People often believe that saving for retirement needs to start with a large amount of money so many often delay saving or avoid starting altogether.
Preparing for retirement is a lifelong journey, not a one-time event. Making informed decisions throughout your career can help you build a more secure financial future. One of the best places to start saving for retirement is through your employer-sponsored retirement plan. As a benefits-eligible UNC System employee, you are required to participate in either TSERS or the ORP, providing a strong foundation for your retirement. To help you build additional savings, the UNC System also offers two supplemental retirement plans: the UNC 403(b) and UNC 457(b) plans. Employees who pay FICA are able to participate in UNC System’s 403(b) and 457(b) plan. Please note: UNC 403(b) is not available to UNC Health Employees.
If you’re starting with a limited budget, automatic payroll contributions make saving simple by allowing you to invest a little each paycheck. Even small, consistent contributions can add up over time while helping you build a lasting savings habit.
It’s also important to set realistic expectations. Building retirement savings is a long-term process, and investing small amounts won’t produce overnight results. However, staying focused on long-term goals and contributing consistently allows you to benefit from the power of compounding, where your investment earnings have the potential to generate additional earnings over time.
By starting small, staying consistent, and by taking advantage of the retirement plans available to you, you can make meaningful progress towards your financial goals, regardless of where you begin.
Experts believe that you’ll need between 70% to 90% of your pre-retirement income to maintain your standard of living in retirement. This depends on various factors- including what you want to do in retirement like travel, purchase a second home and how long you will need your savings to last.
While Social Security is estimated to replace about 40% of your pre-retirement income, additional savings is likely needed.
UNC Supplemental Retirement Accounts
The UNC System 403(b) and 457(b) are offered by TIAA and provide an additional opportunity to save to help you reach your retirement goals. The 403(b) and 457(b) offer pre-tax or Roth after tax options. There are a wide range of investment options offered under the UNC Retirement Plans.
For 2026, the maximum contribution limit is $24,500; participants age 50 by the end of the plan year may defer an additional $8,000.
For more details on the UNC Supplemental Plans, review our Supplemental Retirement Guide.
UNC Supplemental Account Enrollment
Enrolling in or making changes to your UNC 403(b) and/or 457(b) Supplemental Account is easier than ever! Simply log in to your Institution’s Empyrean platform, select ‘Change Your Current Benefits,’ then choose ‘Change in Supplemental Retirement.’ The system will guide you through the enrollment or modification process quickly and easily!
In addition to enrolling in the Empyrean platform, you will want to continue to TIAA.org/UNC where you will be able to create your account, select your investments, and add your beneficiaries.