Get your 2020 spending plan ready with help from INPRS. This adjusted way of thinking can help you focus on your goals – both financial and aspirational – to create a plan that will take care of both your wants and your needs. To get started:
- Review your 2019 expenses
- Project your 2020 income
- Write down your top five financial goals for the year.
Such as:
- Family vacation
- Home improvement
- Increased savings/investing
Once you’ve identified how much money you have to work with, your obligations, and your goals, it’s just a matter of plotting out the numbers, so they work for you. Create your spending plan using Excel, graph paper or download INPRS’s budgeting worksheet, at bit.ly/INPRSbudgetingworksheet. You can also check out the resources available at www.myINPRSretirement.org. When you log in, select “Financial Wellness” from the top navigation and select “Spending and Saving.”
If you’d like more information, attend our next budgeting workshop or lunch and learn.
View dates and register at bit.ly/RBWcalendar.
myOrangeMoney®?
Calculate your potential retirement-income on your INPRS account! Use the myOrangeMoney® experience to project your INPRS benefit, Social Security and personal savings to see what your retirement paycheck could be when you plan to retire. To learn how to use myOrangeMoney®, watch this video: www.voya.com/my-orange-money-video.
3 Important Factors to Consider When Creating a Retirement Income Strategy
You’ve been saving diligently for years and now you’re ready to retire! While it’s an exciting time, you will be faced with the challenge of generating enough income to last throughout retirement. A clear strategy, specifically a retirement income strategy, will help meet your long-term needs and provide money for everyday and unexpected expenses. When creating a retirement income strategy, here are three important factors to consider:
- Longevity – Today, many people are living 20 years or more in retirement.1 It’s important to choose an income strategy that helps generate enough income for the length of your retirement. You want to make sure that you don’t deplete your savings too quickly.
- Market fluctuations – Investing retirement savings in the market might be appealing if you are looking to grow assets. However, keep in mind that these funds could be affected by the ups and downs of the market and it might be difficult to recoup your funds if the market takes a downturn.
- Fees – When investing in the market, financial advisors may charge high fees and commissions which could eat into your savings. Reviewing options provided by your employer might be more cost-effective.
Everyone has their own aspirations and financial goals in retirement. Keeping these three factors in mind will help you create the right income strategy. To find out more information, watch Which Retirement Income Strategy is Right for You?
1. Top 10 Ways to Prepare for Retirement, U.S. Department of Labor, 2017.
Group annuity contracts are issued through Metropolitan Life Insurance Company. Like most group annuity contracts, MetLife group annuities contain certain limitations, exclusions and terms for keeping them in force. Contact your MetLife representative or human resources department for more information. Metropolitan Life Insurance Company, 200 Park Avenue, New York, NY 10166. L0319512851[exp0520][All States][DC]
Retirement planning, at any stage of life
Planning for retirement is something we should all do, no matter how near or far our retirement date may be. Consider the action items below while you work toward retirement.
30+ years to retirement
- Build and maintain a monthly budget
- Focus on debt repayment, especially debt without an asset to sell (student loans, credit cards)
- Build an emergency fund; aim for three to six months of essential expenses
- Consistently save toward retirement to take advantage of compound interest
20 years to retirement
- Make it a goal to have double your income saved for retirement
- Create and maintain a will to prepare for the unexpected
- If you’re helping your children save for college, consider a 529 plan; but make sure that doesn’t interfere with your retirement savings
- Protect your family and future – consider securing both group life insurance with your employer and life insurance outside of your employer
10 years to retirement
- Continue to focus on spending and saving – maintain your monthly budget
- Get out of debt – work to eliminate all non-mortgage consumer debt
- Get familiar with your retirement options and continue to increase your retirement contributions as your salary grows
- If you are 50 or older, save more for retirement by taking advantage of “catch up” contributions
5 years to retirement
- Focus on replacement income. Do you need to cover your current salary in retirement or can you reduce your obligations and be comfortable with a lesser amount?
- Consider attending a counseling session or plan-specific webinar to get familiar with your options
- Finish all loan and mortgage payments to go into retirement debt-free
- Conduct an annual review of your investments to ensure they continue to match your goals
- Review all sources of retirement income and get started on a retirement income management plan
1 year to retirement
- Get clear on your INPRS retirement options and understand how your last day at work will determine your first benefit check
- Be sure to submit all of your retirement paperwork at least 90 days in advance of your retirement date
- Develop a retirement cash flow plan that allows you to create a realistic retirement budget
- Determine your medical insurance plan, especially if you plan to retire before you’re eligible for Medicare at age 65
Reminders!
We love staying in touch with you, and it’s much easier if we have your personal email address. Why? Your personal address stays with you, even if you leave a job. Also, some workplace security filters have blocked INPRS’s emails, and we want to ensure you get your retirement plan information, no matter what. Log on to your account and update your email address to your personal email.
The 2020 Census will begin April 1 and will offer the option of paper, phone, and online participation. All households should respond by May 2020. Remember, your participation is important!
If you are a member of more than one INPRS plan, you must designate your beneficiaries on each of your plans. The beneficiaries you’ve listed on one plan do not transfer to your other plans. Log in and review your accounts today!
Every attempt has been made to verify that the information in this publication is correct and up-to-date. Published content does not constitute legal advice. If a conflict arises between information contained in this publication and the law, the applicable law shall apply.
