Ten Steps Toward a Secure Retirement
Your Pension
Your pension is calculated based on your service credit, highest three years of earnings, and age. Working longer could mean a larger pension. Ask us for multiple estimates so you can select the retirement date best for you.
Service Credit
Have you worked in public employment and contributed to another public retirement system? You may be able to combine this with your SERS credit. Did you serve in the military or refund any service credit from an Ohio pension system? Purchasing this credit could increase your pension.
Save
It’s important to start saving now and have a savings plan in place. Participate in annual programs like America Saves Week at AmericaSaves.org to learn more about how you can prepare for retirement by saving for the future you want today.
Manage Finances
Track your expenses and make a budget. Plan ahead and save for major purchases. Pay off as much debt as possible so you have fewer expenses in retirement.
Be Prepared for the Unexpected
What if you pass away? Begin estate planning and think about your preferences now. Seek professional advice on designating a power of attorney, and creating a will and trust.
Stay Healthy
Make your health a priority. You’re more likely to stick with exercise if it’s an activity you enjoy. Take advantage of your yearly physical. Preventive exams can catch a problem earlier when it may be easier to treat.
Supplement Your Retirement Income
Your SERS pension gives you a foundation, but you need more than one source of income for a secure retirement. Social Security provides some income, but incorporating other income streams, including investments and Ohio Deferred Compensation, boosts your overall security in retirement. Ohio Deferred Compensation is a plan specifically designed for public employees. Visit its website at www.ohio457.org.
What Will You Do?
How will you spend your time? Will you be able to afford your hobbies? Make a plan now. Do you want a part-time job in public employment? Ask us about being a reemployed retiree.
When is the Best Time?
When is the best time for YOU to retire? It’s a personal choice based on your budget, beneficiary, and health care needs. We’re here to provide you with information on the options available.
