Retirement Strategy Checkup: View Your MBP.
Are you on track with retirement savings? To answer that question, start by visiting your myVRS online account to view your latest annual Member Benefit Profile (MBP).
Here's How to Access Your MBP
Log into myVRS. Under the My History menu item, select Annual Statements. Your MBP is based on information your employer reports to VRS as of June 30 each year. It includes your:
- Projected VRS benefit amount
- VRS member account balance(s)
- Life insurance coverage amount (if you are eligible)
- Retirement benefit estimates
- Eligibility for other retirement benefits, such as the health insurance credit
Use the Tools in myVRS to Assess Your Savings Strategies
Identifying your savings gaps can help you plan now for tomorrow. Use the myVRS Benefit Estimator to generate estimates of your VRS benefit in retirement. Can you afford to retire at 55? What happens if you work longer? Take time to experiment with different scenarios. Next, use the myVRS Retirement Planner to set your income-replacement goal and enter your expected income sources in retirement, including your VRS pension, Social Security and other savings. The planner also helps you project expenses in retirement, such as health care and taxes, and offers calculators and a budgeting worksheet. Save your plan in your myVRS account for future reference and to help you stay on track to meet your income goals at retirement.
How Much Money Do You Need in Retirement?
Most financial planning experts recommend that when planning for retirement, you should use at least 80% of your current earnings as the benchmark for what you will need during retirement to maintain a reasonable standard of living.
Are You Taking Advantage of Supplemental Savings Opportunities?
If you are eligible to participate in the Commonwealth of Virginia 457 Deferred Compensation Plan, your MBP includes a customized retirement income analysis. This feature provides an estimate of your future retirement income and measures this estimate against 80% of your current compensation. The retirement income estimate combines your estimated future VRS benefit, Social Security and any funds available for distribution from your deferred compensation account as of June 30. Your analysis includes tips for closing the gap between your estimated retirement income and your 80% benchmark. Hybrid members can view their gap analysis by creating a retirement plan using the myVRS Retirement Planner.
Increase Your Financial Know-How With myVRS Financial Wellness
VRS offers myVRS Financial Wellness, a free program available to all members through their myVRS accounts. Self-paced and easy to use, myVRS Financial Wellness includes articles, videos, calculators, educational games, budgeting tools, webinars and mini-courses to help you improve your money-management skills.
Log into your myVRS account today and start your retirement strategy checkup!