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Please forward to your employees |
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It's Time for Your Mid-Year
Financial Check-Up |
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Summer is in full swing, and your budget may be the last thing on your list. But now is a great time to check in on your finances. This will help you stay on track with your yearly financial goals. Here are four areas you’ll want to check: |
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1. Your Budget.
Have you gone over budget, stayed on track, or even under budget? Be sure to add any unexpected expenses, salary adjustments, or other changes. If you have money left over, you may want to consider socking it away for retirement. If you’re coming up short, look for ways to cut back. Simple changes like planning meals around grocery sales or cancelling unused subscriptions can pay off big in the long run. |
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2. Outstanding Debt.
Make a list of your loans, credit card balances and any other debt. Then prioritize the list based on how quickly you want to pay off each balance. Experts suggest focusing on the smallest balance first for a quick win. Then roll that into the next debt. Or you may want to start with the highest balance or highest interest rate to save money on interest charges. |
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3. The Rainy-Day Fund.
It’s important to plan for expenses that may pop up. Like car repairs or unexpected health problems. In general, you should try to save 3-6 months’ worth of expenses for emergencies. Look at your budget to see how much you need. Then set a goal to reach that amount. |
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4. Your Retirement Savings.
Experts suggest saving 10-15% of your income for retirement. You’re already saving 6% with KPERS (7.15% for KP&F). For those who contribute to Social Security, that's another 6.2%. Look for ways you can save an extra 2-5% toward retirement. Log in to your online KPERS account to check your contributions and years of service, and get a personalized benefit estimate. Remember to check your other personal savings, like KPERS 457, individual retirement accounts (IRA), or 457(b) or 403(b) plans where you work. |
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Just Getting Started? Sign Up for Our New to KPERS Email Series |
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There’s a lot to think about when you start a new job. And KPERS’ benefits are an important part. That’s why we’ve created a New to KPERS email to help you get to know KPERS and your benefits. In just over four months, we’ll cover:
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Disability Benefits
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Basic and Optional Life Insurance (if your employer offers it)
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How to Set Up Your Online Account
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How to Name Your Beneficiaries
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Why You Need to Save on Your Own, Starting Today
Each email has helpful resources, important reminders and simple action steps to help you get the most from your benefits. |
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Making kspers.gov More Accessible for All Members |
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In May, we updated the KPERS website and the Member Web Portal to improve accessibility for all members. Here's a quick look at some of the changes.
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We changed our KPERS orange and green to our blue and navy for color contrast to make text easier to read.
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We increased the font size and boldfaced certain text for better readability.
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We adjusted the page layouts to improve navigation and keyboard controls, which are important elements for screen readers.
Everything should function the same as it did before. But if you have any questions or notice any issues, please reach out to communications@kspers.gov. |
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