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Office of Human Resources
Benefits Saving Habits
Here are a few simple habits to help put you on the path to success
Contribute to your employer’s retirement plan
Participating in the University of Rochester Retirement Program
is one of the best and most convenient ways to save for your
future, plus it offers benefits you can enjoy today,
Lowering your current taxable income:
You have the option for Voluntary Contributions to be pre-tax
to your plan account. That means they are made before federal
and state taxes are taken out of your paycheck.
Accelerated saving: If you are age
50 or older, catch-up contribution provisions offer an
opportunity to accelerate saving by allowing you to contribute
even more to the plan.
Increase the amount you’re saving whenever you can
Whenever you receive an increase in pay or a bonus, make sure to
boost your contribution rate. Small increases can make a big
difference over time; and because the money is potentially coming
out of your paycheck before it’s taxed, you won’t
notice a big difference in your take home pay.
Gradually increase your contributions over time.
Diversify your investments
Investing in different types of investments, including stocks,
bonds, and money market options, can help lower the overall
risk of your portfolio. It’s important to invest a
portion of your savings in stocks, which have historically
provided returns that outpace inflation. Diversification does not
ensure a profit or protect you against loss in declining markets.
Don’t borrow from your retirement savings
Loans allow you to use the savings in your plan account before
you retire without tax penalty. While it may be tempting to borrow
from your account, remember: Loans may reduce the long-term growth
potential of your portfolio. In addition, you may be tempted to
reduce your plan contributions to repay your loan.
Take saving seriously
Sure, you may not be planning to retire until age 67, but that
doesn’t mean you should put off saving.
Social Security may not be able to provide you with all of the
income needed to maintain your current style of living.
Retirement savings is a very important concept and a valuable
employee benefit available to you through the University of
Rochester. Take advantage of the Retirement Program and
start making it work for you today!
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