You’ve been saving for retirement all these years and now the time has finally come. You are ready to retire, but where do you start? It can be a scary transition for retirees. Once you have made the decision to stop working, there are still many decisions to make. We have gathered a number of resources to help you on your way and to ease the transition from employment to retirement. We encourage you to attend a retiree orientation.
Any time is a good time to start saving for the future, and using the three-legged-stool approach to saving provides a strong and stable foundation for a more secure retirement. Your defined benefit with the Public Employees’ Retirement System (PERS) or your defined contribution plan through the Optional Retirement Program provides one important leg of retirement security. In addition, a strong retirement plan includes Social Security and personal savings.
There a a few steps to take as you approach retirement:
- Identify the retirement plan in which you are currently enrolled
- Determine your eligibility for retirement
- Plan for health insurance during retirement
- Estimate income from your retirement plan
- Estimate your social security
- Analyze unused personal and major leave to determine how many days are available to send to PERS and how many personal days remain
- Utilize our checklist
- Notify your supervisor