Be informed and plan well!
Planning Your Retirement?
By Jeanne M. Foster, Assistant District Director - District I
CSEA Retiree Unit
It's never too early to start thinking about your retirement and it's never too late!
Log onto my|CalPERS and estimate your future benefits with current data imported from your employer. It’s easy to do and only takes a few minutes of your time!
Under the tab “Educational Resources” – you can take online classes in your home on “Planning Your Retirement” and “Completing Your Application”.
The tab for “Retirement,” has another subsection to do a “Retirement Estimate” – it’s easy to do, but sometimes members are confused about what dollar figure to put into the calculator. If you work 8 hours each day, 12 months per year, then it is very simple: put in your gross (before any deductions) monthly salary. CalPERS considers you a part-time employee if you work less than 12 months in a year. So be sure if you work less than 12 months that you click that tab. It asks for the number of months you work: be sure to include every month you work even if it’s only one day or one hour in a month.
If you work less than 8 hours per day, you’ll need to know your hourly rate of pay with longevity and any stipends you receive. Then multiply your hourly by 173.33 & add your longevity & stipends. The result equals what you would earn monthly if you worked full-time. Then you would multiply this figure by the number of months you work in a year and then divide by 12. This is the dollar figure you put into the retirement calculator.
Remember: If you plan to retire, you must get your application to CalPERS approximately three (3) months or 90 calendar days before your retirement date. CalPERS will not accept your application unless it is within 90 days of your retirement date. BUT don’t be too late applying for retirement either. Remember that it takes CalPERS 90 calendar days, approximately, to process your application.
You can now apply for retirement on line through your myCalPERS account! It’s quick and easy to do. However, unless you are within 90 days of your retirement date, you will not be able to complete the application process on line. Count every day – Saturdays, Sundays and Holidays!
If your retirement date is June 30, your first check should come from CalPERS by August 1. However, sometimes CalPERS is inundated with retirements and that may slow the process. So be prepared for that, just in case your first check is late.
You should keep the connection with CSEA in Retirement by joining the CSEA Retiree Unit. It only costs $3.00 a month or you can pay $36.00 for one year. There are so many advantages to being a member including free $5,000 in accidental death & dismemberment insurance, and discounts on purchases of See’s Candy, Amusement Park tickets. Plus there’s a new Motor Club program for roadside assistance – the first year is only $69 or $6.90 monthly. Discounts on computer purchases, Good Year Tires, Rental Cars – and free legal advice are but a few reasons to keep your membership in CSEA. You can also get help with your CalPERS retirement.
If you have questions about your retirement, either contact your chapter’s Pre-Retirement Resource Person, or call me: Jeanne Foster, CSEA Retiree Unit Assistant Director, District I, (805) 485-3663 or my cell: (805) 750-6489 – or email: firstname.lastname@example.org
If your chapter doesn’t have a Pre-Retirement Resource Person, contact your chapter president and volunteer to learn to help members about their retirement.
Visit us on the web: www.glendale.edu/csea