Staying calm amidst the market’s recent downturn is a challenge, but with a renewed focus on your finances you can take steps to mitigate risk. Here are four tips to consider as you plan for your future.
1. Start Today
It’s never too late to start planning for your future!
2. Contribute to the Chapman University 403b Plan
Pre-tax and after-tax Roth contributions are available. 2020 IRS limits allow you to contribute up to $19,500.
3. Take advantage of the catch-up provision
Are you over 50? In addition to the annual limit, you can contribute an additional $6,500.
4. Ask Questions and Plan
Retirement planning can be intimidating, but don’t let that stop you. TIAA and Fidelity representatives can help. Simply schedule a personal consultation session and get your financial questions answered by experts.
In addition, as we approach the end of the tax year, you are encouraged to review and possibly amend your 2020 voluntary salary deferral agreement to the 403(b) plan to maximize your annual contributions. With two months remaining in the calendar year, now is a good time to take a look at your year to date contributions and make adjustments if needed.
The maximum annual contribution to the 403(b) plan is $19,500. For those 50 years and older, the maximum annual contribution amount is $26,000.
If you are unsure about your current contribution percentage, you can go online to my.chapman.edu and review that information in the “My Benefits” tab.
