Your 2017 Retirement Review, complete with your updated Retirement Readiness Score, is available now.
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, or your age plus three years if you are currently 62 or over.
It includes a readiness measure—the Retirement 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.
The Retirement Review includes both your savings and your UCRP pension benefit.
The Retirement Review is an estimate based on your recent compensation data. The actual amount of your final pension benefit depends on how long you work for UC, your highest average pay, and other factors.
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.
* 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
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