With longer life expectancies, turbulent changes in the stock market and rising costs, it’s critical that Americans understand the importance of saving — now. Congress has designated Oct. 19-25, 2008 as National Save for Retirement Week. The University of Wisconsin Tax-Sheltered Annuity (TSA) 403(b) Plan and Wisconsin Deferred Compensation Program (WDC) can help you reach your retirement goals.
Did you know:
* If you save just $20 per week in our UW TSA 403(b) or the State’s WDC account for 30 years and earn an average rate of return of 7%, you will have over $100,000 in your account?
* If you are saving now and increase your contributions from $100 biweekly to $125 biweekly, your account could grow from $264,327 to more than $330,409? (Note: assumes your investments earn 7% for 30 years)
* If you are eligible for the federal Saver’s Tax Credit, you can actually contribute to a retirement account and receive money back when you file your tax return? Access the link to the UW’s site www.uwsa.edu/hr/benefits/retsav/savers.htm to learn more about the Saver’s Tax Credit.
* UW TSA 403(b) Plan web site www.uwsa.edu/hr/benefits/retsav/tsa.htm
* National Save for Retirement Week: www.save4retirement.net
* Smart Money’s retirement page: http://www.smartmoney.com/retirement/?hpadref=1
* Choose to Save and The American Savings Education Council’s Ballpark
* Money magazine online: http://money.cnn.com/magazines/moneymag/
* The WDC’s Web site at https://wisconsin.gwrs.com/login.do
How Do I Get Started?
If you haven’t already done so, you can get started saving for your retirement by filling out an online enrollment at www.uwsa.edu/hr/benefits/retsav/tsaenroll.htm. You’ll need to sign up with a UW TSA company and fill out a Salary Reduction Agreement www.uwsa.edu/hr/benefits/retsav/sra.htm for the UW.
The WDC application is available on-line at: http://www.fascore.com/PDF/wisconsin/enroll.pdf. Just print it out, complete, and send to the address indicated on the form.
Contact your staff benefit’s office if you have any questions about the UW TSA 403(b) Plan or call 608-262-1805. Informational Sessions are listed at www.uwsa.edu/hr/benefits/retsav/counsel.htm
Please contact the WDC staff at 1-877-457-9327 if you have any questions about the WDC and saving for retirement.