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New York State and Local Retirement System

Preparing for Retirement

Part Four: Plan Outside the Box

Speaker one:
Health insurance is a major concern for most people when planning for retirement. We don’t administer health insurance benefits here at the Retirement System.
Speaker two:
Approximately 3 to 12 months before retiring, check with your health benefits administrator. He or she can give you important information about post-retirement coverage.
If you're not eligible or you need to supplement your coverage, now’s the time to investigate private health insurance.
If you're a New York State employee, visit the Department of Civil Service’s website for comprehensive information about the New York State Health Insurance Program.
Speaker one:
A sound financial plan is crucial for a comfortable retirement. Approximately 8 months before you retire, review other income sources such as your savings, investments, or proceeds from a deferred compensation plan.
You should also review your Social Security Statement. Each year the Social Security Administration mails a new one to you about three months before your birthday.
You can also call them toll-free (1-800-772-1213) or visit their website to request a statement of your earnings, get information on Medicare and disability benefits, and locate your nearest Social Security Administration Office.
Speaker two:
You’ll want to prepare a budget once you’ve determined your post-retirement income. Having a budget in place lets you see how you spend your money and keeps your long-term goals in focus.
For the next month or two, keep track of your expenses. Don’t forget to include ones that occur periodically such as your car insurance or property and school taxes. You may want to consult with a financial planner.
Besides guiding you in investment and retirement planning, he or she can help you determine your net worth, cash flow and risk management.
To help you find a financial planner, check with the National Association of Personal Financial Advisors located at:

3250 N. Arlington Heights Road

Suite 109

Arlington, IL 60004

Phone: 1-800-366-2732

If you want to research a member of the Certified Financial Planner Board, visit their website or give them a call at 303-830-7500. Their Address is:

1670 Broadway

Suite 600

Denver, CO 80290-2101

Speaker one:
Finally, we suggest you begin organizing your legal and financial papers. You’ll want to store them in a safe but accessible location and let your spouse, children or a trusted friend know where to find it.

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