Once you decide to retire and begin preparing, the final months leading up to your retirement date go by quickly. Previously, we discussed the steps to take when you’re 12 months away from retirement. As we continue our Countdown to Retirement series, let’s take a look at what you should be doing eight months out.
Eight Months Out: Review Retirement Income
Some experts say that you need 80 percent of your pre-retirement income to maintain your standard of living once you stop working. There’s a good chance that your NYSLRS pension alone won’t provide that level of income. With retirement lasting 20 years, 25 years or even longer, it’s important to have a plan in place for the extra income you’ll need.
That’s why, at least eight months before your planned retirement date, you should start reviewing any other income you’ll have available. Some common sources include:
- Your Social Security benefit (see the Social Security Administration’s website to review your online statement through my Social Security or use their Retirement Estimator tool);
- Proceeds from a 457(b) (see the New York State Deferred Compensation Plan), 401(k) or 403(b) retirement plan;
- Personal savings;
- Distributions from an individual retirement account (IRA)
- Dividends from investments (stocks, mutual funds, etc.);
- A life insurance benefit;
- Real estate (proceeds from a sale or regular payments from a rental property); or
- Earnings from post-retirement employment.
Check out our Straight Talk About Financial Planning for Your Retirement publication for monthly income and expense worksheets to help you assess your retirement finances.
Counting Down
Your planned retirement date is less than a year away. As the day gets closer, check out the rest of our Countdown to Retirement series for posts covering your retirement budget, what we accept as proof of your date of birth, what to do after you’ve filed your Application for Service Retirement (RS6037) and more.
Thank you – this is very helpful and I look forward to future articles regarding the
“countdown” to retirement.
Thank you. We’re glad you enjoyed it. Keep an eye out for more posts in this series.
very interesting and informative…I have three more years and it did not know something you just told us…thank you!!!
We’re glad you found it helpful. Keep an eye out for more posts in this series.
I would like to have an estimate as I was laid off by Nassau County (NC) in 2011. Worked for a school district for only 6 months in late 2013 and early 2014. Then rehired by NC in late 2014. I’m told they close the 5 year look back yet my last highest years won’t count because of the lower yearly salary in school district. So I am getting hurt twice…. once by a NC lay off and again by NYSLRS system of 5 year look back.
Generally, to calculate your final average salary (FAS), we find the consecutive set of years when your earnings were highest. While it’s usually based on the years right before retirement, they can come from anytime in your career.
For account-specific information and to request an estimate, we recommend emailing our customer service representatives through our secure email form, which allows us to safely contact you about your personal account information. One of our representatives will review your account to address your concerns. Please allow five to seven business days for a response.
I am now 60 and have been retired for 5 years. Are we suppose to receive a cost of living increase after being retired for 5 years? Please let me know.
If you were forced to retire because your IME representative denied me disability benefits, can I now,after being disabled,on SSD and Workers Compensation for 18 years finally get disability benefits?
Most NYSLRS retirees begin receiving COLA payments when they are age 62 or older and retired for five or more years.
You will receive your first increase in the month following the month you become eligible. Then, you will receive an annual increase each September.
For more information, including complete eligibility requirements, you can visit our Cost-of-Living Adjustment page.
To find out your particular eligibility date, please email our customer service representatives using our secure email form. One of our representatives will review your account and respond to your question. Filling out the secure form allows us to safely contact you about your personal account information.
To get the account-specific information you need, please email our customer service representatives using our secure email form. One of our representatives will review your account and respond to your questions. Filling out the secure form allows us to safely contact you about your personal account information.
Hi. Thank you for this. I am tier 4 in the nyslrs and will have 31 yrs of service on 3/31/19. I was promoted on 11/23/2018 and received a nice salary increase. If I retire on 12/31/2019 will there be a limit to the amount In 2019 that I use for my f.a.s? I read that it can’t be more than 10% of the average of the previous 2 yrs. it seems like I’m penalized for being promoted.
You’re right; for most Tier 4 members, the earnings in any one year used in an FAS calculation can’t exceed the average earnings of the previous two years by more than 10 percent.
To find out whether the 10-percent limit would affect your pension calculation, please email our customer service representatives using our secure email form. One of our representatives will review your account and respond to your questions. Filling out the secure form allows us to safely contact you about your personal account information.