Planning Your Retirement — In Your 50s
“My countdown to retirement has begun! Although I’m excited for this next stage of my life, I’m having mixed feelings. I know I’ll miss teaching, but I’m also looking forward to the opportunities retirement has to offer. I visit the System’s Web site often to be sure I have the latest information about my benefits.”

You’ve made your decision to retire. It wasn’t easy because you still love what you’re doing, but you know the time is right. You can afford to retire and do all the things you have been dreaming about.

We will be a part of your retirement process, making sure you know what forms to file and when to file them. Our goal is to help you retire knowing you have done everything possible to receive all the benefits for which you are eligible as a member of this System.

Attend a NYSTRS Presentation 

Ask your employer or Retirement System delegate to arrange for a NYSTRS representative to conduct a benefits workshop or presentation. The information can be tailored to meet the needs of those who are retiring, addressing specific topics such as local or state incentives, or the impact of new legislation.

Also, if you haven't already attended a NYSTRS Pension & Retirement Education Program (PREP), described in the previous section, you should do so now. Although some of the material covered will involve long-range planning, the information is valuable.

Meet With a Representative

Early in the school year in which you plan to retire, you should schedule an in-person or video consultation with a System representative at a site near you, or at System offices in Albany. Unless it is close to home, it is not necessary to travel to Albany for a consultation. All of the help and information you need is available in your area.

At this meeting you can review your service credit history again. You may want to update your benefit estimate if you know salary information, including local incentives, bonuses or payment for unused leave. You can also obtain the necessary forms for retirement and review the instructions for filing them. Visit the Benefits Consultations page of our Web site at www.nystrs.org for information on scheduling a consultation and the sites at which they are held. You can always request a personalized estimate by calling (800) 348-7298, Ext. 6020.

Get the Latest News

As you approach your retirement date, you should follow the progress of pending legislation that could affect your benefits. Check the Legislation page of our Web site or call our Hotline at (800) 782-0289 for this information. When possible, we’ll suggest steps to take so that you are assured of maintaining your eligibility for any possible benefit improvements.

Review Your Records

When you receive your Benefit Profile, make sure our records are consistent with yours – particularly the service credit and salary information. If there are adjustments to be made, start the process now so your benefit payments will be accurate. If you have any questions, call (800) 348-7298, Ext. 6250, or (518) 447-2900, Ext. 6250 from the Albany area. 

Make it Happen

NYSTRS has two helpful resources to guide members along the year leading to their retirement. The Countdown to Retirement pamphlet and Retirement Countdown video review the steps to take in your final year at work.

Both follow a school year timeline, beginning with appropriate steps to take during the fall months and culminating with filing for retirement in the spring in anticipation of a July 1 retirement.

Other key points include:

• How to get the best information;
• When to file your retirement application;
• What to do when legislation that may impact you is pending;
• When to make the decision on an option or life insurance for your beneficiary;
• When to expect your first benefit payment;
• The deadline for withdrawing your application or changing your retirement date; and,
• When to file for Social Security benefits if you’re eligible.

Begin Retirement 

You’ve filed your retirement application, and now your retirement date arrives – you are officially a retired member of this System. Hopefully, your efforts and ours have helped you make the right decisions about your retirement so you are confident in looking to the future!

The pamphlet The Path to Retirement: Understanding the NYSTRS Retirement Process, a guide for new System retirees, explains how your benefit is processed. We will mail you a copy with your retirement acknowledgment letter.