Your 2017 Retirement Review, complete with your updated Retirement Readiness Score, will be available online in late February.
Here's what you need to know.
Your Retirement Review is a personal statement that is designed to show you the monthly retirement income you could have from your UC retirement benefits, assuming you retire from UC at age 65.
The Retirement Review includes a unique readiness measure—the Retirement Readiness Score—that can help you quickly determine how you’re tracking toward your retirement goals.
Your Retirement Readiness Score is the percentage of your current income that you’re on track to have at retirement, assuming you retire from UC at age 65. 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.
Remember, if you have a pension benefit in the UCRP, what your benefit will be worth depends on how long you work for UC, your highest average pay, and other factors. Consider this:
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 Program (UCRSP)—the UC 403(b), 457(b), and DC Plans—come in. Together, UCRP and the UCRSP give you the best chance for financial security when you retire.
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) Plan, or the age at which you retire.
You can use the modeling tool to add in other sources of retirement income, including an old 403(b) or 401(k) Plan, an IRA, and Social Security. You can even add in your spouse or partner's retirement assets to get a more holistic view of your retirement income.
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