Retirement planning has more nuances than most people realize. 😳
Do you know whether you’re under or over-contributing to your savings? 📉
This month we’re focusing on University of Michigan employees because open enrollment is upon us! Are you familiar with all of the generous 🍀 retirement opportunities offered by U of M?
There’s more to retirement planning than just meeting the employer match.
💡 Understand your contribution options
Did you know U of M matches 200% of your contributions at up to 5% of your salary?! That means for every $1 you contribute, U of M adds $2.
🔝 Boost your contributions
It’s a great start, but there’s more you can do. Consider increasing your retirement savings by bumping up your contributions each year. Even a small increase—1% or 2% annually—can make a big difference over time. 🚀
💼 Contribute beyond the basic match
Employees under 50 can contribute up to $23,000. If you’re over 50, you can put in as much as $30,500! This flexibility allows you to build a substantial nest egg for your future. 🎯
💭 Roth or pre-tax account?
If you’re unsure whether to contribute to a pre-tax or Roth account, consider your current tax situation. Younger employees often opt for Roth contributions, while higher earners may benefit from pre-tax options to lower their taxable income. ✅
Whether you’re just getting started or looking to fine-tune your retirement strategy, now’s the time to review your contributions and ensure you’re on track for a financially secure future. ⏰
For University of Michigan employees, there are numerous opportunities to save big—and it all starts with knowing your options.
📢 Take a deeper dive in this on-demand webinar. Catch all the details and strategies to maximize your retirement savings.
