{"id":18928,"date":"2025-04-15T09:00:00","date_gmt":"2025-04-15T13:00:00","guid":{"rendered":"https:\/\/sourcelive.hr.msu.edu\/?p=18928"},"modified":"2025-12-18T09:32:16","modified_gmt":"2025-12-18T14:32:16","slug":"5-financial-goals-to-consider-with-help-from-fidelity-and-tiaa-2","status":"publish","type":"post","link":"https:\/\/sourcelive.hr.msu.edu\/?p=18928","title":{"rendered":"5 Financial Goals to Consider with Help from Fidelity and TIAA"},"content":{"rendered":"\n<p>As a benefits-eligible employee, you may know about the generous\u202f<a rel=\"noreferrer noopener\" href=\"https:\/\/sourcelive.hr.msu.edu\/?p=18846\" target=\"_blank\">retirement savings programs and resources MSU offers<\/a>\u202fto help set you up for a successful retirement. However, MSU\u2019s retirement plan vendors, Fidelity and TIAA, can help you with more than just retirement planning. Whatever your financial goals \u2013 such as funding a big purchase, paying down debt, or creating a sustainable budget \u2013 Fidelity and TIAA can help you create a plan to achieve them.&nbsp;<\/p>\n\n\n\n<p>Fidelity and TIAA are financial professionals who can provide strategies and advice to help you take charge of your finances. Review the goals below and then contact your vendor using the following information.&nbsp;<\/p>\n\n\n\n<ul>\n<li><strong>Fidelity<\/strong>: Call 800-642-7131 or\u202f<a href=\"https:\/\/nb.fidelity.com\/public\/nbpreloginnav\/msu\/microsite\/#\/tem\/meet-with-us\" target=\"_blank\" rel=\"noreferrer noopener\">make an appointment with Fidelity online<\/a>.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul>\n<li><strong>TIAA<\/strong>: Call 800-732-8353 or\u202f<a href=\"https:\/\/shared.tiaa.org\/public\/publictools\/events\/meetinglocaloffice\" target=\"_blank\" rel=\"noreferrer noopener\">make an appointment with TIAA online<\/a>.\u00a0<\/li>\n<\/ul>\n\n\n\n<p>1. <strong>Create a Budget<\/strong>: Many people only have a vague understanding of their spending habits or financial situation. Between trying to comprehend financial jargon, figuring out your goals, and understanding how to balance debt, saving, and investing, it\u2019s no wonder people often bury their heads in the sand. Luckily, Fidelity and TIAA have tools, resources, and advice to help us make a plan and stay on track.&nbsp;<br><em>More Information<\/em>:&nbsp;<\/p>\n\n\n\n<ul>\n<li>Fidelity (Activity Sheet):\u202f<a href=\"https:\/\/nb.fidelity.com\/bin-public\/070_NB_PreLogin_Pages\/documents\/email\/CreateYourBudget_ActivitySheet.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Understanding Your Spending<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Fidelity (Article):\u202f<a href=\"https:\/\/www.fidelity.com\/learning-center\/smart-money\/how-to-budget\" target=\"_blank\" rel=\"noreferrer noopener\">7 steps to learn how to budget<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>TIAA (Activity Sheet):\u202f<a rel=\"noreferrer noopener\" href=\"https:\/\/www.tiaa.org\/public\/pdf\/a\/A125820_budgeting_worksheet.pdf\" target=\"_blank\">Create your spending plan<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>2. <strong>Build an Emergency Fund:<\/strong> Setting aside money for an emergency \u2013 such as unemployment, surprise medical or vet bills, or unplanned home repairs \u2013 is a key element of basic financial planning and often the first step advisors will recommend. According to TIAA, \u201cit\u2019s good to maintain an emergency fund that would cover three to six months of living expenses\u201d (Waltenberger, 2024). These living expenses include the things you absolutely must pay for each month, such as food, housing, utilities, child care, health care, transportation, debt payments, or similar.&nbsp;<br>&nbsp;<br>The latest report released by the Federal Reserve found that 37% of adults would not be able to afford a $400 emergency expense (2024, Federal Reserve), which means they would have to use credit cards, personal loans, early retirement withdrawals, or ask family\/friends for assistance. Saving towards an emergency fund \u2013 even if it\u2019s only a small amount each month \u2013 can help you build a safety net to keep you out of debt.&nbsp;<br><em>More Information:<\/em>&nbsp;<\/p>\n\n\n\n<ul>\n<li>Fidelity (video):\u202f<a rel=\"noreferrer noopener\" href=\"https:\/\/www.fidelity.com\/about-fidelity\/emergency-savings\" target=\"_blank\">What is Emergency Savings, and what is Fidelity doing about it?<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>TIAA (article):\u202f<a href=\"https:\/\/www.tiaa.org\/public\/learn\/personal-finance-101\/building-an-emergency-fund\" target=\"_blank\" rel=\"noreferrer noopener\">Building an Emergency Fund \u2013 How Much Should I Save?<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>3. <strong>Pay Down Debt<\/strong>: The average American owes $105,056 in debt across mortgage loans, home equity lines of credit, student loans, auto loans, credit cards, and personal loans (Experian, 2024). While it\u2019s important to note that having debt isn\u2019t necessarily bad \u2013 a mortgage loan, for instance, can help you build wealth and eventually own a home \u2013 having too much debt or high-interest debt can lead to financial stress. Fidelity clarifies, \u201cGood debt is generally considered any debt that may help you increase your net worth or generate future income. Importantly, it typically has a low interest or annual percentage rate (APR), which experts say is normally under 6%\u201d (Fidelity, 2023).&nbsp;<br>&nbsp;<br>If you\u2019re only able to make the minimum payment on your credit card, have trouble paying your monthly bills, or have debt payments that are more than 35% of your gross income, you may need help managing your debt (TIAA, 2024). Luckily, TIAA and Fidelity have actionable steps to help you move in the right direction. Review the resources below for advice on managing debt and contact your vendor directly to receive personal financial advice.&nbsp;<br><em>More Information<\/em>:&nbsp;<\/p>\n\n\n\n<ul>\n<li>Fidelity (article):\u202f<a href=\"https:\/\/www.fidelity.com\/learning-center\/personal-finance\/pay-down-debt-vs-invest\" target=\"_blank\" rel=\"noreferrer noopener\">How to balance debt, saving, and investing<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Fidelity (article):\u202f<a href=\"https:\/\/www.fidelity.com\/learning-center\/personal-finance\/pay-down-debt-vs-invest\" target=\"_blank\" rel=\"noreferrer noopener\">Should you pay down debt or invest?<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>TIAA (article):\u202f<a href=\"https:\/\/www.tiaa.org\/public\/learn\/personal-finance-101\/debt-consolidation\" target=\"_blank\" rel=\"noreferrer noopener\">Tips for managing and reducing your debt<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>TIAA (tool):\u202f<a href=\"https:\/\/my.tiaa.org\/private\/robo\/engage\/v2\/debtTool\" target=\"_blank\" rel=\"noreferrer noopener\">Debt illustrator<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>4.<strong> Maximize Your Retirement Investment<\/strong>: Most benefit-eligible employees1\u202fare enrolled in the 403(b) Base Retirement Program, which consists of a 5% employee contribution of your eligible compensation and a generous university matching contribution of 10%. That\u2019s an immediate two-for-one match of your investment for a total contribution of 15%. While this provides a great foundation for your retirement savings, you may eventually want to consider additional options. It\u2019s important to note that the\u202f<a rel=\"noreferrer noopener\" href=\"https:\/\/sourcelive.hr.msu.edu\/?p=18668\" target=\"_blank\">IRS places limits on how much employees can contribute to their retirement savings accounts<\/a>\u202feach year. However, many people may discover there is a lot of room before their current contributions reach that limit. Fidelity and TIAA can help you determine what your retirement contributions should be to help you reach your personal retirement goals \u2013 whether that date is 30 years in the future or just around the corner.&nbsp;<br><em>More Information:<\/em>&nbsp;<\/p>\n\n\n\n<ul>\n<li>Fidelity (article):\u202f<a href=\"https:\/\/www.fidelity.com\/learning-center\/personal-finance\/retirement\/how-to-plan-for-retirement\" target=\"_blank\" rel=\"noreferrer noopener\">How to plan your retirement<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Fidelity (article):\u202f<a href=\"https:\/\/www.fidelity.com\/viewpoints\/retirement\/how-much-money-should-I-save\" target=\"_blank\" rel=\"noreferrer noopener\">How much should I save for retirement<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>TIAA (article):\u202f<a href=\"https:\/\/www.tiaa.org\/public\/learn\/retirement-planning-and-beyond\/ways-to-maximize-your-retirement-income\" target=\"_blank\" rel=\"noreferrer noopener\">6 ways to maximize retirement savings<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>SourceLive (article):\u202f<a href=\"https:\/\/sourcelive.hr.msu.edu\/?p=18846\" target=\"_blank\" rel=\"noreferrer noopener\">Don\u2019t Wait to Create a Retirement Savings Plan<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>SourceLive (article):\u202f<a href=\"https:\/\/sourcelive.hr.msu.edu\/?p=18668\" target=\"_blank\" rel=\"noreferrer noopener\">2025 IRS Retirement Planning Contribution Limits<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>SourceLive (article):\u202f<a href=\"https:\/\/sourcelive.hr.msu.edu\/?p=18295\" target=\"_blank\" rel=\"noreferrer noopener\">Your Top Questions About MSU\u2019s Optional Retirement Plans<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>5.<strong> Plan Your Estate<\/strong>: According to TIAA, \u201cPondering your incapacity or mortality, and what might happen to your loved ones when you are no longer with them, can be tough to face. It\u2019s what keeps most people from starting the estate planning process\u201d (TIAA, 2024). Despite the challenging nature of the topic, creating a solid plan can give you and your family peace of mind and the confidence that your wishes will be carried out as desired.&nbsp;<br><em>More Information<\/em>:&nbsp;<\/p>\n\n\n\n<ul>\n<li>Fidelity (tool):\u202f<a href=\"https:\/\/www.fidelity.com\/calculators-tools\/fidelity-estate-planner\" target=\"_blank\" rel=\"noreferrer noopener\">Fidelity Estate Planner<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Fidelity (article):\u202f<a href=\"https:\/\/www.fidelity.com\/viewpoints\/wealth-management\/estate-planning-made-easy\" target=\"_blank\" rel=\"noreferrer noopener\">5 steps to create an estate plan<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>TIAA (article):\u202f<a href=\"https:\/\/www.tiaa.org\/public\/learn\/retirement-planning-and-beyond\/important-estate-planning-questions\" target=\"_blank\" rel=\"noreferrer noopener\">5 essential estate planning questions to ask<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>TIAA (PDF):\u202f<a href=\"https:\/\/www.tiaa.org\/public\/pdf\/e\/Essential_Estate_Planning_Guide.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Essential Estate Planning<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Questions?<\/strong> We encourage you to reach out to\u202f<a rel=\"noreferrer noopener\" href=\"https:\/\/nb.fidelity.com\/public\/nb\/msu\/contactus\/schedule-a-meeting\" target=\"_blank\">Fidelity<\/a> \u202f(800-642-7131) or\u202f<a rel=\"noreferrer noopener\" href=\"https:\/\/shared.tiaa.org\/public\/publictools\/events\/meetinglocaloffice\" target=\"_blank\">TIAA<\/a> \u202f(800-732-8353) with your financial or retirement planning questions.&nbsp;<\/p>\n\n\n\n<p><sup>1\u202f<\/sup>Certain types of employees are excluded from participating in the 403(b) Retirement Plan.\u202f<a href=\"https:\/\/hr.msu.edu\/benefits\/retirement\/documents\/baseretirementeligibility.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Please see the\u202f403(b) Base Retirement Program Eligibility Chart\u202ffor more details<\/a>.\u202f&nbsp;<\/p>\n\n\n\n<p>Sources:&nbsp;<\/p>\n\n\n\n<p><em>Five Essential Estate planning questions to ask<\/em>. TIAA. (n.d.-a).\u202f<a href=\"https:\/\/www.tiaa.org\/public\/learn\/retirement-planning-and-beyond\/important-estate-planning-questions\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.tiaa.org\/public\/learn\/retirement-planning-and-beyond\/important-estate-planning-questions<\/a>&nbsp;<\/p>\n\n\n\n<p><em>Good debt vs bad debt<\/em>. Fidelity. (2024, February 14). https:\/\/www.fidelity.com\/learning-center\/smart-money\/good-debt-vs-bad-debt Horymski, C. (2024, March 22).\u202f<em>Experian study: Average U.S. consumer debt and statistics<\/em>. Experian.\u202f<a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/research\/consumer-debt-study\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.experian.com\/blogs\/ask-experian\/research\/consumer-debt-study\/<\/a>&nbsp;<\/p>\n\n\n\n<p><em>How to make a financial plan<\/em>. Fidelity. (2024, February 21).\u202f<a href=\"https:\/\/www.fidelity.com\/learning-center\/wealth-management-insights\/how-to-make-a-financial-plan-video\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>https:\/\/www.fidelity.com\/learning-center\/wealth-management-insights\/how-to-make-a-financial-plan-video<\/strong><\/a>&nbsp;<\/p>\n\n\n\n<p><em>Report on the economic well-being of U.S. households in 2023 \u2013 May 2024<\/em>. Board of Governors of the Federal Reserve System. (2024, May).\u202f<a href=\"https:\/\/www.federalreserve.gov\/publications\/2024-economic-well-being-of-us-households-in-2023-executive-summary.htm\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.federalreserve.gov\/publications\/2024-economic-well-being-of-us-households-in-2023-executive-summary.htm<\/a>&nbsp;&nbsp;<\/p>\n\n\n\n<p><em>Tips for managing and reducing your debt<\/em>. TIAA. (n.d.).\u202f<a href=\"https:\/\/www.tiaa.org\/public\/learn\/personal-finance-101\/debt-consolidation\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.tiaa.org\/public\/learn\/personal-finance-101\/debt-consolidation<\/a>&nbsp;<\/p>\n\n\n\n<p>Waltenberger, A. (n.d.).\u202f<em>5 must-have financial goals<\/em>. TIAA.\u202f<a href=\"https:\/\/www.tiaa.org\/public\/learn\/personal-finance-101\/5-must-have-financial-goals\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.tiaa.org\/public\/learn\/personal-finance-101\/5-must-have-financial-goals<\/a>&nbsp;<\/p>\n\n\n\n<p><em>Opening photo by <\/em><a href=\"https:\/\/www.freepik.com\/free-photo\/medium-shot-woman-working-as-economist_37453513.htm#fromView=serie&amp;position=41\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Freepik<\/em><\/a><em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a benefits-eligible employee, you may know about the generous\u202fretirement savings programs and resources MSU offers\u202fto help set you up for a successful retirement. However, MSU\u2019s retirement plan vendors, Fidelity and TIAA, can help you&hellip; <a class=\"continue\" href=\"https:\/\/sourcelive.hr.msu.edu\/?p=18928\">Continue Reading&#8230;<span> 5 Financial Goals to Consider with Help from Fidelity and TIAA<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":18931,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"__cvm_playback_settings":[],"__cvm_video_id":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0},"categories":[2,6],"tags":[914,335,818,817,74,107],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/sourcelive.hr.msu.edu\/wp-content\/uploads\/2025\/04\/financial-goals.jpg?fit=2500%2C1313&ssl=1","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pb1fcA-4Vi","_links":{"self":[{"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/posts\/18928"}],"collection":[{"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18928"}],"version-history":[{"count":7,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/posts\/18928\/revisions"}],"predecessor-version":[{"id":19740,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/posts\/18928\/revisions\/19740"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=\/wp\/v2\/media\/18931"}],"wp:attachment":[{"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sourcelive.hr.msu.edu\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}