This is article is part of The Excellence Files series --a forum where contributing Stevens faculty and staff members share practical insights and reflections to reinforce the mindset of “excellence in all we do” and to focus, engage, and align employees with our mission, values, and strategic priorities.
Balancing Today With Tomorrow and Achieving Your Retirement Goals
by Maria Ouckama
Senior Director for Human Resources
No matter how old you are or how much you earn, managing your financial well-being today while saving for the future can be a challenge. But there are steps you can take to pursue your definition of retirement success.
Starting Your Financial Life
- Prioritize and pay it down: Manage day-to-day expenses while paying down debt and planning for goals that are further out.
- Do your homework: Take the time to do some research and talk to friends, family and coworkers to understand your options.
- Remember retirement: You can start saving early and benefit from the Stevens match program.
Click here and watch 3 families sit down for a family financial conversation for the TIAA education space.
Retirement Planning Basics
Invest: Learn how investing can help you pursue your retirement goals. Contributing to a retirement account can provide tax benefits as it reduces your pre-tax income. For 2018, you can contribute up to a maximum of $18,500. If you are 50 and over, you can contribute an additional $6,000 for a total pre-tax contribution of $24,500.
Know your match: There's money on the table. Stevens provides a match for exempt and non-exempt employees.
For exempt employees, Stevens provides a match between 6% - 10% depending on your age as long as you contribute 5% of your salary.
For non-exempt employees, Stevens provides a fixed contribution equal to 2% of your eligible earnings. If you choose to make an elective deferral of 1%, a 3% University match will be made.
Talk to TIAA: You can work with a TIAA consultant to create, adjust or review your retirement strategy. You can schedule a one-on-one session through the Division of Human Resources or call TIAA at 1-800-842-2252.
Here are some immediate actions you can take today to achieve your retirement goals:
- Visit the TIAA website to learn more about achieving your retirement goals.
- Learn more about your Stevens Retirement benefit by visiting the Stevens Retirement page.
- Go to Workday and start your payroll contribution by clicking on the Benefits Worklet.
If you have questions or need assistance, contact the Division of Human Resources at 201-216-5122.