Planning Financially for Future Retirement
Managing for a secure and comfortable financial retirement requires starting a savings and investment plan as soon as possible. PSU offers a variety of retirement plans to aid employees in building towards this financial security. Some are funded 100 percent by the University and other plans are voluntary optional plans designed for voluntary individual contributions funded 100 percent by the employee. In addition, the federal government offers the Social Security retirement system funded by taxation of your payroll and matching contribution from your employer.
Underlying the plans you'll find offered at PSU, you'll find the following principles.
Learn about the ways you have available to save for retirement. It is important to all of us whether you are just starting your career, changing your job in midlife, or have been part of our University System for years. Visit the Retirement page to see our two pension plans and two voluntary retirement savings plans that offer a broad range of investments to aid in your work toward a comfortable retirement.
Plan your savings for retirement starting today. This will help you to meet your retirement goals for tomorrow. When you retire, you will make some important decisions about your financial benefits, so it pays to be prepared ahead of time. Refer to the Tools and Resources section below for planning tips.
Act -- don't procrastinate. Find out how to enroll in the voluntary plans that are designed to supplement your pension savings with your own dollars on a tax preferred basis. Faculty and staff are eligible upon hire to save in these voluntary plans. For more information go to the Retirement page.
Save enough. If you are not sure how much is enough, refer to the Tools and Resources section of this page and/or contact Fidelity and/or TIAA-CREF to schedule private consultations.
Work and life balance are important at PSU. See our Work Life & Wellness Resources page for more information.
Planning your financial future requires starting early, monitoring your progress and making periodic adjustments. The resources below are available to aid in those decisions.
The PERS website has a benefit-estimate program and a group counseling schedule available for you to use. You can also contact PERS Member Counseling for estimated, projected PERS benefits if you already have an account and are within 10 years of retirement. To access these services call 503.598.PERS or dial their toll free number, 888.320.7377.
Fidelity's Online Retirement Resource Center offers tools and expertise designed to make it easy to plan for retirement. You'll find information on setting goals, exploring investment options and managing your plan to stay on track. In addition, employees may visit the OUS page for more guidance on retirement education available through Fidelity.
TIAA-CREF provides retirement education tools on the Tools & Education page of their website. To get general information about your retirement future, you may start with the Retirement Goal Evaluator and work your way through to the Target Value section. TIAA-CREF also provides online publications where you can view and download publications spanning a variety of topics, including publications about retirement planning, investment education and more.
AIG Valic's online Financial Planning Center offers a retirement planning course that helps you visualize what your retirement will be like, to determine your retirement goals, to identify some retirement income sources, determine your savings goals, and to create a plan. The beginner's course takes 30 minutes, but you have the option to get more detailed information and to make a detailed personal retirement report. Your AIG VALIC financial professional offers you the power and investment advantages of computer-based retirement planning services. Portfolio Optimizer, a sophisticated asset allocation service, helps you create a retirement plan portfolio that matches your personal risk tolerance, time horizon and investment preferences.
The Social Security Retirement Planner offers information about your Social Security retirement benefits under current law. It also highlights information you may want to consider as you prepare for the future. Through this site you can access information regarding steps that all retirees must take, regardless of income level. In addition, you may estimate your Social Security benefits by using the a tool titled the Social Security "Retirement Estimator."