Last month we talked about what you should do when you’re 12 months away from retirement. This post goes over what to be aware of at 8 months out, when you should start reviewing what other sources of retirement income you’ll have available besides your New York State & Local Retirement System (NYSLRS) pension.
Review Your Post-Retirement Income
There’s a good chance your pension alone will not provide you with the same level of income during retirement as you had while you were employed. This is why it’s important to review any other sources of income you may have available to you in retirement, such as:
- Yield from personal savings
- Social Security income (see the Social Security Administration’s website to review your online statement and use their Retirement Estimator tool)
- Dividends from stocks, mutual funds, etc.
- Life insurance income
- Individual Retirement Account (IRA)
- Real estate
- Proceeds from a deferred compensation plan (see the New York State Deferred Compensation Plan) or
- Salary income from post-retirement employment.
Some experts say that you’ll need at least 80 percent of your pre-retirement income to keep your current standard of living. You also may be retired for 15 to 20 years, or longer. It’s important to have a financial plan in place in case you need extra income once you’re retired, so take some time to review what you’ll have available.
Your planned retirement date is less than a year away. Check back for more Countdown to Retirement posts on issues such as your eligibility for post-retirement health insurance coverage and what to do after you’ve filed your Application for Service Retirement form.If you have any pre-retirement questions, please contact us.