If you are actively employed, vested and participate in the Wisconsin Deferred Compensation Program you’ll notice an important new feature upon logging into your WDC account after May 1: Your projected Wisconsin Retirement System pension estimate! The pension estimate shown on your WDC account homepage is the same as that shown in Section 10 of your most recent WRS annual Statement of Benefits. Note: The amount shown is the “for Annuitants’ Life Only” option and does not include any voluntary additional WRS contributions you may have made.
Your Lifetime Income Score — a WDC account feature — will more accurately chart your progress toward reaching your retirement income goals. That’s because the Lifetime Income Score can include additional sources of income, such as Social Security, other retirement savings, even your spouse/partner assets.
Here is an example of the new view WDC participants will see when accessing their WDC accounts online. The Lifetime Income Score illustration provides the following:
- WDC account balance (“today” value at top right).
- Estimated percent of retirement goal met (top right circle with percentage).
- Estimated monthly income amount (value under circle with percent of goal).
- Bar chart with estimated monthly retirement income by source (WDC savings, Social Security and WRS pension estimate) and estimated income gap shown in red (middle).
WDC participants can adjust the sliders on the bottom of the screen to see what changing their savings rate, retirement age and investment style could mean for closing any gap in their future estimated monthly retirement income.
Having this information in one convenient place will provide a more accurate picture of your retirement readiness, as well as inspire you to take more action if needed. Questions? Contact the WDC at 1-877-457-9327.