Whatever your age and career stage, it’s time to start planning for your retirement. Whether you’re new to the education profession, or approaching your retirement date, the resources here are designed to help.
It's Never Too Late to Start Saving for Retirement
Many people have the mistaken impression that unless they start a retirement savings early in their career, they've missed any opportunity to accumulate a meaningful nest egg. The fact is it's never too late to start saving for retirement. Here are three important points to consider as you examine your retirement plan:
1. Take advantage of tax savings.
Contributions to a retirement savings program are made on a pre-tax basis, and earnings accumulate tax-deferred. This is a tremendous advantage regardless of when you start. By funding your account with pre-tax dollars you are able to reduce your taxable income by the amount of your contribution. Additionally, by having your savings grow in a tax-deferred account, you delay paying taxes on your earnings until you withdrawal your money at retirement. Every dollar you earn stays in your account to keep working for you.
2. Maximize contributions.
If you're getting a late start it's a good idea to maximize your contributions. Depending on your income, there are set maximum contribution limits for various retirement vehicles. You may also be able to take advantage of catch-up provisions that allow investors over age 50 to increase their contributions over the standard maximums.
3. Seek advice.
It's always a good idea to get advice from a professional retirement specialist. An NEA Valuebuilder® financial counselor will be happy to answer your questions and assist you with starting a retirement program or updating a current one. Call toll-free, 1-800-NEA-VALU, or visit the web at www.neamb.com to set up an appointment today.
Retirement in Reach
Today, nearly half of Oregonians aged 25-64 are not covered by a retirement plan at work. As a result, many are at risk of living in poverty when they retire – unable to cover basic living and medical expenses. Unless we address this problem proactively, we face insecurity for our growing senior population and a looming crisis for Oregon’s social safety net and the state budget. Get involved in building a foundation for retirement security through Retirement in Reach.
Retirement Needs Calculator from U.S. Department of Labor
The U.S. Department of Labor website provides a booklet about calculating retirement needs including worksheets, etc. You can either order a free copy or simply print it directly from the web.
Oregon Public Employees Retirement System (PERS) Information
OEA maintains the following online resources to help keep you informed about reforms to the PERS system and impacts on OEA members.