Planning for retirement needs to be a priority for our members—the earlier they start, the better off they will be!
If they are planning to retire in the near future, how will they make the most of their freedom, choice, and opportunities available to them?
How much thought has been given to the life and lifestyle transitions that retirement will bring? Are the members aware of the potential pitfalls associated with retirement and do they have strategies to overcome them? How will they make the choices prior to and during retirement they need to make in order to create a successful retirement?
- Today, only 42% of Americans have calculated how much they need to save for retirement.
- 1 in 4 workers does not sign up for his or her employer’s 401(k) retirement savings plan and only 1 in 10 contributes the maximum amount allowed.
- 4 in 10 people aged 55 or older have less than $100,000 saved toward their retirement.
- The average American spends 18 years in retirement, although many experts say 30 years is not out of the question.
- More than half of the baby boomers are going to need to work past retirement age due to lack of sufficient retirement funds?
- Only 30 percent of people have saved enough to last them at least two years after retirement?
- 1 in 7 people have no money saved at all? And about the same number have saved enough to live comfortably.
- Many people are unable to retire because they started saving too late in life. But not our members! They are fortunate because as a member of TRS, they and their employer begin contributing toward their retirement their very first day of work. How many people can say they will be guaranteed a retirement benefit for life?
In order to assist the member with retirement planning, we offer three presentations geared towards the new hire, mid-career, and pre-retirement employees, and we offer one-on-one pre-retirement counseling sessions.