As a CalPERS member, the concept of retirement is probably never far from your thoughts. But how much time have you really taken to educate yourself about retirement planning? Many people don’t think about retirement until it is looming, which is why we’ve created a video series to educate early-to-mid career members on the importance of planning early for retirement.
Financial experts believe that you’ll need 70 to 85 percent of your pre-retirement income to maintain your current standard of living into retirement. Sounds easy enough in theory, but practically speaking, how do you get to that point? And how do you know what that future amount will be to reach your target?
Questions like these are why we created an educational video series about the importance of planning ahead for retirement and how to do it. The series provides a wealth of resources that you can use immediately to begin your own financial planning, including a retirement planning checklist. We hope these informative videos will help you better understand resources available to ensure you meet your retirement goals.
The CalPERS Planning Your Financial Future video series covers such topics as the three funding sources that make up your retirement:
- Your CalPERS pension
- Social Security (for members who qualify)
- Personal savings
The video series also shares information about valuable tools such as the CalPERS Retirement Estimate Calculator and the similar Social Security calculator (if eligible) to help you understand what your pension and Social Security amounts will be. Understanding these numbers gives you a better idea of how much funding you’ll need from personal savings.
If you’re looking to boost your retirement savings, the series also dives into details about deferred compensation plan options you can take advantage of.
- State of California employees can enroll in the Savings Plus Program, which offers both a 401(k) and 457(b) savings plan.
- Public agency and school employees can participate in the CalPERS Supplemental Income 457 Plan.
With deferred compensation plans, you can determine how much money to invest each month, how your investments are allocated, and enjoy the benefits of watching your savings grow through pre-tax payroll deductions.
Watch the CalPERS Planning Your Financial Future video series below. You might just pick something up that will help you maximize your own retirement savings!