HR, Payroll and Benefits News

Saving 1% More

Many financial planners recommend that you should be saving 15% of your annual income for retirement - are you?

If you are, great!

If not, 15% may seem a little intimidating, but don't worry, there are easy ways you can begin increasing how much you save for retirement without breaking the bank. Consider increasing your UW Tax-Sheltered Annuity (TSA) 403(b) contribution by 1%. With this increase you may hardly notice a change in your take-home pay, BUT it could translate to tens of thousands of dollars to use in retirement (depending on future market values).

If you are eligible, your Wisconsin Retirement System (WRS) benefit is a great tool in saving for retirement, but contributing to the UW TSA can also help.

If you are already contributing to the UW TSA and want to see how you are doing in saving for retirement, sign up for an individual counseling session with your provider. You can do this by visiting Counseling Sessions under the Education section of the UW TSA website.

If you are not currently contributing to the UW TSA Program, there is no time like the present to enroll! Visit the UW Tax-Sheltered Annuity (TSA) 403(b) website for information on the plan and on how to enroll.

Source: UW System Human Resources