Additional Information
IRS contribution limits for 2023
You can contribute up to $22,500 to your retirement account. If you’re 50 or older, you’re eligible to contribute an additional $7,500 for a total of $30,000. Contributing helps you create a nest egg that can make it possible for you to retire on your terms. Why save more? There are tax advantages to saving within your plan, and the impact to your take-home pay from contributing may not be as much as you think. Your money has the potential to grow through the power of compounding interest. This is a good thing since chances are the cost of living will only increase. Saving more may
bring you closer to the kind of retirement you want and deserve. Starting or increasing your plan contributions is easy W Go to your Benefits Office for a Salary Reduction/Deduction form.
W Call us at 800-842-2252 and we’ll let you know if your plan lets you complete the form online. We can help you complete the form so there’s no delay in stepping up your contribution level. W Your plan offers a wide range of investment choices so you can build a diversified portfolio. W Consider growing your retirement plan contributions today. Give your investments more potential. Visit TIAA.org or call 800-842-2252 —our financial consultants are available weekdays, 8 a.m. to 10 p.m. (ET).
Distributions from 403(b) plans before age 59½, severance from employment, death, or disability may be prohibited, limited, and/or subject to substantial tax penalties. Different restrictions may apply to other types of plans. This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances. Investment, insurance, and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. The TIAA group of companies does not provide legal or tax advice. Please consult your tax or legal advisor to address your specific circumstances. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. ©2022 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017
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16 BROOKSTONE SCHOOL 2024 BENEFITS GUIDE
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