Are you planning for retirement?

By Life@TheU

Are you planning for retirement?

By Life@TheU
Learn about retirement plan contribution changes from the Internal Revenue Services for 2020.

With 2019 coming to an end, now is a perfect time to check in on your retirement plan. It’s never too early or too late to start saving for retirement. If you’re thinking of increasing your contributions come Jan. 1, take a moment to review the new IRS 403(b) limits starting 2020. 

  • Pre-tax elective deferral: $19,500 (was $19,000 in 2019)
  • Age 50 and over catch-up: $6,500 (was $6,000 in 2019)
  • Annual compensation limit: $285,000 (was $280,000 in 2019)

Just getting started? 

You can view, make changes to, or enroll in a University of Miami retirement plan at any time during the year at netbenefits.com/um. Get help on demand by contacting Fidelity at 1-800-642-7131, or TIAA-CREF at 1-800-842-2252.

Meet with a representative

Schedule an appointment with a Fidelity or TIAA-CREF representative at netbenefits.com/um. You can also call them directly at 1-800-642-7131 (Fidelity) or 1-800-842-2252 (TIAA-CREF). 

 

Learn more about the University's retirement plans.