Click on each item below to view tips and resources to ensure you're making the most of your benefits and positioning yourself for a healthy future retirement.
MEET WITH YOUR RETIREMENT & SAVINGS PLAN REPRESENTATIVES
Review your investment portfolio to ensure your savings and goals align. See tips for making the most of this meeting.
REVIEW YOUR LIFE INSURANCE LEVELS
Get to know plan-specific resources available for you.
KEEP YOUR BENEFICIARIES UP TO DATE
Ensure beneficiaries are designated properly for all of your financial holdings.
Set Yourself Up for a Healthy Future Retirement
Meet with your retirement plan and savings plan representatives
- Meet periodically with your retirement plan and savings plan representatives to review retirement income from all sources.
- Prepare to make the most of your meeting: watch Make the Most of Your Meeting with a Financial Advisor for tips.
- Discuss your investment portfolio including the funds you have selected, your risk level, accumulated balances, projected totals at retirement, and designated beneficiaries. Develop a long-range target for income.
- Make saving for retirement a priority and increase your savings.
- Determine if you are contributing the maximum to your retirement plan, take advantage of catch-up provisions, and weigh the advantages and disadvantages of changing the allocation of funds prior to retirement and after retirement.
- Discuss the options you have to withdraw accumulated retirement plan assets.
- Your provider’s representatives can provide specific information illustrating your projected retirement income and distribution options:
- Fidelity: 1.800.343.0860
- TIAA: 1.800.842.2252
- ICMA 1.877.327.5261
- You should also periodically check any retirement income from other employers or other sources of income which you may have.
(VRS only) View an Estimate of Your Retirement Benefits
Understand Your Social Security Benefit
- Review your annual Personal Earning and Benefit estimate from the Social Security Administration (SSA).
- If you have not yet received your annual estimate, you may request one online.
- You can also use the SSA’s online Retirement Estimator to estimate the future value of your Social Security Benefits.
- You can establish an online “my Social Security” account on the SSA’s account creation page.
Periodically review your life insurance levels
- As your needs may change over time, you should periodically review your life insurance levels.
- An overview of employee life insurance and plan-specific resources are available on the UVA HR website.
- VRS members may receive additional information and assistance with their life insurance plans on the Virginia Retirement System website or by calling their provider (Securian Financial) directly at 1.800.441.2258.
- Optional life insurance is best requested as a new hire. Employees can elect optional coverage later in their career but it is subject to Evidence of Insurability in many situations.
- ORP members can contact their insurance provider (The Standard) at 1.800.843.7979.
Explore Long-Term Care Insurance
Update Your Beneficiaries
Review and, if necessary, update your beneficiaries. You should confirm that you have the most up-to-date beneficiaries designated on file as the beneficiaries you designated when you first started at UVA may no longer be current.
You should review your beneficiaries for your retirement plan; life insurance; tangible and intangible property; and stocks, bonds, and other financial holdings.
Attend a Retirement Planning Workshop
- The University frequently offers Retirement Planning Workshops. Employees of all ages are encouraged to attend, though attendance is particularly important for those 50 years and older.
- Periodically check the University Human Resources Hoo's Well webpage for the dates of these events.
- Other seminars may be offered periodically concerning estate, taxes, wills and trusts, or other retirement needs.
- The University of Virginia Community Credit Union, investment companies, and local banks also offer free retirement planning events.
Learn More about Planning for Retirement
The reading resources below will help you learn basics of retirement planning:
- TIAA - Retirement Planning Basics
- Fidelity Investments - Retirement Planning
- Virginia Retirement Services - Retirement Planning
- Social Security Administration - Retirement Planner: Plan for Your Retirement
- University of Virginia Community Credit Union - Retirement Planning
- United States Department of Labor – Taking the Mystery Out of Retirement Planning and the Top Ten Ways to Plan for Retirement
Resources to Help you Maximize Your Benefits
Click on any item below to learn more.