Monthly Archives: December 2017

Popular Blog Posts of 2017

As we wrap up another year, let’s take a look back at the most popular New York Retirement News posts of 2017.

Happy New Year — Top Posts of 2017

  1. NYSLRS – One Tier at a Time: ERS Tiers 3 & 4
    When you join the New York State and Local Retirement System (NYSLRS), you’re assigned a tier based on the date of your membership. Members of Employees’ Retirement System (ERS) Tiers 3 and 4 represent nearly two-thirds of our membership, and their retirement plans are similar. Many are nearing retirement. This blog, part of a series, is an overview of ERS Tier 3 and 4 retirement benefits.
  1. Tier 3 & 4 Members: When Is The Right Time To Retire?
    If you’re in ERS Tier 3 or 4, you can retire as early as age 55. But working a few more years could have a big impact on the amount of your pension. Here are some factors to consider before you opt for an early retirement.
  1. $15 Billion in Lost Money. Could Some Of It Be Yours? Find Out.
    Is it possible you left money in an old bank account? Maybe you lost track of a security deposit, insurance payout, stock dividend or mutual fund? Could there be a distant relative who left bonds in your name?
  1. Taxes and Your NYSLRS Retirement Benefit
    Your NYSLRS retirement benefit isn’t subject to New York State or local income taxes, but it is subject to federal income tax. Before you retire, take some time to think about how taxes could affect your retirement planning.
  1. How Much Will My Pension Be?
    For anyone thinking about retirement, one big question looms: How much money will I have to live on after I stop working? Your NYSLRS pension is a lifetime benefit. Having a good idea of what that monthly amount will be is essential to effective retirement planning. Fortunately, we offer tools to help you estimate your future pension.

Generational Attitudes about Retirement

Attitudes about retirement vary from one generation to the next.

That stands to reason. For Millennials (those born from 1979–2000), retirement is a long way off. For Generation X (born 1965–1978), retirement isn’t too far down the road, while millions of Baby Boomers (born 1946–1964) are already retired.

Generational Attitudes on RetirementA number of recent studies have tracked generational differences concerning retirement, but they also show a substantial amount of agreement among the generations. Surveys show that a majority of workers, regardless of generation, are saving for retirement. But Millennials appear to be outperforming members of the older generations on that count. They tend to start saving early and are on track to outpace Boomers and Gen Xers in building retirement nest eggs.

Concerns about Social Security are high across generations, with many fearing that it won’t be there for them when it comes time for them to retire. (That fear is reasonable, though perhaps exaggerated, based on Social Security Administration projections.)

Social Security’s troubles, plus the general decline of defined-benefit pensions, has left many feeling that they are on their own. According to one report, two-thirds of both Millennials and Gen-Xers expect their retirement savings accounts to be their primary source of income after they stop working.

The take away for NYSLRS members? The cross-generational anxiety about retirement underscore the important role that a defined-benefit retirement plan, such as your NYSLRS retirement plan, plays in securing your financial future. It also reinforces the importance of saving for retirement.