Retirement is Near & You Feel Unsure

Are you close to retirement? Are you feeling less than confident that you will be financially prepared to retire when the time comes? It’s never too late to save or to increase your current contributions and we’re here to help. We have tips, tools and educational materials to help show you what you can do to save a little more now, giving you some added confidence in your “later.”

Evaluate where you are now – Talk with your Account Executive to start an account review to see where you really stand – once you have the facts and a plan in place, you’ll probably feel more confident about the future.

• Review the Retirement Checklist to see if you’re prepared to take benefit payments.
• Learn about the Transitioning From Investing to Spending, to get a better idea of the shift from investing in to spending.

Look at consolidating all your qualifying outside funds – If you have funds with various previous employers or IRAs, you can consolidate them into the New York State Deferred Compensation Plan (the Plan). This will consolidate more of your money in one place, making it easier for you to keep track of your investments now and provide a single source for payouts later. It’s simplicity and confidence in one step.

Qualified retirement plans, deferred compensation plans and individual retirement accounts are all different, including fees and when you can access funds. Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or a 10% tax penalty if withdrawn before age 59 ½. Neither the Plan nor any of its representatives give legal or tax advice. Please contact your legal or tax advisor for such advice.

Play catch-up – Take advantage of special rules for public employees that may allow you to invest more in the Plan in the years leading up to retirement.

• Learn about Choosing Your Retirement Date, specifically the 50+ Catch-Up Option and the Special 457 Catch-Up Option available to public employees.
• Read about How to Start Receiving Income – see what payout options may work best for your personal situation.

Discover ways to invest more – You can still enroll in the Plan. Learn more about Why Should I Participate.

• Get an idea of the Quality of Life in Retirement by balancing risks you face against the cost of waiting to invest with the Plan.
• Find out How To Find More Money to invest in your retirement.

We have additional articles and videos that may help you learn more about your options:

• The Cost of Inflation - There are things that are out of your control. Learn more about how inflation may affect your savings.
• Social Security – You may want to supplement your Social Security benefits by investing in the Plan.
• Living Longer in Retirement – Many public sector employees retire early and may need to live 30 years or more on their savings.
• Market Risk – The market is ever-changing. Learn how to weather the storm.

Get the help you need

We’re here to help you understand what steps are available to you and how you may be able to save more now for your upcoming retirement. If you have any questions, or just want to talk about planning for retirement, call our Account Executives today – they are happy to help you.

This material is not a recommendation to buy, sell, hold or roll over any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition or particular needs of any specific person. Investors should work with their financial professional to discuss their specific situation.