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Mid-Career Employee Retirement Checklist

  1. ___ Use online calculators and tools to estimate how much money you will need at retirement.
  2. ___ Use online calculators and tools to help determine at what age you will be able to retire.
  3. ___ Use the SURS Benefits Estimator to get a "ballpark figure" of your retirement benefit under differing scenarios. You will need your SURS Member ID to use this tool.
  4. ___ Meet with your tax professional or financial advisor to review your tax status and determine if your retirement investment strategy or portfolio should be changed. You may want to 1) Review your investment portfolio, 2) Determine if your portfolio is meeting your goals, and 3) Assess your income tax situation to determine whether you need to adjust how much money you are contributing to your retirement plans.
  5. ___ Decide if you want to enroll in the University of Illinois Supplemental 403(b) Retirement Plan. Find out more about the 403(b) investment company options, Fidelity and TIAA, or meet with an investment company representative on campus.
  6. ___ Decide if you want to enroll in the State of Illinois 457 Deferred Compensation Plan.
  7. ___ If you are already participating in a 403(b) or 457 plan, continue managing these accounts. You may need to consider adjusting your contributions, reallocating assets, or rebalancing.

  8. ___ Anytime or upon plan enrollment: If you are interested in doing so, consolidate or rollover any existing retirement plans from previous employers.
  9. ___ Review and update your beneficiary designations on all of your retirement plans.

  10. ___ Consider purchasing service credit or begin purchasing service credit through payroll deduction (if you are eligible from former employment or military service).

  11. ___ Consider meeting with a financial planner to look at your total financial picture. This can help you determine if you have enough personal savings, life insurance, and savings for childrens' education, for example.

 


Maintained by University Human Resources | Contact Information | Last Update: 16-March-2016 | ID: 3135