The Employee Benefit Research Institute’s 2023 Retirement Confidence Survey finds just under two-thirds of American workers (64 percent) feel confident in their ability to have enough money to live comfortably throughout their retirement—a decrease from previous surveys. We have some tips to help you feel more confident that you’re doing all you can to pursue your financial goals.
Don’t set it and forget it
The amount you need to save, how much you can plan on from Social Security, etc., are based on estimated numbers that will change over time. Revisit your financial goals and assumptions at least once a year or when major life changes happen so you can make adjustments to your savings strategy.
Instead of looking at your retirement goal as one big number, try looking at your anticipated monthly income need. This will make it easier to view along with your monthly expected Wisconsin Retirement System pension and Social Security estimate. It can help make your planning process more manageable, realistic, and less daunting.
Take the match and stretch to the limit
If your district employer offers a match in their 403(b) program, be sure to take it—it’s free money. And if you can max out your contributions, do it. You may even be permitted extra catch-up contributions once your turn 50. Learn more about contribution limits.
Use free tools and resources
Member Benefits offers a plethora of financial information and tools to help you plan ahead. Visit our learning center to access articles, calculators, eBooks, and much more.
Prioritize your future
Life will throw financial challenges at you, but it will likely also throw you some opportunities. When you get a raise, pay off a debt, or get a tax refund, that may be a good time to put extra savings into your retirement.