Are you maximizing your retirement benefits? By contributing at least 5% of your salary, you’re already taking full advantage of the university’s matching contribution, plus a non-elective contribution USC provides to all eligible employees. That’s an automatic boost to your retirement savings each pay period.
As you look ahead, consider whether you can increase your contributions beyond 5%. Even a small increase of 1% or 2% more can make a meaningful difference over time, thanks to the power of compounding.
Here’s what you’re already getting today:
- Your contributions (0-5% or more)
- USC’s dollar-for-dollar match up to 5%
- An additional non-elective contribution from USC
This means USC is already helping you save up to 10% of your salary (assuming 5% contributions + 5% match). By raising your own contribution rate, you could significantly accelerate your path toward long-term financial security.
You can review or update your contribution percentage anytime by logging into Workday. For visual steps on how to make this single percentage election in Workday, refer to the step-by-step guide (single sign-on with @usc.edu email address required to access). More Retirement plan details are on the Employee Gateway.
If you need assistance calculating your IRS maximum allowable contribution, please schedule a meeting with Retirement Administration using this booking link.
Remember, every step you take today will have a lasting impact tomorrow!