HR, Payroll and Benefits News

Saving 1% More for Retirement Pays Off
January 9, 2023

Are you on a path to retire comfortably? Financial advisors often recommend saving 15 percent of your annual income for retirement. Don’t worry if you’re not quite there yet. There are easy ways you can increase how much you save.

If you’re already contributing to the UW 403(b) Supplemental Retirement Program (SRP), consider increasing your contribution by one percent. With this increase, you may hardly notice a change in your take-home pay, but you may notice an increase in additional dollars to use in retirement (depending on future market values and when you retire). If you don’t currently participate in the UW 403(b), consider enrolling.

Changing your contribution or enrolling is easy – visit the UW 403(b) Program web page for more information on the program and how to enroll. There is no minimum contribution amount required to enroll.

Source: UW System Human Resources
Categories: Retirement