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.
