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Guide to Retirement

Plan now for Retirement

If you’re like most of us, you probably believe that retirement planning is something that you start thinking about when the end of your career is in sight. Nothing could be further from the truth. The secret to a successful retirement is getting started early: it’s never too early to start planning and saving for your retirement. 

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1. The Road to Service Retirement

I. Six to Twelve Months Before Your Retirement Date

The year leading up to your retirement is often filled with research, discussions, planning, decisions, and paperwork (or its online equivalent). It can feel overwhelming, but like most big projects, breaking the work around retirement into a series of small projects helps. Many find it helpful to schedule time each week to chip away at the required work and decision-making. Retiring can be fun if you give yourself time to mix the work with planning for the fun things you’re going to do once you actually retire.

Department of Retirement Systems (DRS) Recommendations

The Department of Retirement Systems (DRS) recommends that you do the following three to twelve months before your planned retirement date:

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  • Request an official estimate of your monthly benefit payment. You can do this securely through your online account or by calling DRS.
  • Complete payment of any outstanding optional service credit invoices.
  • Decide on your post-retirement healthcare coverage.
  • Decide how to distribute your other retirement savings to avoid minimum distribution penalties and minimize your tax liability.
  • Decide when you should apply for Medicare and retirement benefits available through the Social Security Administration.
  • Notify the DRS of your intended retirement date through your online account.
  • Contact the DRS to ask about deferring lump sum Deferred Compensation Plan payments for any unused leave.
I 6 to 12 Months Before Retirement roadmap graphic