income. Guarantees are based on the claims-paying ability of the issuer. However, payments from CREF and TIAA variable annuities are not guaranteed and the payment amounts will rise or fall depending on investment returns. Investment in variable products is subject to the risks associated with investing in securities, including loss of principal. Withdrawals of earnings are subject to ordinary income tax plus a possible federal 10% penalty if made before age 59 ½.
Question 3 of 5
The sooner you get started, the more you can potentially save
Any savings have the potential to help in the future, but ideally, you still should aim for 10-15% of your pre-tax income annually.
Social Security will only replace about 40% of your pre-retirement income for the average worker, so you and your employer need to cover the rest.
Please keep in mind that there are inherent risks in investing. It is possible to lose money by investing in securities.
Question 3 of 5
Great! 10-15% is what most financial consultants recommend
Aim to contribute this much (which can include contributions from your employer, if available) throughout your entire working career.
If your employer offers to match your contribution, make sure you save enough to trigger that match. Most employers require you to save a certain amount before they will match it – when they do, it’s all extra money! Take advantage of it.
Question 3 of 5
That’s okay! As a general guide, aim to contribute 10-15%
Over the course of your career, that’s how much it may take to potentially generate the income you need for retirement.
If 10-15% is an amount you can’t afford right now, contribute as much as you can comfortably afford. Then strive to increase that amount by putting raises toward it and small annual increases.
For financial guidance, call 800-842-2252 to speak to a TIAA financial consultant.
Question 4 of 5
We’re glad you feel confident. If you need help, we’re here
During enrollment, once you choose your contribution amount, you can direct your contributions to a range of investment options.
View and compare your investment options
before you enroll.
Question 4 of 5
No worries! We can help you pick investments that work for you
First, think about how far off retirement is. Then, determine your comfort level with risk and reward. This will help guide which investments you choose.
Generally speaking, riskier investments should be made when you’re younger, so you have plenty of time to potentially recoup losses. As you get older, you’ll likely want to shift to conservative investments with lower risk. Consider adding annuities1 to your retirement plan so you can create a foundation of guaranteed monthly income for life when you stop working. There are plenty of options and every investor is different.
or call one of our experienced financial consultants to discuss more options at 800-842-2252.
1 Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. If you make a withdrawal prior to age 59 1/2, you may be subject to a 10% penalty in addition to ordinary income tax. The value of a variable annuity is subject to market fluctuations and investment risk so that, if withdrawn, it may be worth more or less than its original cost.
Question 5 of 5
Great, let’s get you on your way!
To recap, here's what you'll want to think about when you enroll:
Begin Enrollment- Save at least enough to trigger your employer's match (if available).
- Aim to save a total of 10-15% pre-tax annually
- Add incremental increases annually to painlessly boost your savings over time.
Question 5 of 5
That’s okay! We can help with more education
We realize the enrollment process requires making tough decisions. There are often lots of complex rules and regulations, and it can be hard to figure out what plans & benefits you’re eligible for or which investments are available to you.
You can leave the tool now and go to Insights
to read articles, use tools and see videos that will help you step forward.
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