The drop in the stock market has many people rethinking their financial situations. Those members who are planning ahead and thinking about retirement may want to consider some of these financial strategies:
One of the first things you want to do is to determine an age you want to retire. You will then need to estimate your living expenses at retirement. You will also want to assess your sources for income. This will include your SUP pension, your monthly amount from Social Security, your Money Purchase Pension Plan, and your 401(k) Plan. By working with a financial planner you can develop a long range plan for meeting your retirement goals.
There are a few other things you may consider to help you meet your retirement goals. One possible idea would be to increase your savings. By cutting back on some expenses you can increase the amount of money you have to invest.
You may want to diversify your investments. This is where a financial planner can help you. By spreading your investments out to include stocks, bonds, money market funds, or government securities, just to mention a few, you may be able to protect yourself in volatile markets.
The SUP 401(k) Plan can be valuable tool in planning your retirement, and also giving you a tax savings while you are still working and investing in this plan. If you have any questions on how the 401(k) plan works please contact the SUP Welfare Plan.
MONEY PURCHASE RETIREMENT PLAN
The MPP statements for the fiscal year ending July 31, 2002, have been mailed to your address on file. These statements will reflect all contributions made to your account, along with the interest gained for the past year and also any fees incurred for plan expenses. If you do not receive your statement please call the SUP Welfare Office to confirm that your correct address is on file.