Find answers to common questions about retirement planning, enrollment, and account management.
A retirement savings plan is a financial account designed to help you save money for retirement. These plans often offer tax advantages and may include employer contributions to help your savings grow faster.
The best time to start saving for retirement is as early as possible. Thanks to compound interest, even small contributions made early in your career can grow significantly over time. However, it's never too late to start - the second best time is now!
A common recommendation is to save 10-15% of your income for retirement. If your employer offers matching contributions, try to contribute at least enough to get the full match - it's free money! Start with what you can afford and increase your contributions over time.
You can enroll online through our secure portal. The process typically takes 15-20 minutes and includes providing personal information, selecting your contribution amount, and choosing your investment options. You'll need to electronically sign your enrollment documents.
You'll need your Social Security number, contact information, beneficiary details, and employment information. You should also consider how much you want to contribute and which investment options align with your goals.
Yes! You can typically change your contribution amount, investment selections, and beneficiary information at any time. Some changes may take effect immediately, while others might take one or two pay periods to process.
Your plan typically offers a variety of mutual funds, including target-date funds, index funds, and actively managed funds across different asset classes like stocks, bonds, and international investments. Target-date funds are popular because they automatically adjust your investment mix as you approach retirement.
A target-date fund is a "set it and forget it" investment option that automatically adjusts your portfolio's risk level based on your expected retirement date. When you're young, it invests more aggressively in stocks. As you near retirement, it gradually shifts to more conservative investments like bonds.
Consider your age, risk tolerance, and retirement timeline. If you're unsure, target-date funds are an excellent starting point. You can also speak with our financial professionals for personalized guidance. Remember, you can always adjust your choices as your situation changes.
You can check your account balance 24/7 through our secure online portal or mobile app. You'll also receive quarterly statements by mail or email. Your account shows your current balance, recent contributions, and investment performance.
It's good practice to review your account quarterly and make any necessary adjustments annually. Major life events (marriage, children, job changes) are also good times to review your retirement strategy.
When you leave your job, you typically have several options: leave your money in the current plan, roll it over to your new employer's plan, roll it over to an IRA, or cash out (not recommended due to taxes and penalties). We'll help you understand your options and the best choice for your situation.
Fees typically include investment management fees (expense ratios) for the funds you choose, and may include administrative fees for account maintenance. All fees are clearly disclosed in your plan materials. We work to keep fees low to help maximize your retirement savings.
Most routine changes like adjusting your contribution rate or changing investments have no fees. However, some services like loans or early withdrawals may have processing fees. All fees are disclosed upfront before any transaction.
Generally, you can begin taking withdrawals without penalty at age 59½. Early withdrawals may be subject to a 10% penalty plus income taxes. Some plans offer hardship withdrawals or loans in special circumstances. Required minimum distributions typically begin at age 73.
RMDs are mandatory annual withdrawals from your retirement account that must begin at age 73. The amount is calculated based on your account balance and life expectancy. This ensures that retirement funds are eventually withdrawn and taxed.
Many plans allow you to borrow from your account, typically up to 50% of your vested balance or $50,000, whichever is less. You pay yourself back with interest over typically 5 years. However, consider this carefully as it reduces your retirement savings growth potential.
Can't find the answer you're looking for? Our team of retirement specialists is here to help.