The beginning of the year is a good time to re-evaluate your goals and create a new financial plan to make it all happen. No matter what your goals – buying a car, paying down credit card debt, budgeting for household repairs – be sure to make saving for your retirement a part of your financial plan.
As a member of the Wisconsin Retirement System, it’s possible to enhance your retirement benefit on top of the guaranteed, lifetime pension you’ll receive after being vested. Consider these opportunities:
- Budget for additional contributions (adding money) to your WRS account. You can set aside the funds in a personal savings account and pay ETF at the end of the year, or if your employer allows, set up automatic payroll deduction.
- Enroll in the Wisconsin Deferred Compensation Program , if your employer participates. An Internal Revenue Code Section 457 plan, the WDC allows you to save money directly from your paycheck for retirement and offers tax benefits and different investment options.
- If you’re already enrolled in the WDC, revisit how much you’re contributing and consider whether you can add more per paycheck this year. Regardless, learn more about using the WDC to your advantage.
- If the WDC not available to you, review other options your employer may offer for supplemental retirement savings.
Online Tools and Resources
Set aside time to play with calculators, checklists, and other financial planning tools such as:
- ETF’s WRS Retirement Benefits calculator to run an unofficial estimate of your eventual retirement benefit.
- Empower Retirement’s savings, planning and financial wellness calculators. Empower Retirement is the third-party administrator of the WDC Program.
- Free financial planning tools at Investor.gov, including a compound interest and savings calculator, and Social Security benefit estimator.
- Recommended resources from the Wisconsin Department of Financial Institutions to help you stay on course to financial wellness.
Be sure to also review your WRS retirement and health benefits, make changes to support life events (e.g., move, marriage, birth of a child), and take advantage of anything you’ve missed. See what’s available by entering your employer name at Benefits Available to Me.