A recently-released survey conducted by the International Federation of Employee Benefit Plans (IFEBP) found that nearly half of employees (48%) are struggling to cover basic living expenses and that more than a third (39%) stress about medical expenses.
Is it any wonder then that a whopping 61% of workers report having trouble saving for retirement?
Though not surprising, the numbers are nonetheless troubling. With the responsibility for funding and managing retirement plans shifting dramatically in recent years away from the employer and to the employee, workers are finding they simply are not adequately equipped for the challenge.
As a NYSTRS member, assuming you spend most of your career in a NYS public school or accumulate significant NYS public service credit elsewhere, you have peace of mind knowing the bulk of your retirement finances are being professionally invested and managed. While you are responsible for accruing additional wealth through personal savings and investments, NYSTRS is building the foundation of your retirement.