Being financially prepared is important for everyone. That was one of the major takeaways on Tuesday, November 13, 2018, as TIAA CEO Roger Ferguson spoke to University faculty and staff at the University Club in the hour-long presentation titled “Considerations When Writing Your Own Financial Story.”
Throughout the day, Mr. Ferguson met with a variety of different groups from the University community in addition to faculty and staff, including students, University Affinity Group leaders, and senior leadership to discuss topics from financial literacy to the importance of diversity and acceptance in the workplace.
In the faculty and staff presentation, Mr. Ferguson shared some best practices for being equipped with the tools necessary to have a comfortable retirement:
- Diversify your assets.
- Stay focused on the long term.
- Have a rainy day fund (at least six months-worth).
- Leverage a plan for the right use of guarantees (such as creating lifetime income through annuities).
- Take full advantage of the resources available at Pitt.
Amidst the tips shared, Mr. Ferguson also discussed some of the demographic trends in the United States, including that there will be two working-age individuals for every retiree within the next five years. Americans are also living longer, healthier lives, which in turn increases the years that people spend in retirement. These statistics reflect the necessity to save more and be as prepared as possible for longer retirements, more individuals in retirement, and rising health care expenses.
The University of Pittsburgh, along with TIAA, offers you the ability prepare for the future that you imagine through a robust Retirement Savings Plan, workshops and webinars, and the opportunity for one-on-one advice sessions, and more.
Ready to write your own financial story? The Office of Human Resources and TIAA can help. Visit www.hr.pitt.edu/your-financial-story to get started.
If you were unable to attend the presentation on November 13, or wish to view it again, a recording of the presentation is available:
The event was hosted by the Office of Human Resources and the TIAA Difference Makers 100 program. The event was sponsored by the College of Business Administration and endorsed by faculty and staff Affinity Groups.