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Is your retirement savings resilient enough to withstand "Mayhem"?
A popular insurance company's advertising campaign about "Mayhem" happening to your house, car etc. is humorous due to some of the crazy stunts and scenarios they come up. This advertising campaign is highly effective because nothing gets people's attention quite like a major unexpected expense.
The "Mayhem" theme is meant to prove an important point: Being prepared in case of a financial emergency is important. People want the security of knowing they'll be able to replace/fix etc. important assets should "Mayhem" happen.
Much like protecting our homes, cars, and other valuables, saving for retirement helps protect us from costs later in life, when we may not be physically able to work and provide for ourselves. Throughout September, this year's "403(b) Month", we're going to highlight things you can do to strengthen your financial plans to ensure if "Mayhem" comes your way later in life, you'll have savings to help navigate those expenses.
Ready to get started?
Our first challenge is to read through the 403(b) Month - Mayhem Protection Checklist and get working on your checklist items today!
Drawing & Prize Info
Complete the 403(b) Month - Mayhem Protection Checklist then fill out this Google Form and we'll enter you in the drawing for the restaurant and Amazon Gift Card giveaways. Prizes will be coordinated with employees based on their specific location/delivery preferences. Entries must be received no later than midnight 9/30 Eastern time to be eligible for our drawing.
July is a great month, mid-year, to do a check-up on how you're doing with saving for retirement. What are you doing well? What adjustments can you make? Use this Retirement Checklist and get signed up for some great prizes while boosting your retirement account!
Work through the Retirement Checklist using this Google Form. (You must be logged into your Reliant.org email address to submit this form).
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This contest closes 7/30/20 11:59 PM Eastern time. Winners will be announced on Staffnet and email on July 31st. |
What are you waiting for? Log in to your Principal account and begin earning points for our drawing: www.principal.com
Check In (insert image of check in symbol) -
insert image(you are here) on a map
Complete all four steps for one entry in the drawing for a box of energy bars to be shipped to your door (2 lucky winners will be selected)
- Is your address up to date? Select the My Profile button (from the top corner of your screen) to view and change your address.
- Is your beneficiary information up to date? Have you recently got married or had a baby? On the Overview tab, under Beneficiary, review who you have listed as your beneficiary (makes changes as needed).
- Review your contribution dollar amount. On the Contributions tab, under Manage Contributions, If you're able, consider updating/increasing your contribution rate.
- Review your balance. On the main Overview page of your 401(k) account. Note: The rate of return will show a loss for the year 2020, due to market fluctuations. We'll talk about how to view that balance and loss in light of the market's past performance in the next step.
Stay on the Path
use image from main page 401(k) Month - July 2020
Complete the four steps below for one entry in the drawing for a S'well Stainless Steel Water Bottle (or equivalent alternative of your choice) to be shipped to your door (2 lucky winners will be selected)
- How close are your monthly contributions to Reliant's 5% match? Reliant will match dollar-for-dollar up to 5% of your monthly salary (including parsonage). Here is a quick example: John Smith has an annual salary of $45,000 as a campus minister. He makes $3,750 per month, so his 5% match each month would be $187.50. Calculate your 5% match and compare that 5% amount to what you're contributing to 401(k). If you're contributing under 5%, consider increasing your contribution to maximize your match.
- How on track are you for retirement? On the Planning Resources tab, under Retirement Wellness Planner enter your current information to calculate your Retirement Wellness Score. If this score is in the Red or Yellow,take a little time to prayerfully and thoughtfully consider what steps you may be able to take over the next few months/years to increase that score (Principal's Retirement Wellness Planner is a great resource to assist you in this planning).
- Have more than one retirement account or IRA? Check out how to rollover funds into your Principal account on the Rollovers tab.
- Pick one (or more) of the Topics below to read about or watch a short, recent video by our 401(K) broker Michael Clark.
- Managing uncertainty - Read here - https://www.principal.com/landing-page/managing-uncertainty
- Is investing like gambling? https://keiron.wistia.com/medias/e7qqyncfhc
Michael’s advice for retirement plan savers: https://keiron.wistia.com/medias/aldpmzdud0
- Michael’s advice on the stock market: https://keiron.wistia.com/medias/fspbim07ak
Michael's retirement tips for Reliant: https://keiron.wistia.com/medias/0vbujhij6v
Ask a Professional "Guide" - learn from the best
image? (Hiking guide?)
Review the steps below for one entry in the drawing for the grand prize America the Beautiful National Parks and Federal Recreational Lands Pass (1 Domestic Reliant employee winner will be selected, *International Missionaries - In lieu of the America the Beautiful National Parks and Federal Recreational Lands Pass Reliant will provide an alternate Grand Prize winner and will reimburse one lucky International missionary up to $50 towards the purchase of an annual/seasonal/or other frequency pass to a national park (or equivalent outdoors ares) in your country of service, for you to enjoy.)
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