Are you the type of investor who set up your 401(k) plan when you started your job, and haven’t really looked at it since then? First, congrats on originally taking a proactive step toward saving for retirement. But did you know it’s easy to get help to ensure that your account is on track to meet your retirement goals? A recent study found that getting retirement investment help could result in 79 percent more wealth at retirement. If you are a participant in the PERAPlus 401(k) Plan (available to ALL PERA members), the PERAPlus 457 Plan, or the PERA DC Plan, you have access to investment advice through Voya Retirement Advisors, LLC that can help you make your retirement accounts work better for you.
Online Advice is completely FREE to all PERAPlus and PERA DC Plan participants. This easy-to-use tool will walk you through different scenarios and provide personalized recommendations to fit your needs. You can adjust your risk tolerance, see how increasing your contributions could affect your account balance, and play around with different retirement ages to understand how these changes can impact your income in retirement. Once you have your preferences set, the tool will recommend an investment strategy that you can easily put into place. (Note: To actually increase your contributions to the PERAPlus 401(k) Plan, you will need to go through your employer.) You can even go a step further and link outside retirement accounts to the tool to see your complete retirement picture.
Online Advice is available by logging in to your PERAPlus or DC account through the PERA website. After you log in, click “PERAPlus/DC Plan Balances” and then click on the Plan that you want to explore. This will take you to the Plan website that is administered by Voya. From there, click “Voya Retirement Advisors” on the very top of the page. Review your current retirement evaluation, click “Next,” and then click “You Can Do the Work.”
If you want a team of pros managing and monitoring your account, Professional Management is for you. An account manager will create a personalized retirement strategy for you, select your investment mix, and continually monitor and adjust your account over time to ensure you are on track to meet your retirement goals. To take advantage of this service, there is a fee of about $5 per month for every $10,000 in your account. This fee is automatically paid from your account balance, so there is no impact to your take-home pay.
You may have recently received an email or a postcard letting you know that your personalized retirement evaluation is ready to view. Reviewing this evaluation is the first step in determining whether you might need help with your retirement accounts. There is also a special offer available if you are ready to take action. For a limited time, all PERAPlus and PERA DC Plan participants can get three months of Professional Management with no program fees. Simply add Professional Management to your account by June 28, 2019, by going to www.financialadvice.com/forcopera, or by calling 1-800-759-7372 and selecting the PERAPlus/DC option. (You can cancel this service at any time, and you are not locked in to any long-term agreements.)A little help can go a long way, and PERA has made it easy for you to ensure that your retirement accounts are on track to meet your needs. Regardless of how much you are contributing, retirement advice can help you create a more productive lifelong plan.