How Much Should You be Saving for Retirement?
According to the Social Security Administration, its retirement benefits are only designed to replace approximately 40% of the average worker's wages. That means the remaining 60% of your retirement income will need to come from other sources such as your IMRF pension, other retirement savings accounts, personal savings, and/or other investment earnings.

So, how much should you be saving for your retirement?

Industry Benchmarks and Rules of Thumb

One major investment firm recommends that you aim to save at least 3x your salary by age 40, 6x by 50, 8x by 60, and 10x by 67. So, if you are earning $60,000 by age 40, you should have $180,000 banked for retirement. If you reach 67 years old and are earning $75,000 per year, you should have $750,000 saved, based on this rule of thumb.

Another major investment firm says that saving 15% of your income per year is an appropriate savings level for many people.

If you are reading these benchmarks and thinking "I am nowhere near that," you are not alone.

For information on how your savings compare to others your age and for details on how to use IMRF's Voluntary Additional Contributions (VAC) program to bulk up your retirement savings, click here.
Is Your Contact Information Up-to-Date in Member Access?
To provide you with timely IMRF communications and to prepare for the upcoming upgrades to IMRF's Member Access system, we need your email address and mobile phone number.

To update your email address:
  • Log into your Member Access account

  • Click View Profile in the top section of the home page.

  • Look next to Email in the third section called Web Account Information to see if your current email address is listed.

  • Click Change Email Address to add or change your email address if the current one is not there.

If you do not already have a Member Access account, you will need a registration key to create one. To get a registration key, you can either call 1-800-275-4673 and ask for the registration key on your latest member statement, or you can request that a new registration key be mailed to you by clicking here.
To update your mobile phone:
  • Log into your Member Access account

  • Click View Profile in the top section of the home page.

  • Look next to Mobile Phone in the Contact Information section to see if your current number is listed.

  • Click Change Address and Telephone to add your mobile phone number if it is not already listed.

IMRF's Pre-Retirement Workshops are for IMRF members who are within five years of retirement. They will address the steps you must take before and during the IMRF retirement application process.

Webinars will run for about 1 hour.

Pre-Retirement Workshop webinar dates:

July

  • Thursday, July 28, at noon

August

  • Wednesday, August 10, at 5 PM

  • Wednesday, August 31, at noon

For more information, or to register for a Pre-Retirement Workshop webinar, click here.
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