Welcome to the PVFT Retirement Page! Here you will find helpful links and ideas to prepare for what comes next in life after you collect your last PV paycheck. Whether you have 5 or 40 years to go, there are things you can do to get prepared for the type of retirement you hope to have. Our pension benefits are a key income source in retirement and we are lucky to work in a state that has funded it’s pension obligations well. Educators in many other states do not enjoy this same sort of positive financial situation. However, this benefit is just one leg of “The Retirement Stool” and I think you need to have at least three legs to keep the stool standing. Social Security and a personal retirement account make up the other two legs.
It is a good idea to visit https://www.nystrs.org/ . There is a wealth of helpful information no matter where you are in your career, but the most important area is the “MyNYSTRS Login” which will take you to the secure and individualized platform. If you have an account already, you can do things like check on you service record, change beneficiaries apply for a loan and estimate your pension income. If you have not made an account already, it is easy to do; you just need your NYSTRS Employee ID #, social security # and birthdate. If you do not know your NYSTRS Employee ID#, you can call (800) 348-7298 Ext. 6250. The nice people there cannot tell you your number over the phone, but they will mail it to the address they have on file.
You can also get very valuable information at the Social Security web page www.ssa.gov . Many people are concerned that this government benefit will not be around for them, but the truth is that most experts agree that Congress could make some “easy” adjustments that would preserve the plan. My guess is that the politicians will fix the problems associated with Social Security when no other options are available.
This leads us to the last leg of the “retirement stool,” and for most teachers it is the 403(b). Too few of us in the PVFT make use of this powerful personal economic engine! It is never too late to start contributing to a 403(b), but the younger you begin, the more wealth you should have in retirement. In fact, choosing to contribute earlier has a much greater effect on how much money you can earn in retirement than the amount of money you invest. You can choose from a variety of investment securities from very conservative to aggressive options and everything in between. PVCSD utilizes OMINI as a middleman that offers specific 403(b) providers we are allowed to use. You can see our provider options from https://www.omni403b.com/ . Click the Participants tab and then complete the Emp State and Emp Name.
In case you want to run some numbers to see what your 403(b) could be worth in the years to come, the following website can be very helpful. https://www.investor.gov/additional-resources/free-financial-planning-tools/compound-interest-calculator Picking an interest rate of 6%-8% is probaly a good estimate for most investors. The 403(b) or other private retirement accounts will help protect your retirement lifestyle from inflation in the decades that I hope we all get to spend in our golden years.
If you have any questions, feel free to reach out to me at the high school,
Dave Campion - firstname.lastname@example.org.