Go Save: Financial Wellness at USF

The sooner you start to save, the more time your money has to potentially grow through the power of compounding. You can contribute pre-tax, which may lower your current taxable income. You may also choose Roth after-tax contributions in which you may withdraw money tax free after you stop working.

For a more sure-footed tomorrow, check out how to power up your retirement savings through our USF Savings plan.

For more information about USF's retirement and financial planning, or to make changes to your 403(b) elections, please visit HR's retirement web page or contact Ron Chin, Retirement Plan Manager.

Benefits of contributing to your 403(b)

Automation - Saving for retirement can be challenging.  A 403(b) plan allows you to set aside money for retirement directly from your paycheck.  With a 403(b), you can set a dollar amount or percentage of your paycheck to be automatically transferred from each pay period. That means the money never hits your bank account, where you might be tempted to spend it on other things. 403(b)s let you automate investing, making it a simple way to put saving for retirement.  You then invest those contributions into an array of investment options the plan offers.  

Tax Benefits - .  403(b)s also provide tax benefits.  You can contribute pre-tax dollars, with your investments growing tax deferred until you withdraw the money in retirement.  Another option is contributing to the 403(b) with after-tax dollars (Roth).  While you won’t receive the upfront tax benefit now, as you do with pre-tax contributions, qualified distributions from a Roth 403(b) are tax free since you already paid taxes on them. 

Compounding - Compounding is the cornerstone of successful investing.  Compounding occurs when the returns on an investment generate additional returns over time. This process allows your money to grow at an accelerating rate, giving you the potential to grow your money significantly over years and decades. The earlier you start investing, the more opportunities you give your money to grow.

Choose between pre-tax and Roth after-tax options

Take advantage of Roth (after-tax) contributions

Roth vs. Pre-Tax Comparisons

Make your wishes clear

When was the last time you checked the beneficiary information in your retirement account? Life changes, and so do your wants and needs. Naming your beneficiaries and putting essential documents in place puts you in control and can make a difference for the people and causes you care about.

Don’t assume you’re covered because you’ve spelled out your wishes in a will

Retirement plan assets will be transferred according to the terms of your plan’s beneficiary designation, not by the terms of your will. If you pass away without naming a beneficiary for the retirement plan assets, funds in your account will be considered part of your estate and will likely have to go through probate.  The probate process can add considerable cost and delay to settling your estate.  You can avoid this by naming beneficiaries, including both primary and contingent ones, and reviewing your selection periodically or when major life events occur.

It’s quick and easy to do

Confirming or updating your beneficiaries is simple.  You can always change your mind if your needs change.  For information on how to review and update your beneficiary designation, please review the user guide