There are important things you need to do in the final months leading up to your retirement date. Our Countdown to Retirement Series will help you remember what to do and when to do it.
Last month we talked about what you should do when you’re 8 months away from retirement. This post talks about preparing a post-retirement budget and researching your post-retirement health insurance coverage.
6 Months Out: Preparing a Post-Retirement Budget
In our post on requesting an NYSLRS retirement estimate, we talked about how your estimate will have an approximate amount of what your retirement benefit could be. You can use the amount from your estimate to prepare a post-retirement budget. Having a post-retirement budget helps you to decide how you want to spend your money in retirement and helps you keep your goals in focus.
We feature worksheets to help you prepare a post-retirement budget on our website. Keep track of what you spend now for a month or two to get an idea of how you spend your money. You should include periodic expenses, such as car insurance, or property and school taxes as well.
4 Months Out: Review Your Post-Retirement Health Insurance Coverage
You should also check your eligibility for post-retirement health insurance coverage, as NYSLRS does not administer health insurance programs for retirees. If you work for a non-State employer, contact your health benefits administrator for information on coverage available; if you work for a State employer, you can visit the New York State Department of Civil Service website for post-retirement health insurance information.
Your planned retirement date is just a few months away. Check back for more Countdown to Retirement posts on what to do after you’ve filed your Application for Service Retirement form. If you have any pre-retirement questions, please contact us.