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Juggling financial priorities? These five steps can help you budget to successfully manage them.
Did you know that only 23% of working Americans are very confident they’ll have enough money for a comfortable retirement?1
The good news is: You have reason to be confident!
You have access to an employer-sponsored retirement plan. So give your retirement savings a jump-start by taking advantage of this opportunity.
Your University of Texas System Retirement Program
Your University of Texas System Retirement Program is a part of your total compensation package. If put to good use, it could become one of your most important workplace benefits. You can choose to contribute in two different ways. The first is by contributing money before it’s taxed, which is called a pretax contribution. This reduces your current taxable income dollar for dollar, so fewer taxes are withheld each pay period. You’ll pay taxes on your contributions and on any earnings when you withdraw your money, typically at retirement. The second is by contributing money after it’s taxed, which is called a Roth contribution. By paying your taxes now, you secure a source of entirely tax-free money later on, if certain conditions are met. That’s right! Both your contributions and any earnings can be withdrawn tax-free as long they’re part of a qualified distribution. A distribution is considered “qualified” if your Roth account has been established for at least five years and you’re at least age 59½, or if the withdrawal is due to your death or total disability.
1©2019 EBRI/Greenwald Retirement Confidence Survey
Start saving for retirement – consistently and automatically. How should you start participating in your plan?