National Retirement Security Month is being recognized during the entire month of October. This month was created to bring awareness to the importance of putting money aside for your future retirement. We at LAGERS believe strongly in our vision of a secure retirement for all and we strive to get a little closer to that vision every day.
But this vision is not something we can achieve on our own. It takes dedication to funding the benefits from the local government employers. It takes personal responsibility from each of our members to put in the time as public servants and to plan for other sources of retirement income. It takes our state elected officials understanding the value these benefits bring to their constituents. It takes all of us. But one thing is for sure, LAGERS is the strong foundation of retirement security for each one of our members.
As a LAGERS member you know the money you will receive in a benefit from LAGERS increases each month you devote to serving your community. There is a good chance that your monthly benefit from LAGERS will be your most significant source of retirement income if you work long enough in local government service. If you plan accordingly and save diligently, your personal savings and Social Security will create a strong three-legged stool to support your retirement lifestyle. With LAGERS as your base, this lessens the amount of money you would otherwise have to save on your own and provides a lifetime stream of payments for yourself, and potentially, a beneficiary after you are gone.
During this roller-coaster of a year, many Americans are having to put off retirement because of the uncertainty of the markets. Not so with LAGERS members. We have not seen any significant change in the number of retirements during any month in 2020. This is a signal that the benefits provided by LAGERS' defined benefit model are especially important during times of economic uncertainty. Our members have the peace of mind knowing they will receive stable and predictable payments each and every month, no matter the conditions of the investment markets.
During this National Retirement Security Month, take a few minutes to envision the retirement you would like to have and ask yourself if you are on track to achieve it. Ask your employer if you have access to payroll deduction retirement savings like a 457(b) deferred compensation plan. If you are already participating in such a plan, consider increasing the amount you are saving. Even a small increase can make a big difference over time. Also spend some time reviewing your most recent LAGERS' annual statement or go online to run some benefit estimates.
Knowing the amount you will receive from LAGERS is a good place to start your retirement planning.
As always, please contact us with any questions you may have about your retirement benefits. After all, it's your money, we're just holding onto it for you.