Retirement Advising Office: It's your retirement


From the home office in 88 Scheman.

Top 10 reasons to take responsibility for your own retirement 
planning:

10. Only you know what you'll need when you're no longer 
employed. What do you foresee as future responsibilities 
(dependents, college bills, replacement vehicle, medical 
needs)? TIAA/CREF contributions from the university, combined 
with your contributions, gave you a great start but don't sit 
back and expect pension fund administrators to know what your 
goals are. You need to begin building now so the savings can 
compound.

9. You'll have a reason to read all the materials TIAA/CREF 
sends. TIAA/CREF constantly updates information on available 
funds and options. If you continue to toss it, unopened or 
unread, you won't know what's new.

8. You didn't pay attention during orientation and "sign-up." 
You vaguely remember what allocation percentages were 
suggested for various ages; however, your salary or financial 
situation may have changed since you were hired. No one will 
call to ask if that information, perhaps imparted 10 to 15 
years ago, remains current.

7. The pre-retirement seminars are free -- or cost very 
little. A few hours spent getting more information won't 
drastically cut into your social life and you may meet fellow 
employees who have similar questions and suggestions you 
could try. The Benefits Office and Retirement Advising Office 
can give suggestions on allocation changes, opening an SRA, 
etc. Additionally, Iowa Public Television, WOI-TV and WHO-TV 
have good retirement planning programming. A call to the 
station will give broadcast times.

6. You may have to make all the decisions affecting your 
life. Your spouse/partner may not always be around to lead 
you through "employed" years and into retirement years. Do 
you know where the checkbook is kept, the amount of the house 
payment, whether you have life insurance, where legal 
documents are kept?

5. You want to be financially independent. TIAA/CREF funds 
and Social Security may be your only source of retirement 
income. You don't want to live with your children or be able 
only to afford housing and food. You need to prepare for any 
eventuality -- disability, career changes or economic 
instability -- in addition to your hopes and dreams.

4. You always wanted to learn a new skill. In retirement, 
you'll have more time -- perhaps not more money. You need to 
find ways to save money now to buy those golf clubs or bait, 
embark on a second career, take vacations, register for 
College for Seniors classes.

3. You want to face retirement without fear. What will you do 
with all that unstructured time? No course preparation, 
committee meetings, 8-to-5 schedules. Doing nothing may sound 
good for a while, but it could lead to boredom, even 
depression. You'll feel more productive if you can face this 
new lifestyle with enthusiasm and confidence.

2. Retirement planning isn't only about money. It's about 
taking control of your life. Studies show that you'll be the 
same type of person in retirement as you are during your 
working years; and if you're miserable now . . .

1. You won't have anyone else to blame if your retirement 
date comes up before your first million.
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For more information about retirement planning, contact Ann 
Molison, retirement adviser, 4-3830.

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contact:  Betty Licht, Retirement Advising Office, 88 
Scheman, (515) 294-3830
updated: 9-29-95