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Office of Human Resources

Benefits Saving Habits

Here are a few simple habits to help put you on the path to success

  • Contribute to your employer’s retirement plan
    Participating in the University of Rochester Retirement Program is one of the best and most convenient ways to save for your future, plus it offers benefits you can enjoy today, such as:
    • Lowering your current taxable income:   You have the option for Voluntary Contributions to be pre-tax to your plan account. That means they are made before federal and state taxes are taken out of your paycheck.
    • Accelerated saving:  If you are age 50 or older, catch-up contribution provisions offer an opportunity to accelerate saving by allowing you to contribute even more to the plan.
  • Increase the amount you’re saving whenever you can
    Whenever you receive an increase in pay or a bonus, make sure to boost your contribution rate.  Small increases can make a big difference over time; and because the money is potentially coming out of your paycheck before it’s taxed, you won’t notice a big difference in your take home pay.  Gradually increase your contributions over time.
  • Diversify your investments
    Investing in different types of investments, including stocks, bonds, and money market options, can help lower the overall risk of your portfolio. It’s important to invest a portion of your savings in stocks, which have historically provided returns that outpace inflation. Diversification does not ensure a profit or protect you against loss in declining markets.
  • Don’t borrow from your retirement savings
    Loans allow you to use the savings in your plan account before you retire without tax penalty. While it may be tempting to borrow from your account, remember: Loans may reduce the long-term growth potential of your portfolio. In addition, you may be tempted to reduce your plan contributions to repay your loan.
  • Take saving seriously
    Sure, you may not be planning to retire until age 67, but that doesn’t mean you should put off saving.  Social Security may not be able to provide you with all of the income needed to maintain your current style of living.  Retirement savings is a very important concept and a valuable employee benefit available to you through the University of Rochester.  Take advantage of the Retirement Program and start making it work for you today!