Will you have what you need when you retire?
If you’re wondering whether you’ll have the money you need when you’re ready to retire, UC’s Retirement Review, with its personalized Retirement Readiness Score, is just the tool to help you.
The 2014 Retirement Review is available now on www.ucfocusonyourfuture.com. The Retirement Review provides a personalized snapshot of how much you can expect to receive from UC’s pension plan – the UC Retirement Plan (UCRP) – and your UC retirement savings accounts (403(b), 457(b) and DC Plans) when you retire.
Log in at ucfocusonyourfuture.com to check your updated Retirement Readiness Score. Your UC Retirement Readiness Score is the percentage of your current income that your UC pension and retirement savings plans are estimated to replace. The score is derived from your salary and UCRP service credit as of November 2013, and your contributions to the 403(b), 457(b) or DC Plans as of December 31, 2013.
Finding your readiness score is easier than ever
It’s easier than ever to see what you’re on track to have from your UC retirement benefits — and how that stacks up against what you may need in retirement. Your Retirement Readiness Score can also reflect your non-UC sources of income if you enter information about those sources in your Retirement Roadmap.
Here’s how to check your Readiness Score: From the homepage, click the Personalized Retirement Roadmap tab and log in using your Fidelity username and password. That’s it! You’ll immediately see your personalized Retirement Roadmap, featuring your Retirement Readiness Score and suggested next steps.
Want to see what happens when you increase your 403(b) or 457(b) Plan contributions? Click Explore Options and enter amounts or move the sliders to try different changes. Your Readiness Score will update automatically.
Want to add your Social Security benefit or other non-UC retirement savings? Choose “Add non-UC sources of household income” and enter income in the appropriate categories. You’ll build a comprehensive estimate of how well you’re saving for retirement.
Many financial advisors suggest that individuals plan to replace 80 percent of their income in retirement. Is your Retirement Readiness Score at 80? Click Check Retirement Review to see your latest score. Most data is updated monthly.
Please note that prepared Retirement Reviews are not available for most people who began working for UC after June 30, 2013, and thus are in the 2013 Pension Tier. However, you can generate your own Retirement Review by entering your annual pay and updating your other information in the “Explore Options” page.