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Benefits news: Three moves you can make today to help be prepared for retirement

Jan 20, 2016

If you're getting close to retirement age, you may be wondering if you're financially prepared to stop collecting a paycheck. According to a 2014 TIAA-CREF survey of near-retirees (aged 55-64), only 4% of respondents consider themselves extremely prepared.

Take a few simple steps to boost your confidence:

  1. Catch up on retirement savings: If you're 50 or older you can contribute as much as $24,000 a year in 2015 to the Supplemental Retirement Plan. Max out your contribution starting at age 55 next year for the next 10 years and those savings could grow to about $325,000.1   
  2. Check your asset allocation: Many people shift to more conservative investments when approaching retirement. However, with retirement lasting 20 years or more, a portion of your savings should remain in investments with the potential to grow and help with those later years.
  3. Run the numbers: Online tools, such as TIAA-CREF's Retirement Advisor, can help you understand if you are on track to hit your goals and adjustments you may need to make.

Since this is the beginning of 2016, consider making an appointment with a TIAA-CREF representative at 800.842.2007 to start planning.   

1 Assumes 6% annual effective rate of return. These figures are purely hypothetical and are not intended to predict or project returns

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