Presentation by Rosemary Majerczyk on Saturday April 2nd, 2016 NRCP Conference

1. IF I KNEW THEN WHAT I KNOW NOW!
RETIREMENT!

2. PLANNING TO RETIRE?
FASTTRACK!
Library catalog list
12 Great Things About Retirement! 1.

3. Thank you for attending this
session. I hope that some of the
things presented today is helpful to
you in making a better decision
concerning your retirement.

4. 5 STEPS TO RETIRE HAPPY
 Ask key questions
Am I ready? What will I do? What changes await? Can I afford to
retire?
 Educate yourself
Books listed will offer great advice and practical tips on how to chart
your own path
 Save all you can
Run the numbers. Check out your districts retirement benefits. Get
a financial advisor.
 Know your tax bracket.
Target taxes.
 Make your money last
Use the 4% rule

5. THE IMRF JOURNEY
If you have been employed in Illinois, you should be part of the Illinois
Municipal Retirement Fund.
If you work in other states, you are probably part of a pension fund.
Check that you are vested, and your service credit.
Complete the pension application process.

6. PENSION PROCESS
There may be a deduction in benefit before age 60, add service credit.
2 years before retirement check about purchasing any service credit
you may be eligible for, such as military service. Don’t for get to
include any reciprocal retirement systems you may have worked
for.
6-12 months before retirement, get an estimate, download forms, get a
social security estimate.
6 months before you retire, get a District estimate.
3 months before you retire, get an estimate or apply for Social Security
benefits if between 62 -70. (remember there is up to a 25%
reduction at age 62 and a 32% increase at 70.
Meet with a tax advisor or financial planner
1 month before retirement get all your forms and figure out your health
insurance needs.

7. DECISION MAKING
There may be different payment options
1. Standard straight life payout means that you get the same amount the
rest of your life plus annual cost of living increase.
2. Optional Payout before age 62 give you more money before 62 and
less after 62.
3. Alternative payout “revert” to someone else (ex. Special needs child)
upon your death.
4. Be sure to have a beneficiary.
5. Health insurance.

8. SOCIAL SECURITY
You are eligible if you have worked 40 credits or 10 years – early retirement
is at 62
You lose approximate 6% for each year you are not the full retirement age
(66?)
You earn 8% for each year after your full retirement age to age 70
Benefit is on you highest 35 years of earnings
Widow benefits payable at 60
Check on line and make sure your account is accurate

9. MEDICARE
Be sure to sign up for Medicare at age 65 to avoid a penalty
Read further concerning Medicare benefits.

10. NEA MEMBER BENEFITS
Check out your union member benefits and the advantages to become a life
member.

11. THINGS TO DO:
Organize important documents into 3 groups, Active, Inactive and
Permanent
Health savings account caps
Family Matters: Settling Estates
Legal Planning Checklist: Develop your estate
Make a Will or a get a Trust
Get Power of Attorney
Estate Taxes
Charitable Trusts
Complete the Inventory List