Retirement and Cybersecurity Awareness

October brings together two important reminders: National Retirement Security Month and Cybersecurity Awareness Month.

National Retirement Security Month encourages retirement planning even for those already retired, while Cybersecurity Awareness Month highlights everyday actions that can help reduce online risk.

Together, they offer a simple message: building your financial future also means protecting it.

Retirement Security

Retirement security does not come from one big decision. It often comes from small choices repeated over time: saving consistently, understanding your financial picture, and knowing how to keep your account secure.

Focus on your overall financial wellness by understanding where you are today. 

That may include your monthly budget, emergency savings, debt, healthcare expenses, and other competing priorities. 

When you have a clearer picture of your current finances, it can be easier to decide how much you can save and whether small adjustments make sense.

Even a modest increase in savings can help build momentum over time. The key is to choose a step that feels realistic.

Understanding Your WRS Benefits

ETF occasionally offers webinars to help you better understand your WRS benefits.

The ETF website also has videos that explain how annuity adjustments work, the importance of beneficiary designation, and even an overview of the WRS.

Visit our Webinar Catalog for a list of webinar topics, schedule, and links to videos that you can watch anytime.

Wisconsin Deferred Compensation Program (WDC)

Participants of the WDC can also attend webinars on the program.

Online sessions explore key considerations for managing your finances and insights on strategies for a successful retirement journey with the WDC.

Go to wdc457.org, then find the image of a chipmunk holding a binocular.

Click the image to view the quarterly schedule of WDC webinars and register.

Cybersecurity Awareness

As you enjoy your retirement, account security becomes even more important.

Scammers may use urgent messages, fake websites, impersonation calls, or requests for verification codes to try to access personal information.

Some common scams include:

• You may receive a call, text or email claiming to be from your bank or a government authority, telling you that your identity has been stolen, you have been linked to criminal activity, or your accounts have been compromised. An email message may even send fund wiring instructions that look authentic.
• You may receive a random text message or a friendly exchange on Facebook. The scammer will attempt to build rapport for days, even months, before introducing an “exclusive” investment opportunity, such as cryptocurrency.
• You may receive a call from a “panicked voice” claiming to be your loved one who is in an accident or dire situation, and that they need money immediately. These calls could be clone voices produced by artificial intelligence from social media videos or phone recordings.
• You receive a pop-up message on your phone, tablet or computer. It tells you that your device has a virus or your account has been locked, and you need to call a number right away or click a link. Once contact has been made, the “tech support” representative may gain access to your passwords and other private information.

Avoiding Scams

Here are some tips to consider when you believe you are encountering a scam:

• No legitimate government agency or bank is going to ask you to wire funds, withdraw cash, buy gold, load money onto a cryptocurrency ATM or hand cash to a courier who shows up at your door. If you receive wiring instructions in an email, be sure to call a trusted phone number you already have on file — not one provided in the email — and confirm the details verbally.
• If you receive an investment opportunity through social media, a text from an unknown number or anyone you’ve never met in person, treat it as a red flag.
• If a “panicked voice” claims to be your loved one, stay calm and ask the caller a question that only your immediate family members would know the answer. If a caller cannot provide it, end the call.
• Never allow remote access to your computer from someone who contacted you first. Legitimate tech companies do not reach out through browser pop-ups asking you to call a number or click a link.

Strong security habits can help protect the progress you have made in your retirement journey.

Setting Up Online Accounts

It may sound counterintuitive, but one important step to secure your money and assets is to register an online account with your bank or financial plan.

Setting up an online account helps you monitor activity, manage your information, and reduce the risk of fraud. 

Keep your contact information current, use strong passwords, review activity, and be cautious with unexpected messages.

If you have a WDC account, go to wdc457.org, click “Register,” select “I do not have a PIN,” then follow the remaining steps to create your username and password. This will make it more difficult for a fraudster to pretend to be you.

If you believe fraud may have occurred or is about to occur on your WDC account, contact Empower at 877-457-9327.

For related issues on your WRS account, notify your bank, local law enforcement, and ETF right away. 

Visit ETF's Fraud page to know more about identity theft, reporting fraud and abuse, and ETF’s response to such reports. 

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