Thursday, January 12, 2017 6:00 PM

When should I start preparing for retirement?

When should I start preparing for retirement? I have been asked that question many times over the years – and the answer may surprise you. The answer is now!  It is the same answer whether you are in your twenties, thirties, forties, fifties, or sixties!  It’s never too late, nor too early, to start preparing for your future.  I continue to be amazed that there are employees who are not participating in our pension plan or our contributory 403(b).  

If you are currently in Community’s pension plan or are eligible to enroll in the pension plan, I encourage you to supplement your retirement savings by also enrolling in our 403(b) through Transamerica for additional funds when you are ready to retire.  Please keep in mind that it will only consist of your own deferrals into the 403(b) - there will not be any contributions from Community as you receive the employer contribution in the pension plan. 

However, if you are a newer employee hired after July 1, 2015, you will become eligible for Community contributions to the 403(b) if you contribute at least 2% of your salary each pay period and meet the eligibility requirements.

I also hear that many people, young and old, are intimidated by the notion of making investment decisions for the 403(b). There are easy ways to handle this, such as picking a Target Date option or talking to our partner UBS at no cost (1-844-867-3350) for additional guidance.

However, if you want to learn more about investing, you are in luck! Community offers FREE quarterly educational sessions to employees enrolled in the plan:

  • 60-Minute Seminar - Investing 101: Retirement Planning Essentials in which you can learn more about investing. This seminar highlights the importance of taking a long-term approach and describes key concepts such as diversification, risk tolerance, and rebalancing. If you’re interested in saving more, let our experts help!  
 
  • 90-Minute Seminar – Get Ready to Retire (for age 55 or over and ideally within five years of retiring). This seminar provides a glimpse into the five key areas of retirement – lifestyle, investments, health care, protection and income – each critical to a successful, sustainable plan for the transition immediately to and through retirement. If you’re getting ready to transition into retirement, this seminar can help you answer the simple yet challenging question: Can I retire? If not now, when? If now, how?

Classes are being held at Community Regional Medical Center, Clovis Community Medical Center, Fresno Heart & Surgical Center and Community Plaza on Jan. 23 through 26.  For more information about times and locations, please click here.



Mike Shea
Vice President, Total Rewards
Community Medical Centers