Retirement Planning

Prioritize goals for money management.

Create a budget and use it

Reduce expenses. Evaluate needs versus wants.

Develop a simple savings plan.

Manage debt – pay down existing debt and minimize additional debt.

At least once a year, assess your progress toward your financial goals. Tally your assets and liabilities. Review your account balances.

Participate in Mason’s Retirement savings programs and contribute enough to receive the full match.

Consider making additional contributions to the Supplemental Retirement Plans offered at Mason. Plan to regularly increase your contributions up to the IRS limit

Gather advice about broader financial planning and efficient ways to invest for retirement from TIAA CREF or Fidelity Counselors.

Attend an individual counseling session with a representative from your retirement investment provider.

Decide whether you would benefit from hiring a financial planner. Learn how various financial advisers are paid (i.e., fee-based, fee only, etc.)

Evaluate the pros and cons of purchasing additional optional life insurance or long-term care insurance.

Make sure that the beneficiary designations on your retirement savings are updated online with the investment provider, and insurance policies are up to date

Develop a will and keep it up to date. Evaluate your need for a trust.

What about other important life planning documents? Do you have an advance medical directive, a power of attorney? If you have your health insurance through the Commonwealth of Virginia (COVA Care & HDHP Anthem BC/BS, COVA HealthAware Aetna or Kaiser), your Employee Assistance Program, which is provided within your health plan, may provide counted legal advice and assistance.