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FOR IMMEDIATE RELEASE

Treasurer Cowell Highlights National Save for Retirement Week

National Save for Retirement Week Occurs October 20-26

Raleigh, N.C. -- In observance of National Save for Retirement Week, State Treasurer Janet Cowell is encouraging North Carolinians to reflect on their personal retirement goals.  National Save for Retirement Week is being held October 20-26.

"We are encouraged by our studies that show nearly 70 percent of North Carolina public employees are retirement ready and we’re working on improving that number," said Cowell.  "National Save for Retirement Week is an opportunity to focus on the financial resources necessary for a long and healthy life."

The Department of State Treasurer is focused on the issue of retirement readiness, with the goal of members replacing the recommended 80 percent of their pre-retirement income by age 62. 

The Department has provided simple points employees should consider when preparing for retirement:

  • Have an outcome in mind: Saving for retirement isn't just about stockpiling cash. It's about using your savings to help replace your working income.
  • Plan to cover essential living expenses: You want to build a savings that is projected to replace at least 80 percent of your basic living expenses.
  • Be smart about Social Security and taxes: Take advantage of tax-deferred savings vehicles.  When and how you withdraw Social Security can also affect your income level at retirement.
  • Factor in health care expenses: Not considering health care expenses can have a negative impact on your ability to enjoy your retirement income.
  • Adapt your investment strategy and thinking: Unlike your accumulation years, in which you focus on saving and growing your assets over the long term, retirement requires creating an income from assets you have saved over the years. The risks you face in retirement are different, and require a flexible strategy.
  • Prepare for your legacy: Your retirement strategy should try to ensure those individuals you provide for have adequate income for the rest of their lives.

In concurrence with National Save for Retirement Week, the Department will be on hand at the North Carolina State Fair to distribute information on retirement and the NC Total Retirement Plans. Counselors will be onsite to answer NC public employees' questions and to provide retirement plan information.

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The North Carolina Retirement Systems, the formal name for the pension fund, is the eleventh largest public pension fund in the country. It provides retirement benefits and savings for more than 900,000 North Carolinians, including teachers, state employees, firefighters, police officers and other public workers. For more information, visit www.nctreasurer.com​.