A Checklist for Those Nearing Retirement
At Least 18 Months Before You Retire:
- Become Informed. This is the most important step to take in planning for your retirement. Here are some things you can do:
- Commit to Paying Off Your Retirement System Loan and/or Outstanding Balance for the Purchase of Credit for Previous Service. If you retire with an outstanding loan balance, you will receive a permanently reduced annuity or retirement benefit. If you have an outstanding balance to purchase credit for previous service, you may only receive credit for a prorated portion of your service. In most instances, with less service credit at retirement, you will receive a smaller retirement benefit.
18 – 12 Months Before You Retire
- Complete a Request for Estimate (RS6030) form to learn the approximate amount you can expect to receive monthly. Most members* can also visit our benefit projection calculator to get an idea of the amount of your annual benefit. It will be based entirely on the data you input.
- Locate Proof of Your Birth Date. We must have proof of your birth date before any benefits can be paid. In most cases, a photocopy is acceptable — but if you send us the original, we will return it to you. Please send us a copy of one of the following:
- Birth certificate
- New York State driver’s license issued on or after January 1, 2005
- Passport or passport card
- A Marriage Certificate, if it shows the age on a given date or the date of birth
- Baptismal certificate
- Certificate of Release or Discharge from Active Duty (DD-214)
- State or provincial enhanced driver’s license (A special driver license that can be used as an identity and citizenship document at land and sea border crossings between the U.S., Canada, Mexico and some Caribbean countries instead of a passport.)
- Naturalization papers
The National Center for Health Statistics’ website contains information for each state on where to write for your vital records.
* The benefit projection calculator currently cannot project benefits for:
- Employees’ Retirement System (ERS) Tier 5 & 6 members in the Article 15 retirement plan;
- ERS members in special 20- or 25-year retirement plans;
- Police and Fire Retirement System (PFRS) members who joined on or after July 1, 2009.
12 – 3 Months Before You Retire
- Review Your Health Insurance Coverage. Check with your health benefits administrator to determine your eligibility for post-retirement coverage. You may have to investigate private health insurance plans.
8 Months Before You Retire
- Review Other Income Sources. Experts say you will need at least 80 percent of your pre-retirement income to maintain your current standard of living
- Prepare a Retirement Budget. Having a budget allows you to decide how you want to spend your money and aids you in keeping your long-term goals in focus.
3 Months – 15 Days Before You Retire
- Submit Your Application for Service Retirement (RS6037)
- Submit Your Direct Deposit Form (RS6370)
- Submit a W-4P Form . Use our tax calculator to determine approximately how much you should have withheld from your retirement benefit. Review more tax services information.
By the Last Day of the Month You Retire
- Choose a Retirement Payment Option. Base your selection on your most recent estimate.
Enjoy Your Retirement!