(Please note: benefits, vendors and resources are provided by New York State or SUNY System Administration or as negotiated with a union. SUNY Oneonta presents what is available and each employee needs to decide for him/herself which resources may be best suited for his/her needs.)
Where to begin?!? There are SO many resources available! If you are like most people, you don't feel financially "stable" enough to save money. You worry that if you save for one purpose, you won't have money for another purpose. Right? Well, guess what? Most people rarely feel completely financially "stable". If you are waiting for that to happen then you may never save and you may not be able to have the things you want or to do the things you want.
Here are some tips to consider:
- Start small! Save just $5 or $10 per week or per month.
- Save all your coins or $1 bills or $5 bills - put them in an opaque container so you don't see how much is accumulating on a regular basis and you won't be tempted to "raid" it!
- Similarly, direct money (again, it can be a small amount) from your paycheck to a separate account, or better yet, to an account at a financial institution you don't usually frequent. Again - so you are less likely to "raid" it. Click here for direct deposit form and start saving today!
In addition, go to http://www.suny.edu/benefits/financial-education--planning-tools/ for a list of easily accessible Financial Education & Planning Tools.
Retirement planning begins on your first day of employment! And should occur regularly thereafter! Depending upon your age when you are hired, you should review your short and long term plans every 3 - 5 years. Save as much as possible as early as possible. In addition to discussing retirement benefit options with your Benefits Administrator at the College, ALWAYS consult a tax expert and an investment expert.
By the time you reach age 45, you should review your plans every 1 - 3 years.