Your Retirement Savings; Are They Enough?

How do you know if you’re saving enough for retirement? Will you have enough money to retire at the age you’d like? When you retire, will you be able to live a similar lifestyle to when you were working? VALIC, Valencia’s administrator of voluntary retirement and defined contribution plans, can help via FutureFit, an online tool designed to provide you a personalized way to prepare for the future.

Once you enroll in a 403(b) or 457(b) plan and register at VALIC.com, FutureFIT provides an individually tailored workspace that compares your (and your spouse’s, if applicable) monthly income to your retirement goals. The tool includes a FutureFIT calculator that allows you to add savings you have outside of VALIC, such as the Florida Retirement System (FRS), that will be used to fund your retirement. From there, you can update your information and recalculate new results as often as you’d like with different scenarios. The FutureFIT calculator also recommends how much money you need to contribute in order to reach your retirement goal, as well as an investment mix.

To understand how the FutureFIT calculator works, view this flyer.

Valencia’s Total Rewards team has partnered with VALIC to develop a communication plan designed to help you increase your retirement readiness and ensure you are aware of the voluntary retirement savings opportunities available to you as part of your Valencia benefits. As part of this plan, you will receive an email this month from Valencia’s VALIC financial advisor, John Hall, about enrolling in a retirement plan or, if you have a plan, increasing your contributions. Watch your email for more information and click here for details about how and why VALIC representatives will be contacting you.

If you’d like to enroll in a 403(b) or 457(b) retirement plan now, follow the directions on this post.

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