What is retirement readiness?
It is a gauge that determines whether or not a person will have enough money in retirement to enjoy a similar standard of living as in their time working. Research shows that a majority of Americans are not financially prepared for retirement.
The MERS retirement readiness approach utilizes behavioral finance research to assist you in understanding your level of retirement readiness along with providing you actions that can be taken to become more prepared.
If you’re enrolled in the MERS Defined Benefit or Hybrid Plan, you’ll receive a Snapshot Report via mail annually, typically in the fall. If you’re enrolled in the MERS Defined Contribution Plan (including the DC Plus plan), you’ll receive a Snapshot Report if your employer has reported annual wages for you. This customized report uses information provided by your employer along with projected Social Security income to show you how well financially prepared you are for retirement.
Full Picture Report Builder
The Full Picture report builder is available to all participants, regardless of the plans you are enrolled in, by logging in to your myMERS account. You can customize retirement goals, add in spouse information, and include non-MERS retirement accounts to create a “full picture” of your retirement readiness.
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