Why Your Expectations Matter—And How MSU Can Help You Prepare

🔔 On-Campus Opportunity:

TIAA Financial Consultant Erin Day will be on campus August 26–28 to meet one-on-one with employees. Book your free retirement planning session now:
👉 Schedule with Erin Day

Planning for retirement isn’t just about setting a target date—it’s about preparing for a phase of life that may last 20, 30, or even 40 years. But how long do you expect to live in retirement?

A recent study by the TIAA Institute and GFLEC, Retired… For How Long?, shows that many Americans lack accurate information about life expectancy—and this directly affects how much they save.

📊 What the Research Found

• Just 32% of U.S. adults correctly estimate life expectancy at age 65.
• Most either underestimate longevity or admit they don’t know.
• Workers who expect a shorter retirement are far less likely to save consistently.

Just 50% of people expecting less than 10 years in retirement save regularly—compared to over 70% of those who expect to be retired for at least 20 years.

In short: Expecting a shorter retirement can result in saving too little—putting your long-term financial security at risk.

🐻 What This Means for MSU Employees

Missouri State University provides access to several retirement plans and supplemental savings tools that can help you prepare—but it’s important to plan based on accurate expectations.

💼 Retirement Plans at MSU

🧾 MOSERS – Missouri State Employees’ Retirement System

MOSERS is a defined benefit (DB) plan, meaning it provides a guaranteed lifetime monthly payment based on your salary and years of service.

• Employees in administrative, professional, and staff roles are automatically enrolled.
• The plan calculates retirement benefits using a formula—not market performance.

Faculty note: After 6 years of service, eligible faculty enrolled in the CURP plan may elect to transfer to MOSERS, providing the option of a guaranteed lifetime income.

🧾 CURP – College and University Retirement Plan

The CURP plan is a defined contribution (DC) plan, which means the value of your retirement depends on contributions + investment performance.

• CURP is administered by TIAA and applies to most full-time faculty hired after July 1, 2002.
• Funds are invested and fully vested from day one.
• You manage how your money is invested, with support and tools from TIAA.

💰 403(b) Supplemental Retirement Plan

Available to full and Part time MSU employees, 403(b) is a tax-deferred plan allows you to save more on top of your base retirement plan:

• Administered by approved vendors, including TIAA.
• You decide how much to contribute—pre-tax or Roth (after-tax).
• You can start, stop, or adjust contributions at any time.
• Ideal for those who want to supplement their MOSERS or CURP retirement income.

💰 457(b) Deferred Compensation Plan

The 457(b) is a state-sponsored plan is also open to full and part-time MSU employees and can be used alongside your 403(b) contributions:

• Contributions are pre-tax or ROTH (after-tax) and separate from your 403(b) limits.
• No penalty for withdrawal at any age upon separation from service.
• Flexible, low-cost investment options through MO Deferred Comp.

📝 Take Action

1. Estimate your retirement timeline:
   Use the Social Security Life Expectancy Calculator to get a data-informed estimate and work with a financial consultant.
2. Maximize your savings potential:
   Consider contributing to both 403(b) and 457(b) to increase tax-advantaged savings.
3. Understand your options:
   • Faculty: Be aware of your 6-year option to transfer from CURP to MOSERS.
   • All employees: Know the differences between defined benefit vs. defined contribution plans—and what that means for your retirement stability.
4. Meet with a TIAA consultant:
   Schedule a no-cost session and don’t miss the chance to meet with Erin Day during her August 26–28 visit to campus!

🔍 In Summary

A realistic understanding of your potential longevity can shape smarter savings decisions. Whether you’re just starting your career or nearing retirement, MSU offers powerful resources to help you plan with confidence—so you don’t just retire, you thrive.

📌 Remember: Your retirement plan should reflect the life you want—and the time you’ll need to enjoy it. Let’s make sure you’re ready.

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