On Nov. 16, retirement planner from Fidelity, Bob Intoccia, will be on campus to host a tax shelter annuity enrollment workshop for 403(b) which are retirement plans certain employees of public schools and specific tax-exempt organizations.
He will also be available for one-on-one appointments that day to discuss financial planning, saving and specifically retirement.
Faculty, staff and students can still sign up for a consultation.
Students discussed getting advice for retirement at their age and if they should start saving for retirement this early.
“I think that a lot of people don’t know what you need to actually retire and how much money it takes to live post-retirement,” said senior Maille Finnegan.
However, while important she also thinks that it should be saved for when students are getting into the workforce.
“We’re all close to starting new jobs or full-time employment; that’s something important to know,” Finnegan said.
CNN Money recommends the average person start saving when they’re out of school. “Ideally, you’d start saving in your 20s, when you first leave school and begin earning paychecks. Each year’s gains can generate their own gains the next year – a powerful wealth-building phenomenon known as compounding.”
Learning about retirement now, even though many students don’t have full-time jobs, has it’s perks. Junior Josh Barrow believes having knowledge of the benefits you have access to is crucial for financial success
“Students should learn about retirement right now. It’s a great tool to learn just to have and for students once they begin their careers. You should start saving right now just so you can have that extra cash and savings, and not have to focus on only your 401k,” Barrow said.
However most twenty-somethings do not have much money put away. According to a survey done by Transamerica Center for Retirement Studies, only have $16,000 saved, not just for retirement, that’s overall.
This resonates with freshman Kevin Potter, who said he understands both saving for retirement, but also putting other payments first, like student loans.
“You should try to save what you can. Make sure you get your financial obligations done first, if you have the option it would be beneficial,” Potter said.
To schedule an appointment to talk about retirement all 800-642-7131, or register online at http://www.getguidance.fidelity.com.