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To carefully prepare for retirement, you need to: a) estimate
how much money you will need to realize your retirement dreams;
b) calculate how much money you currently have saved; c) determine how much you can expect to receive from your
pension, Social Security benefits, investments, and other assets;
and d) develop a strategy for making up the difference.
The earlier you begin preparing, the more likely you are to have the
funds necessary to make those retirement dreams come true.
This page reviews the various tools NYSTRS provides to help you
have a solid understanding of your Retirement System benefits.
It also provides links to organizations that can help you with
financial planning.
NYSTRS'
Member Services
NYSTRS members can generally
retire as early as age 55 as long as they have five or more years
of New York State service credit. But should you retire
as soon as you’re eligible? How much would your benefit increase
if you retire later on? Is it better for you to select the Maximum
benefit or a payment option that protects a beneficiary? Will you
work after retirement, and will doing so jeopardize your benefit?
With so many issues to
consider and decisions to make, preparing for retirement can be extremely
complicated. NYSTRS provides a variety of tools to help your planning
go more smoothly.
Our comprehensive
Preretirement Planning Seminar explains the critical benefit-related
decisions you must make, and reviews financial and legal considerations
that help ease the adjustment to retirement. These seminars
are held across the state.
Our one-on-one consultations,
held statewide, enable you to meet with a NYSTRS representative to
ask questions about your specific situation and receive printed estimates
of your retirement benefit. You can meet with a representative
either in person or through a live video hook-up.
Your annual Benefit Profile contains valuable planning information,
including a summary of your service credit and projections of your future retirement benefits. Your Benefit Profile is also available
online through the Secure Area.
Our online
Pension Calculator allows you to estimate the amount of your NYSTRS
pension based on a variety of scenarios. You can also ask us to prepare
a
benefit estimate based on specific dates you select.
The General Income Tax Information fact sheet offers pertinent information about taxes as they apply to loans, annuity savings funds, and death benefits. We also address common withholding questions as they relate to your retirement benefit.
Our Active Members' Handbook
summarizes NYSTRS benefits, and our
Countdown to Retirement pamphlet helps keep your retirement
planning on track by reviewing the steps you should take as your retirement
date approaches. The Retirement Countdown video also
offers a tutorial on the tasks members should complete during their last year of employment. In addition, frequently asked questions about
retirement are answered on our Web site's If
You Are Retiring page.
Of
course, you can always speak with a NYSTRS representative by calling
(800) 348-7298, Ext. 6250. Remember: Careful retirement
planning can help make your retirement more care-free, and NYSTRS’ services
can help you meet that goal.
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Financial
Planning Resources
Although your NYSTRS benefit
may be the largest component of your retirement nest egg, it probably
will not be the only funds you rely upon to lead the retirement life
that you dream. Your benefit will likely be supplemented with
Social Security payments and individual investments. To help
you build a solid investment foundation for your future, we have provided
links to some additional financial planning resources.
American
Savings Education Council – Shares strategies for achieving financial
independence.
Certified
Financial Planner – Offers a free Financial Planning Resource
Kit.
Employee
Benefits Security Administration – Provides helpful tools
through its Retirement Savings Education Campaign.
New York State Banking Department – Maintains a clearinghouse
of financial education information.
SavingsBonds.com
– Helps you determine the value of your U.S. savings bonds and allows
you to purchase savings bonds online.
Social
Security Administration – Clarifies Social Security benefit issues. You can also call SSA at (800) 772-1213.
1040.com
– Shows how your pension would be affected if you move out of
New York State.
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