The Illinois Municipal Retirement Fund (IMRF) encourages workers to consider online services and apps as supplements to traditional savings strategies during National Save for Retirement Week (Oct. 16-22).
“Today’s economy can make it impossible to set money aside,” said IMRF Executive Director Louis W. Kosiba. "Through advances in technology, new tools emerge every day to help individuals capitalize on opportunities to save and take steps toward a more secure retirement.”
Nearly half of working American households have no retirement savings, and the median retirement account balance is only $2,500 for all working-age households, according to the National Institute on Retirement Security (NIRS). Even as the baby-boom generation approaches retirement, participation in pension plans has declined since the recession.
The U.S. Congress passed NSFRW in 2012, in an effort to raise "public awareness of the various tax-preferred retirement vehicles and increasing personal financial literacy."
As the second-largest and best-funded statewide public pension plan, IMRF is independently-managed and prudently-run, with nearly $34.5 billion in assets. As a long-term investor with a diversified portfolio, the fund serves more than 174,000 active members and 118,000 retirees today.
Since retirement is an everyday focus for IMRF, the plan seeks ways to help members to maximize their savings. IMRF shares pre-retirement information through Personal Benefits Reviews and workshops throughout the year. The Member Services department partners with professionals to offer annual financial literacy workshops to retirees statewide. The IMRF website also features digital account access and online calculators with unlimited input options to help create customized pension estimates.
“Think about your retirement beyond National Save for Retirement Week,” said Kosiba. “The process doesn’t need to be complex or a burden. New apps and online services can help create unique and ongoing opportunities to save and watch your nest egg grow.”