Plan for Retirement

Retiring from your working career is a major milestone! Learn about ways to prepare for retirement and become familiar with the decisions you will make when you are eligible for benefits.

Retirement Savings

Your PERA pension is an excellent benefit. While it may be the biggest tool in your retirement toolbox, your pension is not intended to replace all of your salary. The general recommendation is to replace 80–100% of your pre-retirement income to maintain the same standard of living after you retire. Your PERA pension, Social Security benefit, other retirement investments, and personal savings can help you reach your retirement goals.

Retirement Countdown

Learn how you can prepare for your upcoming retirement.

12 MONTHS TO RETIREMENT

  • Contact PERA for a retirement estimate.
  • Review your benefit options (single life and survivor options).
  • Calculate your expected Social Security income.
  • Check on earnings limits and termination requirements if you plan to return to PERA-covered employment after your benefit begins.

6 MONTHS TO RETIREMENT

  • Attend the “Ready to Retire” webinar.
  • Review your PERA retirement estimate and benefit payment options.
  • Review your other tax-deferred savings plans and their withdrawal options.
  • Prepare a retirement budget.

3 MONTHS TO RETIREMENT

  • Notify your employer about your retirement plans.
  • Update personal contact information, including your home and email addresses.
  • Complete and submit a retirement application.
  • Contact your local Social Security office to file for benefits (if you are age 62 or older and eligible for benefits).

Resources

Applying for Benefits
Member Programs
Annual Increases