Pre-Retirement Seminar season 2019 is well underway here at LAGERS. We're traveling the state, coming to your area to educate and inform you on the process of retiring and receiving your LAGERS benefit. If you are within 5 years of retirement, we recommend you attend at least one before retirement rolls around. We asked those who attended our seminars how we did, and we came up with 3 reasons why you should attend a Pre-Retirement Seminar.
Whether it’s your first day on the job, or you’re a seasoned local government pro, you may feel a little overwhelmed when it comes to understanding your LAGERS benefit. While there a many facets to how your benefit works, here are five simple themes every LAGERS member should know.
1. Your Hard Work Pays Off
LAGERS benefit calculation is pretty simple: work longer, earn more income in retirement. That’s easy enough, but because you accrue service, and not an account balance, it can sometimes be difficult to visualize the true value of your LAGERS benefit. LAGERS offers many different tools to help you estimate your future benefit, but know that each month you work, your future financial security grows - and that future monthly income will add up over a lifetime!
Did you recently find out you are going to receive a tax refund? Did you immediately think about what you could spend the money on? Maybe the things you are planning on spending your tax refund on are constructive, like car repairs, home repairs, pay off some credit card debt or others. However, it’s hard not to be tempted to spend that refund money on something fun, right?
This week we celebrate everything that makes our local governments wonderful. From roads, school buses, clean water and parks; to our local officials and our first responders - fire, police and EMS workers and everyone in between who works hard for their local communities.
This article is re-posted from our Administrator blog, the blog we do specifically for our administrative contacts who work on the employer reporting side of LAGERS. If you're interested in subscribing to this blog we'd love to deliver you this great content straight to your inbox once a month.
- About half of Americans age 55 and older have nothing saved for retirement. However, 20% of these do have access to a defined benefit pension plan.
- Defined benefit pensions are the preferred retirement plan for state and local government employers.
- 39 employers have chosen LAGERS defined benefit plan for their employees within the last year. Almost all switched from a 401(k)-type plan.
- Defined benefit plans, like LAGERS, help government employers attract and retain good workers to serve the community.
Are you reaching a point in your career where you can see the light at the end of the tunnel? If you’re within striking distance of retirement, that means you’re ready to start attending LAGERS’ Pre-Retirement Seminars! Anyone who is interested is invited to come, however, we strongly encourage anyone within 5 years to attend at least one Pre-Retirement Seminar before they begin drawing their LAGERS benefit.
Last week, LAGERS members from every corner of the state gathered in Jefferson City to visit with lawmakers about the importance of their LAGERS retirement system! It was an action-packed day, full of tons of great visits with our state lawmakers. Here are a few of the highlights!