America Saves Week (Feb. 22-26, 2021) is an annual event that encourages you to make a plan to increase your savings and improve your financial situation by utilizing your workplace retirement plan and the tools and resources they provide. Both of MSU’s retirement vendors, Fidelity and TIAA, have resources and tips on saving money, getting out of debt, and planning for retirement with live webinars, courses for financial literacy, and other tools. Be sure to review their resources on preparing for financial emergencies or managing unexpected expenses, which you may find especially useful during this difficult and uncertain time.
Fidelity is offering online workshops on a variety of topics including creating a budget, paying off debts, managing unexpected events and expenses, taking the first step to investing, preparing for retirement, and more. Fidelity members should consider registering for sessions (see link for details) that may be useful to your family’s current financial needs. If you can’t make the online workshops, check out this on-demand workshop called Taking Control: 3 Ways to Start Feeling Good About Your Finances. Other tools and calculators provided by Fidelity to their members can be found here.
Additionally, find resources on health and financial emergencies, building your financial “immune system” and emergency savings that are available for everyone.
TIAA’s Goal Planner webpage offers calculators and resources on how to save for things outside of your retirement plans, such as emergency funds, vacations, a home, and more. Additionally, TIAA has a financial goal planning PDF that allows you to track your money in detail. Use these tools to map your income and expenses, write down your goals, and match them to a time frame to complete them.
If you’re struggling with debt, TIAA’s debt calculator tool will help you evaluate your current situation and then offer resources and tips to help. Additionally, their Retirement Checkup tool allows you to create a projection of how much income is needed in retirement.
Schedule a Virtual Consultation with Fidelity or TIAA
Both Fidelity and TIAA offer virtual appointments with financial consultants and encourage you to set up an appointment with them to ask any questions you have at no additional cost as part of your MSU retirement plan. Set up an appointment with your TIAA consultant here or set up an appointment with your Fidelity consultant here.
For general questions about retirement, visit the HR website or contact the HR Solutions Center at SolutionsCenter@hr.msu.edu or 517-353-4434. For questions about your specific retirement plans, please contact your retirement vendor directly.