No matter what stage you are at in your life, LAGERS is an important asset to helping you achieve financial freedom. Pension plans like LAGERS can seem complex, but when it comes to the benefits you will receive, it is actually quite simple. Here are three ways LAGERS is helping you achieve financial freedom today and into the future.
MONTHLY BENEFITS ARE PAID FOR YOUR LIFETIME
You read that correctly - for your lifetime. Once you are eligible to receive a benefit from LAGERS, you will get a payment every month for the rest of your life. You even have the option to choose continuing monthly benefits to someone else after you pass away.
LAGERS is called a "defined benefit" retirement plan because your benefit is "defined" ahead of time using a simple formula. This takes some of the guesswork out of retirement planning because you know well before you retire the amount you will get from LAGERS. And, since LAGERS is one of the most financially stable pension plans in the U.S., you know your money will be there when you need it.
WE DO THE INVESTING FOR YOU
Investing in the markets is confusing. There are so many options and the roller coaster track the markets ride on is enough to make your head spin. But with LAGERS, you get a dedicated team of investment professionals that serve one client - you. Their sole focus is on achieving the best returns by investing your money while you are working. Then when you are ready to call it quits, LAGERS will return your earned benefit to you. This allows you to hit the easy button when it comes to investing and leave that to us. Plus, since your LAGERS benefit is based on a formula that is driven by how long you work, your benefit is always going up! Each month working for a LAGERS employer increases your benefit. It is never going the other way.
NOT JUST RETIREMENT BENEFITS
Sometimes life doesn't turn out the way we planned, but LAGERS can provide some peace of mind if something should happen to you before retirement. With the disability and survivor benefits you have with LAGERS you, or a loved one, may be eligible for lifetime payments if you become disabled or pass away while still working. These are extremely valuable benefits that can come in handy when you need them. Be sure to have a basic knowledge of how these work so they may be included in your financial plan.
Whether you are knocking on the door of retirement or just starting your local government job, LAGERS can help provide financial freedom today, tomorrow and for your lifetime. The key is to remain in public service with a LAGERS employer to get the most out of this valuable asset!