Are You on Track to Win in Retirement?

Check your retirement game plan with these three strategies to ensure you’ll be financially prepared when you decide to hang up your jersey.

By Rebecca L. Bennett & John Martin

 

Throughout your career, you’ve worked hard to serve your community and set yourself up for a “win” by retiring comfortably someday. But as time ticks by, it can be difficult to know exactly when to dunk the ball one last time, let the buzzer sound and step off the court.

Soon-to-be retirees often wonder, “Is my retirement game plan solid? Did I anticipate everything life might throw at me in retirement? Have I made all the right moves?”

While the answer isn’t as straightforward as shooting a free throw, here are three tried-and-true strategies to help ensure you come out on top as you look to end your career:

Money Shots

One of the first things you should figure out when thinking about retirement is if you can afford to retire. Take inventory of your finances and build out a budget to compare your estimated income with your estimated expenses. Will it be enough to support your desired lifestyle in retirement, or should you look at working longer to earn a bigger benefit?

Consider paying off remaining debt before you retire to maximize your retirement income.

You should also ask your employer if you qualify for medical insurance for retirement. Your employer’s medical insurance eligibility may differ from your TCDRS retirement eligibility.

Check the Score

As part of the process of examining your financial situation, don’t forget to sign into your TCDRS.org account and run a benefit estimate. This will let you see what your TCDRS benefit would be under different retirement dates, benefit payment options and beneficiary selections.

• Pro tip: While you’re logged in, be sure to update your account information and take a look at our online benefit application. That’s where you’ll go to apply for retirement when you’re ready!

Plan For the Unexpected

Excellent game plans always factor in the unexpected and leave room for players to adapt to new challenges. Likewise, it’s always a good idea to head into retirement with a solid emergency fund and rainy-day fund to ensure your newly fixed income holds up when life happens.

Ask a Coach

Finally, your best resources when formulating your retirement game plan are the professionals! Call us, meet with us in an online counseling session or attend one of our webinars anytime you have questions about your TCDRS account.

And consider recruiting a financial planner to help you with the bigger picture of your finances.

You’ll be ready for that final dunk in no time!

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