Saving for the Future

What will retirement mean for you?

Today you are busy doing His work. One day, whether it’s right around the corner or far off, you’ll transition to a new phase of life – retirement. Instead of earning a paycheck from your employer, you’ll receive retirement income.

Where will it come from?

Illustrates a bar chart that shows the gap between social security and pension with and without retirement savings

Your monthly pension amount along with Social Security most likely will not meet your spending needs. The CRSP 403(b) helps fill that Savings Gap.

Members

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Pension Benefits

Your Concordia Retirement Plan pension benefits are based on your salary and length of service. Once you begin receiving your monthly income benefits, the amount will stay the same throughout your lifetime, and could also provide benefits to your surviving spouse. This is a good foundation, but it may not be enough to sustain you throughout your retirement. You may need retirement savings to help make up the difference between your retirement income and your expenses.

Understand My Pension Benefits

Your Retirement Savings

What you save in the Concordia Retirement Savings Plan 403(b) can help close the gap between your base retirement income and your future expenses. Your CRP pension and CRSP 403(b) savings will work together to provide you needed income at retirement.

Saving with the CRSP

Social Security

Social Security calculates your retirement benefits based on your earnings, number of years worked and your retirement date. Visit the Social Security website to see your projected benefits.

Visit SSA

With the right combination between the retirement income you’ve earned and the amount you’ve saved, you can have the retirement you’ve always imagined.