What to Do When You Are of Pre-Retirement Age
- If you have not yet started to think about retirement because you feel that you are too young, you are doing yourself a great disservice. It’s never too early to start planning for later stages of your life, and the earlier you start, the easier it is to come up with a plan that works for you. You need to think about where you are today and where you want to be when you retire so that you can plan accordingly.
- Any retirement planning must start with where you are financially today. Compile a list of all your assets and liabilities, and create a budget showing your income and expenses.
- While it may not always be easy, it’s a good idea to start saving for retirement in addition to Local 338’s pension and annuity. If you do not have an IRA or other tax-deferred savings plan, begin one immediately. An added bonus of starting one of these plans is that you may also lower your income taxes, too, while you save for retirement.
- Speak to a representative at your bank to start an IRA or other retirement savings plan.
What to Do When You Are Approaching Retirement Age
- In planning for retirement, it is crucial that you know where you want to go, plan how you’d like to achieve your goals, and take the steps needed to achieve your goals. All retirement goals require some level of savings, and while you can’t begin too early, it’s also never too late to begin!
- If you have a retirement or annuity plan, try to estimate what your monthly benefit will be when you retire. If you are enrolled in the Local 338 Retirement Fund, you should also utilize the Pension Calculator on your "My Local 338" Member Portal Account for a personalized estimate of what your monthly benefit will be from Local 338. Examine your current life, health, and disability insurance policies. Will they adequately provide for your and your family’s needs?
- Know what your Social Security benefit will be when you retire. Especially if you anticipate retiring before you reach the age of Medicare eligibility you should price retiree health insurance or COBRA as well.
- If you own a home, be aware that how you hold title to real property can determine who owns that property should you or the other title holder pass away.
- Make a list of your important documents (will, deeds, bank account information, pension information, etc.) and keep these in a secure place.
- Your financial health is very much impacted by your physical health, and medical costs are daunting. Even if a retiree has Medicare, there are many costs, which are not covered. Many of the chronic conditions that cost so much in dollars and in the loss of quality of life as we age are lifestyle related. As hard as changing lifelong habits are, identify one or two steps you’re willing to take (e.g., cut out smoking, take up walking, exercise portion control when eating, etc.), so that you can lower your risks for heart disease, high blood pressure, diabetes, and even cancer.
Retirement or Early Retirement
- We recommend that you contact the Local 338 Pension Department to request a pension application approximately 3-6 months before your retirement date. You can do so through the My Messages section on your Member Portal or by calling the Department at (516) 294-1338 Ext. 1305.
- You should apply for Social Security benefits 60 to 90 days before you retire. If you retire before your normal retirement age (age 65 to 67 depending on when you were born) your Social Security benefits will be reduced. Whether it is more beneficial to you to wait until normal retirement age and receive the full amount rather than taking your Social Security benefits early at a reduced amount depends on your personal circumstances.