As you plan for retirement, you need to think about your sources of income in retirement. However, you should also consider how long your retirement income will need to last.
Longer Life Span, Longer Retirement
These days, a 55-year-old man can expect to live for another 27.4 years, to about 82. A 55-year-old woman can expect to live for more than 30 years. These figures, derived from the Social Security life expectancy calculator, are only averages. They don’t account for factors such as health, lifestyle or family medical history.
Here are some other statistics worth considering as you plan for retirement (as of the State fiscal year that ended March 31, 2022):
More than 37,000 NYSLRS retirees were over 85 years old;
More than 3,500 had passed the 95-year mark; and
401 NYSLRS’ retirees were 101 or older.
Considering that many public employees can retire as early as 55, it’s possible that a fair number of them could have retirements that last 45 years or more.
Saving for a Long Retirement
Your NYSLRS pension is one source of income that you can depend on however long your retirement lasts. Employees’ Retirement System (ERS) members who retired in fiscal year 2022 are receiving an average monthly pension of $2,748. Social Security is another long-term source. The average Social Security benefit for a retired worker was $1,837 a month, as of June 2023.
Your retirement savings is a crucial asset that can supplement your pension and Social Security. In a long retirement, savings can help with rising costs and provide a source of cash in an emergency.
It is never too late to start saving for retirement. The New York State Deferred Compensation Plan is one easy way to get started. It’s a program created for New York State employees and employees of participating public agencies. If you’re a municipal employee, ask your employer if you’re eligible for the Deferred Compensation Plan or another retirement savings plan. (The New York State Deferred Compensation Plan is not affiliated with NYSLRS.)
You should also visit our Start Saving for Retirement page. You’ll find an example of how much you can save over a 30-year period, and a sample withdrawal strategy designed to provide retirement income for 20 years.
Retirement Online is a secure and convenient way for members to do business with NYSLRS. Submitting applications through Retirement Online speeds up the process and enables NYSLRS to serve more customers more quickly. Here’s a look at some of the things NYSLRS members (not yet retired) can do online.
View Your Account Information
Sign in to Retirement Online for easy access to key information about your NYSLRS account. On your Account Homepage, scroll down to the ‘Account Info’ section. There, you can find your date of membership, tier, retirement plan, estimated total service credit and more.
Update Your Contact Information
It’s important that we have your current contact information to make sure you receive the news, letters and statements that we send you. You can change your mailing address, phone number or email address in the ‘My Profile Information’ section of your Account Homepage. Just click “update” next to the item you’d like to change.
You can save time and reduce paper waste by going green and opting to receive information from NYSLRS electronically. Choose “E-mail” next to ‘Contact by,’ and when important information is ready for you to view in Retirement Online, we will send you an email to let you know.
View and Update Your Beneficiary
NYSLRS retirement plans provide death benefits for beneficiaries of eligible members who die before retiring. It’s a good idea to review your beneficiaries from time to time to make sure your choices reflect your current wishes. Retirement Online is the fastest way to add or remove beneficiaries or update beneficiary information. Click “Manage My Beneficiaries” on the right, under “I want to…”
Estimate Your Pension
How much will your pension be? It’s an important question as you’re planning for retirement. In just a few steps, most members can estimate their retirement benefit based on up-to-date account information, then save or print the estimate. Entering different dates and comparing the results can help you choose the retirement date that’s right for you. From your Account Homepage, go to the ‘My Account Summary’ section and click the “Estimate my Pension Benefit” button.
Apply for a Loan
It’s easy to apply for a loan in Retirement Online. If you are eligible to take a loan, you can see how much you can borrow, what your repayment options will be and whether your loan will be taxable — all before you apply. And, of course, if you decide to go ahead with the loan, you can apply online too. Click “Apply for a Loan” on the right, under “I want to…”
After you’ve received your loan, click the “Manage My Loans” button to adjust your payment amount or to make a one-time payment.
Request Credit for Previous Service
If you worked for a participating employer before joining NYSLRS, you may be able to purchase service credit for that time. You can use Retirement Online to request credit for previous public employment (and for military service) and to upload any supporting documentation. Click “Manage My Service Credit Purchases” to get started.
View Your Member Annual Statement
Your Member Annual Statement can help you understand your benefits. It’s a snapshot of your NYSLRS account based on the information we have on file for you as of March 31 each year, which is the close of our fiscal year. From your Account Homepage, go to the ‘My Account Summary’ area, click the “View My Member Annual Statement” button and follow the steps to view, print or save your Statement. While you’re there, consider updating your MAS preference to “email” in the ‘My Profile Information’ area of your Account Homepage to receive your Statements faster.
Generate a Mortgage Verification Letter
If you need to show your NYSLRS account information for a mortgage, just click the link under ‘I want to…’ to the right of ‘My Profile Information.’ You can print a document that shows your contribution balance, and, if you have an outstanding loan, the date of your last loan, the current balance and the interest rate.
Apply for Retirement
When you are ready to retire, Retirement Online allows you to skip the hassle of mailing paper forms or visiting our office. You can apply for a service retirement benefit, choose your pension payment option, sign up for direct deposit and submit retirement-related paperwork online. A big advantage of applying online is that you don’t have to get anything notarized. Read our Applying for Retirementblog post for more information and links to resources.
Other Online Transactions
If you previously were a member of another New York State public retirement system before joining NYSLRS, your service could be recredited and your date of membership and tier restored. You can click “Reinstate a Previous Membership” to get started.
If you leave public employment with less than ten years of service credit, you can use Retirement Online to withdraw your membership. However, this will terminate your membership with NYSLRS, so you may wish to speak with a customer service representative before you submit your withdrawal application if you have any questions. You can call them at 866-805-0990 or message them using our secure contact form.
Retirement Online After You Retire
Retiring soon? Retirement Online will continue to be an essential tool throughout your retirement years. For information about what retirees can do online, read Retirement Online for Retirees Just Got Better.
Your Member Annual Statement is a snapshot of your NYSLRS account with information about your NYSLRS membership and benefits. It is based on the information we have on file for you as of March 31, 2023, the end of our fiscal year.
You can view your 2023 Statement now by signing into Retirement Online. From your Retirement Online Account Homepage, go to the ‘My Account Summary’ area, click the “View My Member Annual Statement” button and follow the steps to view, print or save your Statement. Don’t have an account? Register today. If you need help signing in to your account, these tools and tips will come in handy.
Delivery of Your Member Annual Statement
If you chose email delivery of your Statement, you should receive an email informing you that your Statement is ready to be viewed in Retirement Online. All other members will receive their 2023 Statement by mail before the end of June.
Get Up-to-Date Account Information Year Round
Your Member Annual Statement provides information as of March 31, 2023, but with Retirement Online you can access up-to-date information about your retirement account year-round. Sign in to see the date you joined NYSLRS, your tier, your retirement plan and your current total estimated service credit. Retirement Online is also the fast, easy way to conduct business securely with NYSLRS. Here are some of the things you can do:
Pension Estimates: Most members can create customized benefit estimates and calculate their pension payment options using Retirement Online. From your Account Homepage, scroll down to ‘My Account Summary’ and click the “Estimate my Pension Benefit” button. You can base your estimate on the salary and service information we have on file or adjust your earnings or service credit to account for possible increases in earnings or service credit purchases. By entering different retirement dates and beneficiaries, you will see how your choices affect your potential benefit. If you are not able to use the Retirement Online calculator, contact us for an estimate.
Employment History: You can view your recent employment history and reported earnings for the past five years in Retirement Online. From your Account Homepage, scroll down to ‘My Account Summary’ and click the “View My Recent Employment Summary” button. Think you may be eligible for past service that’s not included in your employment history? You can request to purchase service credit by returning to ‘My Account Summary’ and clicking the “Manage My Service Credit Purchases” button.
Contact Information Change: Did you move or change your email address recently? On your Account Homepage, in the ‘My Profile Information’ section, you can update your address and other contact information.
Update Your Delivery Preference for Next Year
Want to be notified by email next year when your Statement is ready? Sign in to Retirement Online to change your Statement delivery preference. Go to the ‘My Profile Information’ section on your Account Homepage, click “update” next to ‘Member Annual Statement By,’ then choose “email” from the dropdown menu.
Have Questions About Your Member Annual Statement?
Visit our Member Annual Statement page for answers to common questions or to find out how to correct any errors.
Reminder for retirees: Retiree Annual Statements were mailed at the end of February and are not yet available online.
If you have general questions about NYSLRS or your benefits, we have a web page that can help you find the answers.
That’s because the NYSLRS Contact Us page does double duty. It not only lists contact information, it also helps you find answers for many of the common questions we get from members, retirees and beneficiaries. It covers subjects like address changes, loans, pension estimates, direct deposit and cost-of-living adjustments (COLA).
To get started, go to the Contact Us page and select the Member, Retiree or Beneficiary button to find the questions and answers you need. Each section has categories specific to that member group.
Member
Address Change
Forms
Loans
Member Annual Statement
Mortgage Letter/Account Verification Letter
Pension Estimates
Retirement Online
Service Credit
Withdrawing from NYSLRS
Retiree
1099-R Reprint
Address Change
Cost-of-Living Adjustment (COLA)
Direct Deposit
Federal Taxes
Forms
Health Insurance
Pension Checks
Pension Verification Letters
Retirement Online
Beneficiary
1099-R Reprint
Address Change
Direct Deposit
Federal Taxes
Forms
Pension Checks
Pension Verification Letters
Reporting a Death
Retirement Online
Who is a Beneficiary?
Getting Account-Specific Answers
The information on the Contact Us page is general. If you’re looking for information specific to your situation, like your loan balance or a breakdown of your pension payment, sign in to Retirement Online. If you don’t already have a Retirement Online account, sign up today.
January is a great time to set goals for the coming year. And setting pre-retirement goals is crucial in planning for a successful retirement. Here are five goals to consider for 2018:
1. Choose a sensible savings plan that works for you.There are several ways to save for retirement, including starting a deferred compensation plan like the New York State Deferred Compensation Plan. An important part of developing a savings plan is to start early. The sooner you start saving, the more time your money has to grow. Check out our Weekly Investment Plan chart to see how a weekly investment can grow by age 65.
2. Track your expenses and income. Tracking your current expenses for a month or two will give you a better idea of how much you’re likely to spend in retirement and how much you’ll need to supplement your pension. Use the expense and income worksheets on our website to create a retirement budget. Be sure to include periodic expenses, such as car insurance and property taxes.
3. Request a pension estimate. If you’re within 18 months of your anticipated retirement date, it’s a good idea to request an estimate of what your retirement benefit will be. You can do this by sending us an email using our secure contact form or by calling 1-866-805-0990 (518-474-7736 in the Albany, NY area). If you are not certain that you’ve received credit for all your public service in New York State, you can submit a Request for Estimate form (RS6030) and be sure to provide detailed information about your public employment in section eight of the form. If your planned retirement date is farther away, you may want to use our online Benefit Calculator. This estimates your pension based on information you provide, so have your Member Annual Statement handy before you start, or sign in to your Retirement Online account to check your current service credit.
4. Pay off any NYSLRS loans. An outstanding loan balance at retirement will permanently reduce your NYSLRS retirement benefit. You cannot make loan payments after you retire, and the pension reduction does not go away after we recover the balance of the loan. Visit the Loans page on our website for information about making additional payments or increasing your loan payment amount.
5. Consider seeking the advice of a financial planner. Financial planners don’t manage your money, but can help you assess your present financial condition and develop a practical plan to meet your specific goals and needs. Also consider doing your own research by seeking Do-It-Yourself financial planning guides on the web.
If you ever have any retirement-related questions, please contact us.
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.
Most members* can use our Benefit Projection Calculator to estimate their pension. You can use this calculator even if your planned retirement date is a long way off. The calculator provides estimates based on information you enter. By changing each variable (date of retirement, average salary, beneficiary information), you can see the impact it would have on your pension benefit.
If you are a vested member who has enough NYSLRS service to be eligible for a pension, you can request a benefit projection by calling our automated information line at 1-866-805-0990 (518-474-7736 in the Albany, New York area). This service is available 24 hours a day, seven days a week.
If you are nearing retirement eligibility and you aren’t certain that you have credit for all of your NYSLRS-eligible employment, complete and submit a Request for Estimate (RS6030) form. If you are a member of the Employees’ Retirement System (ERS), you may use this form if you will be eligible to retire within five years. Members of the Police and Fire Retirement System (PFRS) can submit this form within 18 months of their retirement eligibility date.
As part of your retirement planning process, you may also want to check on your Social Security benefits.
*At this time, you cannot use this calculator if you are in ERS Tier 5 or 6; PFRS Tier 3, 5 or 6; or certain special plans.
