The sooner you start saving, the more time your money has to grow. Make saving for retirement your priority. Device a plan, stick to it, and set goals. it's never too early or too late to start saving. If you are not saving, it's time to get started!
Participate in the Loyola Marymount University Defined Contribution Retirement Plan. The plan is known as a 403(b) Tax Deferred Annuity Plan which offers you an easy way to save for your retirement using pre-tax and after-tax contributions which are directly deducted from your paycheck. LMU will make a matching contribution equal to 9.5% of your compensation so long as your contribution is at least 5% of your compensation. You are vested 100% upon enrollment.
Things to consider - plan ahead:
- Enroll in the LMU Defined Contribution Retirement Plan 403(b) Plan.
- Consider auto increase - this feature automatically increases your contribution each year.
- Review your asset allocation - As you approach retirement age, risk should be a consideration in your investment mix. When you first start investing, you can choose a mix that has more risk. As you get older you may want to adjust this mix for less risk and more stability.
- Plan to regularly increase your contributions: The Internal Revenue Service (“IRS”) annual contribution limit on employee contributions to the 403(b) plan for the year 2020 is $19,500. If you are age 50 or older, you may also be eligible to make “catch-up” contributions, up to an additional $6,500.
- Evaluate if making contributions to a Roth in an after-tax basis is right for you. This account allows you to contribute to your 403(b) account on an after-tax basis - and pay no taxes on qualifying distributions when the money is withdrawn.
- Check you investment plan at least once a year to make any changes that will help you stay on track to secure retirement.
- Make sure that your beneficiary designations are up to date.
- Evaluate your medical plan options to meet your needs. If necessary, make changes to your plan during the open enrollment period.
- Evaluate your need for a will or a trust and keep them up-to-date.
For more information and to find out if you are eligible to participate in the LMU Defined Contribution Retirement Plan, you may contact our dedicated Retirement Planning Consultant for Transamerica Retirement Solutions Angela Horvat at email@example.com or 310.338.5316.
At Transamerica Retirement Solutions, you may find helpful tools and information such as: