October 21-27, 2007

October 21-27, 2007
Save for
Retirement
Week
Missouri State Employees’ Retirement System
The KEY to
Planning for Retirement
As a general rule of thumb, you will need at least 70-90% of your pre-retirement
salary in order to maintain your accustomed standard of living after retirement.
Your retirement income will consist primarily of the following 3 sources:
START EARLY!
1. Your MOSERS Benefit
The sooner you start saving, the more
you will have at retirement.
START SMALL!
Let the power of compounding interest
help you reach your goal.
And most importantly....
START!
Nothing will ever happen if you don’t
start. It’s a no brainer.
M
N
A
C
YOU PLAN!
AKE A
Vested members are guaranteed a monthly benefit from MOSERS once they meet the age
and service requirements and retire.
Generally speaking, the longer you work in a benefit eligible position, the higher your
benefit amount.Benefit estimates are available:
 In your Annual Benefit Statement
 By contacting a benefit counselor at (800) 827-1063
 Through our website at www.mosers.org.
2. Your Social Security Benefit
You contribute to your Social Security benefit by payroll deductions. Starting at age 25,
Social Security will automatically send you an annual benefit statement, which contains a
benefit estimate, about 3 months before your birthday.
For more information regarding your Social Security benefit, please call (800) 7221213 or visit their website at www.socialsecurity.gov.
3. Personal Savings
There are multiple savings vehicles available to help you meet your financial goals.
The most convenient means of saving for retirement is through the state’s Deferred
Compensation Plan.
If you contribute at least $25 per month to the Deferred Compensation Plan, you may be
eligible to receive the $25 per month incentive from your employer.
That’s $300 free each year!
For more information, please contact your HR representative or CitiStreet at (800)
392-0925 or visit their website at http://mo.csplans.com.
Resources
MOSERS
www.mosers.org
MOSERS website provides
secure access to your personal
information. This information
allows you to obtain a benefit
estimate for any retirement date.
Retire on Your Terms®
Education Program
(Sponsored by the National
Retirement Planning Coalition)
www.retireonyourterms.org
Provides links to prominent
financial industry and
advocacy organizations.
Choose to Save
www.choosetosave.org
Excellent source of practical
savings and retirement
planning tips and calculators,
including the Ballpark
E$timate retirement planning
worksheet.
Top Ways to Prepare for Retirement
(Based on information at www.retireonyourterms.org)
1.
2.
3.
4.
5.
6.
7.
8.
9.
Select a target date for when you want to retire.
Calculate how much money you need to accumulate by the time you want to retire.
Find out about your Social Security benefits.
Maximize your use of tax-advantaged plans such as the state’s deferred compensation plan, individual retirement
accounts and annuities.
Don’t touch your savings.
Diversify your assets.
Ask questions. Get help. Seek the assistance of a professional financial advisor.
Start now, set goals.
Do a retirement plan and monitor your progress.
Basic Retirement Planning Tips
(Based on information at www.choosetosave.org)
• Start by figuring out how much you need to save for retirement - complete the Ballpark E$timate retirement
planning worksheet.
• Begin to modify your habits and commit to saving money.
• Have you tried to figure out how much you need to save for retirement? The median amount accumulated by those
who have done the calculation is about $66,500 compared with $14,000 for those who have not done the calculation.
Quite a difference!
• Get involved with your company’s 401(k) plan or defined contribution plan immediately. (State employees working in a
benefit eligible position automatically participate in MOSERS’ 401(a) defined benefit plan.)
• Consider putting money into an IRA (Roth or regular).
• Get involved with the deferred compensation plan immediately.
• Saving for retirement is a long-term strategy so you should seek a diversified portfolio.
• How much annual income will you want in retirement? This will depend on how you want to live and how much you
now make. Complete the Ballpark E$timate retirement planning worksheet.
• Why is it important to save for retirement? So you can afford to live. Social Security is an important floor of
protection, but is was never intended to provide an adequate retirement income.