With salary increases effective September 1st, now you can buy that new smart phone you have wanted or order cable. Maybe you can afford a higher payment for a new car…
Before you get accustomed to the “extra” money in your paycheck, why not increase your contributions to the retirement savings programs. A little money invested today can go a long way in retirement. The results can be impressive!
See for yourself:
|PRESENT AGE||PRESENT SALARY (with 2% annual increase)||ADDITIONAL CONTRIBUTION||ACCUMULATED VALUE AT AGE 65 (with 5% Return)||ACCUMULATED VALUE AT AGE 65 (with 6% Return)||ACCUMULATED VALUE AT AGE 65 (with 8% Return)|
To increase your contribution to DMBA, go to dmba.com and click on, “Accessing Your Savings Plan(s)” Log on with your DMBA identification number and your Password and then click, “Access Account.” Click on “Quick Links,” click on “Contribution Election,” and click on “Update.” After you have increased your percent of savings, confirm the change.
An easy way to increase your contribution to the DMBA Thrift Plan every year without having to remember to do so is to participate in DMBA’s SMarT (Save More for Tomorrow) Program. Your contributions to DMBA will increase automatically by 1% every September without any annual action on your part. To participate in the SMarT Program, go to the DMBA website listed above and log into your account. Click “Yes” to participate in SMarT Program and you are all set.
You may increase your contributions to TIAA/CREF by coming to the Benefits Office and completing a form. Remember that contributions to TIAA/CREF are not matched.
To make an appointment with TIAA-CREF Financial Planner, call 1-800-732-8853
*** For assistance, please contact Benefits Services, in D-240 ASB or call 422-4715***