Your 2018 Retirement Review, complete with your updated Retirement Readiness Score, is available online now.
Your Retirement Review is a personal statement that shows the monthly retirement income you could have from your UC retirement benefits. Note that the Retirement Review assumes you will retire from UC at age 65, or your age plus three years if you are currently 62 or over.
Most importantly, your Retirement Review includes a readiness score that can help you quickly determine how you’re tracking toward your retirement goals.
Here’s what you need to know:
Your Retirement Readiness Score is the percentage of your current income that you’re on track to have at retirement, assuming you work for UC for the rest of your career and retire from UC at age 65, or your age plus three years if you are currently 62 or over.
The score is calculated from the potential retirement income provided by your UC retirement benefits: your UC Retirement Plan (UCRP) pension and your voluntary savings in the UC 403(b), 457(b), and DC Plans. Unfortunately, we are not able to create Retirement Reviews for all UC employees at this time, but hope to have them available in 2019.
The Retirement Review includes both your UCRP pension benefit (if applicable) and UC Retirement Savings Program accounts.
What does this mean for you? You may need to save some of your own money to maintain the standard of living you’re used to. And that’s where UC’s Retirement Savings Plans (UCRSP)—the UC 403(b), 457(b), and DC Plans—come in. Together, UCRP and the UCRSP help give you the best chance for financial security when you retire.
Yes. The Retirement Review includes a modeler that lets you explore different assumptions, such as the amount you save in the UC 403(b) or 457(b) Plans, or the age at which you retire.
You can use the modeling tool to add in other sources of retirement income, including an IRA and Social Security. Have an old 403(b) or 401(k) account? Enter it in the modeler too, but remember you have the ability to roll it over into one of your UC retirement accounts. You can even add in your spouse or partner’s retirement assets to get a more holistic view of your retirement income.
1 Your Retirement Review and Retirement Readiness Score assume you’ll retire from UC at age 65, or your age plus three years if you are currently 62 or over.
The University of California intends to continue the benefits described here indefinitely; however, the benefits of all employees, retirees, and plan beneficiaries are subject to change or termination at the time of contract renewal or at any time by the University or governing authorities. If you belong to an exclusively represented bargaining unit, some of your benefits may differ from the ones described here.
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