Talk with TIAA financial consultants throughout your career

Planning for retirement isn't a one-time event but rather a journey that evolves through every stage of a career. The ISU benefits team urges Iowa State faculty and staff to take advantage of TIAA's financial consultants to help plan throughout their career, adapting as key variables shift:

• Your risk tolerance. What made sense at 30 may not at 50.
• Your priorities. Family, health and legacy concerns evolve.
• Changing market conditions. Strategic adjustments can help protect your progress.
• Your timeline. The closer you are to retirement, the less time you have to recover from setbacks.

All ISU employees, including those with IPERS and no supplemental plans with TIAA, may talk with a TIAA financial consultant about planning for their retirement. This professional service is part of the ISU benefits plan with no additional fees for participants.

Four planning stages in a career

TIAA identifies four phases in retirement planning. Individuals still need to consider their own needs and philosophy about retirement.

1. Early career: Building a foundation (age 20s-30s)

Where you are: You're establishing your career, possibly managing student loans and saving for the future. Retirement feels far away.

What you may need help with: 

• Deciding how much to save from each paycheck. Even small amounts add up over time.
• Choosing an investment strategy that balances growth potential with your comfort level.
• Setting financial goals besides retirement -- such as building an emergency fund or buying a home.
• Understanding your benefits and how to maximize employer contributions.

2. Mid-career: Accelerating your progress (age 40s-50s)

Where you are: Your earning potential is increasing, but so are your responsibilities, for example, family obligations, aging parents or college expenses for children.

What you may need help with:

• Protecting a portion of your retirement savings as you accumulate more wealth.
• Course-correcting if you started late or faced setbacks.
• Balancing competing priorities while keeping retirement on track.
• Understanding options that can provide both growth and security.

3. Pre-retirement: Fine-tuning your plan (age 55-65)

Where you are: Retirement is on the horizon, and questions are getting more specific and consequential.

What you may need help with:

• Creating a strategy to cover any gaps between what you'll need and what you've saved.
• Understanding retirement income options, including guaranteed lifetime income.
• Managing market volatility as you approach the date you'll start drawing from your accounts.
• Trust and estate planning to ensure your legacy is protected.

4. At retirement: Living your plan (age 65+)

Where you are: You've transitioned from saving to spending. New questions emerge about healthcare, legacy and making your money last.

What you need help with:

• Activating retirement income that can last as long as you live.
• Managing required minimum distributions (RMDs), IRS-required annual withdrawals from tax-deferred retirement accounts to ensure taxes are paid on this income.
• Adjusting your strategy as markets change and your needs evolve.
• Estate planning for passing wealth to heirs.
• Health care and long-term care planning.

Last week: When you're ready to talk to someone at TIAA: In addition to a national service center, TIAA offers three kinds of one-on-one sessions with a financial consultant: On-demand virtual or phone, scheduled with an ISU-dedicated consultant (virtual or in-person), and scheduled with a retirement income consultant (virtual or phone). Learn more about each.