November Article Roundup

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Here’s what I’ve been reading this month:

  1. The retirement crisis is real in this country, but there are ways to salvage your situation if you find yourself short of your goal. You might need to lower your expectations a little bit.

Read “5 Ways to Salvage Retirement”

  1. “Millennials have the benefit of time on their side, so the earlier they consult with a professional and formulate a savings plan, the better they can prepare for retirement.”

One of our goals here at LAGERS is to make sure that younger people take a more active role in their retirement planning, sooner. This leads to more retirement security and less worries later on.  This quick read on a study from Koski Research talks about how millennial men and women view retirement planning differently.

Read “Retirement Outlook Far Different for Millennial Men and Women”

  1. Speaking generationally, have you even heard of Generation Z? If not you should get to know them, because in the next few years they will make up 20% of the workforce. These Post Millennials bring with them a whole new set of challenges and changes to shake up the workforce.

Read about what sets them apart in the article “Welcome, Generation Z”

  1. Now that the election is over, what can we expect from the new administration when it comes to your retirement? This article from Fox Business presents a possible outlook.

Read “What a Trump Administration Means for Your Retirement”

  1. The next read is an essay by one of NextAvenue’s “Influencers in Aging”. I highly recommend you read the whole series, but this particular post by the oldest-working park ranger is a short, poignant look at a life well lived.

Read “Looking Back, at Age 95”

“Never doubt that a small group of thoughtful committed citizens can change the world; indeed, it’s the only thing that ever has.” ~Margaret Mead

Thankful message Some fall leaves and retro pocket watch with text A Time to give Thanks

I’m guessing you don’t often think about your job like this. But this quote really resonated with me. When I think about public service, and our members who dedicate their lives to this endeavor, I realize that even though this group is not normally celebrated and honored I am thankful for them none the less. Public servants truly do change the world for the better, every day.

Here’s why:

  1. They keep our communities running – public sector employees are the glue that holds our communities together. They maintain the books, make sure the roads are smooth and easy, our water is clean and our trash is taken at the curb. From libraries to public works to the county clerk, these jobs might not be glamorous, but without them where would we be?
  1. They protect us – EMTs, fire and police personnel work crazy hours and do the job of protecting the citizens without expecting thanks or gratitude. Most calls they receive are humbling and thankless as well as dangerous. We are safe because of them. Don’t forget that.
  1. They are dedicated – this group of individuals is truly dedicated to their work. They do their jobs out of a genuine love for their city/county/township and a desire to serve the people that are their neighbors and friends. They don’t do it for the recognition, because they do not get enough of that! Wanting to serve is the reason why.
  1. They are experienced – part of the dedication of this group leads them to be incredibly experienced at their chosen occupation. During my time at LAGERS I’ve traveled around Missouri and met with public servants in many parts of the state. I’ve been fortunate and impressed to meet people who have dedicated 35 and even 45 years to their community working for local government in some capacity. That amazing dedication leads to incredibly hard working and experienced workforce.

Mohammad Ali said “Service to others is the payment you make for your space here on earth.” Local government employees have given me lots of reasons to be thankful, and their sacrifices every day for the rest of us are admirable. They are definitely paid in full.

See how LAGERS is Getting it Right every day to work to give them the secure retirement future they so deserve. 

Being Thankful for Public Service

Black Friday and Your Retirement

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There are several special sales and discounts during this holiday season in preparation for the next holiday season. One that I’m sure you are familiar with is Black Friday.  This day gives me some nightmares from my time when I worked in retail. Anyway, Black Friday certainly has some opportunities for you to save a significant amount of money on some of your holiday spending. On the other hand, Black Friday does present you with the challenges of waiting in line and dealing with the crowds.  So, as long as you’re willing to wait in lines and deal with crowds, it may make some sense for you to save some money on a large purchase during Black Friday.

For example, maybe you need a new TV and you plan to wait until Black Friday to purchase it when TVs are significantly discounted. That makes a lot of sense. However, have you thought about what you are going to do with money you saved by waiting to purchase the TV? I have a couple of ideas for you:

Pay down debt. One incredibly important part of retirement planning is knowing the cost of your monthly expenses in retirement. While you are currently working and earning more income than you will have in retirement, you should work to lower your monthly expenses by paying off your debt. This lowers your monthly expenses and also leaves your loved ones with less obligations after you have passed away.  One way that LAGERS can help you with this after retirement is through the Partial Lump Sum. If you are looking to pay of the remainder of your mortgage or other debts, you could use the partial lump sum to pay it off. Of course, the partial lump sum will reduce your monthly benefit and it is taxable, so it comes at a cost. It would be best however, if you can find a way to pay off your debt before you even apply for retirement.

Save for retirement.  Yes, I said save for retirement. Your LAGERS pension will not be enough to provide your entire retirement income needs. In the retirement planning industry, it is commonly said that to be comfortable in retirement, you need to replace at least 80 cents of every dollar you are currently earning. In other words, you need to replace at least 80% of your pre-retirement income. For example, an employee with 25 years of service with the 1.50% benefit program will replace 38.5% of their pre-retirement income with their LAGERS benefit. That’s a difference of 62.5% that will need be replaced in part by Social Security, but primarily through your personal savings. The only way a person can earn 80% of their pre-retirement income with LAGERS is by working a substantial amount of time with their LAGERS employer.

It makes sense to save money on a major purchase on Black Friday. But, when saving such a significant amount of money, start thinking about what you are going to do with the money you have saved. What a great opportunity to build your financial independence by investing in your future retired self and reducing your future expenses in retirement.

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Jeff Pabst, CRC Senior Communications Specialist

The Unfunded Liability Nobody is Talking About

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You hear a lot in the news these days about the looming pension crisis and their mounting unfunded liabilities. When I try to imagine how I would react to these headlines if I did not work in the retirement industry, I imagine that the phrase ‘unfunded liability’ would sound absolutely terrifying, and that if I ever heard that phrase being thrown around when it came to my employers’ retirement plan, I would be concerned. At that point I would probably do what any normal person would do when they hear about something this scary: I’d Google it.

So this morning, I decided to do a little experiment: I typed ‘unfunded liability’ into my trusty search engine just to see what would come up, and the results were undoubtedly alarming. Headlines reading: “Unfunded public pension liabilities near $5.6 trillion”; “How pensions pass the buck to future generation”; and “$60 billion unfunded liability looms over Pa. as lawmakers move toward pension vote” were just the beginning of a laundry list of stories listed on the topic.

Now to be clear, I believe that every pension plan should have sound plan design with a solid funding policy, so that, like LAGERS (and many other well-run pensions across the county), the promised benefits are fully funded today and plan participants can go to work and retire with the peace of mind in knowing that their retirement will be secure. Pension plans that are not doing this should be fixed. But what I found most disturbing about my search was that in all the results that popped up about unfunded liabilities, there appeared to be one major unfunded liability that nobody is talking about….yours.

‘My unfunded liability?’ you may ask. ‘I don’t have an unfunded liability.’  And that is where many of you would be mistaken. Like most Americans, you are probably planning to retire at some point in your life – either at a time of your choosing or perhaps for reasons beyond your control, such as failing health.  And when that time comes, you’re going to need to have income to live off of for the rest of your life.

In order to be able to quit working or to reduce your work hours in retirement, you need to be saving every month to ensure your nest egg will be large enough to sustain you for the rest of your life. Savers (especially those without pensions) who fail to set aside enough money each month for their retirement are creating a huge personal unfunded liability – a gap between how much they have saved and how much they will need in retirement.

According to the National Institute on Retirement Security, 45% of American households do not own any type of retirement account, with a disproportionately large number of low-income households saving nothing for retirement. Even more shocking, of households that do have retirement savings accounts, the average balance for individuals nearing retirement (age 55-64) is a mere $104,000; and if we included the households that are saving nothing, that average drops to just $14,500 saved by those who are at the doorstep of retirement.

This means that most Americans will be facing their own unfunded liabilities at retirement, and that presents a big problem. If I’m an average saver with $104,000 and I need to draw out $1300/ month to survive in retirement, my savings would not last 7 years…and that’s not even taking into account inflation or any unplanned expenses (such as a big medical bill). If I live 20 years into retirement, I need to have saved at least $312,000; and if I live 30 years, I better have $468,000 in the bank. Since I only have $104,000, I have a personal unfunded liability of over $360,000. While granted, my math is simplified, take that average times the estimated 80 million people who will be retiring over the next twenty years and you get upwards of 30 trillion dollars in unfunded liabilities in Americans’ personal defined contribution accounts.

I can’t help but think to myself, “What is going to happen when these folks can no longer work? What are they going to do when they cannot afford to retire?” As we usher out the era of private pensions, what is going to happen as more and more individuals enter retirement without adequate savings and with a huge personal unfunded liability? What is going to happen when they lose their home because they can’t make the mortgage payment, or go without food to be able to afford their medication? As a society and as taxpayers, what are we going to do?

It seems to me that many are suggesting that the solution to these pensions’ unfunded liabilities is to replace them with even bigger personal unfunded liabilities by forcing people to plan for retirement on their own. Pensions that have sound plan design and solid funding policies work, and they work well. They don’t pass cost onto future taxpayers because the liabilities (benefits) are prefunded, and participants can take advantage of longevity risk pooling and professionally managed investments. And while LAGERS members receive only a modest monthly benefit that often still requires some additional personal savings, their pension is the foundation of their retirement security, and it’s one they can count on.

The switch from pensions to defined contributions plans (e.g. 401(k)s) may indeed seem like a simple fix to all the mounting pension headlines, but until we start quantifying the unfunded liabilities in individual retirement plans, many Americans are going to be in for a big surprise when they are ready, but cannot afford to retire.

Elizabeth Althoff Communications Specialist

Elizabeth Althoff
Communications Specialist

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When is the Best Day to Retire?

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When?

Perhaps the biggest question to answer when planning your retirement is “when?” When is the best month to call it quits? When is the best day? When will I start drawing benefits? When will I start receiving Social Security? When do I need to apply for benefits? When is enough, enough? There are a lot of questions that begin with “when.” Relax. LAGERS can help fill in some of the answers for you.

When is the soonest I can begin to draw my LAGERS retirement benefit?

Click to enlarge.

You must have at least five years of LAGERS service and be retirement age to begin drawing your monthly benefits. Also, you cannot be actively employed with a LAGERS-participating employer and begin drawing your monthly benefit. The age you may choose to begin receiving your monthly payments is different than your Social Security age. The earliest the benefits may begin is when you reach age 55. If you are a police officer or firefighter, benefits may begin even earlier, at age 50. However, choosing to initiate your monthly benefit at the earliest possible age does come with a cost. Age 55 for general employees and 50 for police and fire are LAGERS’ early retirement ages, so the monthly benefit will be reduced by 6% for every year you are younger than your normal retirement age (the actual reduction is 0.5% per month). Normal retirement age is 60 for general employees and 55 for police officers and firefighters.

Some of you reading this may gain access to your monthly benefits even earlier than age 50 or 55, without any reduction, if your employer has chosen to provide the Rule of 80 (AKA, 80 and Out). The Rule of 80 allows eligible employees to begin their monthly benefits when their age + service = 80. For example, a 50-year-old LAGERS member with 30 years of service could begin monthly payments at age 50 with no reduction. Only about one-in-five participating employers provide the Rule of 80 as it does cost more for this option.

When is the best month to retire?

As far as LAGERS is concerned, it doesn’t matter. You may initiate your monthly benefit any month you choose. You receive credit for every month you work in a LAGERS-covered position so you don’t need to worry about working a certain number of months throughout the year to increase your benefit. Your benefit increases every month you work!

The most popular retirement effective date is January 1st. LAGERS sees more members call it quits in December each year with benefits beginning in January than any other month. This doesn’t necessarily mean that this is the best date for you, however. You will definitely want to be aware of any benefits your employer provides that may affect your retirement date. Are there any post-retirement benefits provided by your employer? What about unused sick and/or vacation payouts? Some of these benefits may be better or worse depending on when you leave your job.

The October 1 Myth. There is a myth amongst LAGERS members that if you retire after October 1st in a given year that you will be missing out and your benefits will forever be less than they should be. This is absolutely false. Don’t believe this myth. I won’t go into the specifics here, but I have written another entire blog about it.

When will my benefits be paid to me?

Once you have made the decision to take the leap into the next chapter in life and all of the paperwork is complete, your LAGERS benefit is always paid on the first of the month for that month. So, if you decide your last day of work will be December 23rd, your retirement effective date (the date you will be paid) will be January 1st. Almost all LAGERS retirees opt for electronic payment of their benefit so they know their payment will be in their bank account on the first banking day of each month.

The partial lump sum is an option retirees may choose if they want some money up-front in addition to their monthly benefit. If you decide the partial lump sum is right for you, this will be paid to you 90 days after your first payment date. You can choose to roll this payment over to another retirement account or extend payment of the partial lump sum out to 150 days if you want to reduce your tax burden. The partial lump sum is a big topic, so we cover it in another blog.

When is enough, enough?

This is a question only you can answer. Believe it or not, there are many benefits to showing up to work every day. It keeps you engaged physically, mentally and socially. But at some point, enough is enough. When all of the financial and emotional planning is done and you have determined you can handle retirement all that’s left is walking up to the edge and making that final jump. When you get to this point, you’ll know.

When? This question can keep us up at night. But we here at LAGERS can help you get at least some answers. The most important answers, however, are up to you.

Jeff Kempker Manager of Member Services

Jeff Kempker
Manager of Member Services

 

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2016 LAGERS Annual Meeting Re-Cap

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We at LAGERS really enjoyed this year’s Annual Meeting and we want to thank the 250 plus delegates that attended. Just in case you missed it, we wanted to give you a quick re-cap of this year’s meeting.

The LAGERS Annual Meeting is an opportunity for you to have a voice in the direction of your pension system through the board of trustees elections. However, the Annual Meeting is also a wonderful opportunity to learn more about your retirement system and network with the LAGERS staff and your other local government colleagues.

Sessions. We started the meeting off the same way we have done for the last several years with a review of the basics, LAGERS 101. We followed this session with breakout sessions that were member and employer focused respectively. The member related breakout sessions were about the payment options at retirement and post retirement topics like taxes and cost of living adjustments. Conversely, the employer sessions were about 2017 employer contribution rates and the tools available for our employers to use for educating their employees including pre-retirement seminars, webinars, and social media.

On the second day of the meeting, the attendees heard a system update from LAGERS Executive Director, Keith Hughes, that included our strong funding position and much more. Followed by an investment update from LAGERS Chief Investment Officer, Brian Collett, that included our recent investment performance and our long-term investment strategy. Finally, LAGERS Assistant Executive Director, Bob Wilson, gave us a legislative update from the 2016 legislative session including our strategy for defending your pension benefits to our legislators.

Board Elections. This year there were two board vacancies, one employer trustee and one member trustee. Employer trustees are representatives of LAGERS’ subdivision’s boards and are not active LAGERS members. On the other hand, member trustees are those who are representatives of the membership and are actively working for one of LAGERS’ subdivisions. The vacancies were Frank Buck, Employer Trustee from DeKalb County, and Kathy Barsczcak, Member Trustee from City of Independence. Both Frank and Kathy were nominated and were re-elected to their respective positions for 4-year terms.

Networking Opportunities. At this year’s meeting there were more than 250 attendees from many of LAGERS’ subdivisions. I know I personally made several new connections with many of our members and learned of many opportunities where LAGERS can help our subdivisions. I know there were many other connections made between others.

Survey Results. We are constantly looking for ways to improve our Annual Meeting and we utilize the member’s voice from past year’s survey results. This year’s survey results were extremely positive. We made some minor programming changes to make the conference more education focused and according to the survey results our attendees enjoyed the new format.

Next year’s Annual Meeting will be our 50th annual meeting and it held at the beautiful Tan-Tar-A resort on the Lake of the Ozarks. We look forward to seeing all of you there. Until then, if you need anything from us, please contact the LAGERS office.

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Jeff Pabst, CRC Senior Communications Specialist

 

 

 

October Article Round-Up

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In the last couple of months I have come across a few articles from the retirement industry that I have found to be interesting.

The Closest to Retirement Are Not Prepared: Plansponsor.com – Click Here

This article has some scary statistics about the baby boomers not being prepared for retirement. One of the statistics that I found to be the most bothersome was that one in four baby boomers have less than $5,000 saved for retirement. What is even more upsetting is that many of these people don’t have a pension they can count on. As a LAGERS member, you don’t have to save as much on your own because you have a protected benefit with LAGERS. However, you should still be saving for retirement alongside your pension and Social Security to ensure you can live the lifestyle you want during retirement. Certainly makes me thankful for the pension benefits available to you and I.

Dealing with Retirement’s Strange Sense of Humor: Forbes.com – Click Here

This article is a really different approach to explaining some of the psychological aspects of retirement. As Jeff Kempker said earlier this month in his blog post, retirement planning is not just about the financial aspects. Of course, financial planning is a critical part of retirement; however, it should not be the only part of retirement planning. This article gives you some examples of the psychological hurdles that may occur for you in retirement.

As Pensions Fade, Retirees Will Need More Savings: Plansponsor.com – Click Here

This somewhat echoes the first article I posted regarding retirement savings. However, it drives further to the increasing problem that many Americans are facing, not having a pension. “Eighty-one percent of today’s retirees receive some income from a pension plan…those not yet retired, only 24% have a defined benefit (DB) plan.” Since, these Americans do not have a pension provided by their employer, they will have to save close to an additional “$400,000 to make up for this income shortfall.” In the previous article it said that one in four baby boomers have less than $5,000 saved for retirement. That is an enormous gap of what is needed just to replace pension income and what people are actually saving. This shows you that the 401(k)-type retirement plans are not working.

Uber, Lyft Help Seniors Moonlight in Retirement: CNBC – Click Here

Some retirees are making a little money on the side by driving for ride-hauling companies like Uber and Lyft. These companies are actively pursuing senior drivers. In fact, 23% of people who drive are older than 50. So, if you are looking for some part-time income in retirement, it looks like Uber and Lyft would love to have you.

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Jeff Pabst, CRC Senior Communications Specialist

 

 

 

The #1 Thing Most People Overlook When Planning for Retirement

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What are you going to do when you don’t have to do anything?

Many of us dream of these days when we can fill our time doing the things we never had time for while working. Sounds great doesn’t it? Waking up every morning with a completely clean slate. Go fishing, work in the garden, watch TV, meet up with friends, it’s all up to you. But if you don’t plan for what you will do when you retire, you could end up wishing you would have stayed in the workforce. This is because figuring out your finances before retiring may be the most important, but it cannot be the only focus. Figuring out your personality and what makes you happy is essential for a great retirement.

I know what you’re thinking right now, “This will not be a problem for me! You should see the list of all the things I want/need to do!” But you now have all day, every day to work on your list. Think about all of the time you spent, not just at your job, but the commuting to and from. All of that activity is gone. So, even if you have a long retirement to-do list, with all of your extra time, that list might be complete in a couple of months, or less. Then what?

We need to take a more global approach to retirement planning than just making sure we have enough money to survive day-to-day. We don’t want to just survive, we want to thrive! To help ensure you do not overlook the emotional side of retirement planning, here are some questions to ask yourself.

How will I spend my time?

Look beyond your to-do list. When everything is checked off the list, what will you do with the rest of your life? Get to know yourself and what you need. Are you the type of person that can remain active without a routine or schedule? Maybe you need some commitments in your life to keep you motivated like volunteering or a part-time job. Are you a social butterfly who needs regular interaction with other adults, or are you OK with being alone most of time? Answering these questions will help you get to know yourself better in order to identify how you will fill your time productively and happily.

What do you really like to do?

This may seem like a simple question, but think about it. Do you even remember what you really like to do? Some us haven’t been able to pursue our own interests in so long this question is harder than you think. Think about the times in your life when you were the happiest. What were you doing? What was going on in your life that made you feel this way? Do you like to stay physically and mentally sharp? What about travel, how much and where to? How about restarting a forgotten hobby or starting a new one? Spend some time thinking about what you enjoy doing and then do that!

What will motivate you to get out of bed every morning?

Unfortunately many retirees experience periods of deep depression because they have nothing to look forward to. Making a long-term plan and setting retirement goals will help to find the answer to this question. Set out on a quest, start a business, plan social events with old work buddies, sign up for a class, or get a part time job. Anything that will propel you to jump out of bed in the morning will work. Set goals and make a plan about how to achieve them.

How will I react to not working?

Retirement is a mindset just like working is a mindset. When work is suddenly ending, it’s like slamming on the breaks at 100 miles per hour. How will your mind and body react to this new lifestyle? Will you be bored? Will your health begin to deteriorate without the routine that is the working life? This question may take some deep thought, but if you know yourself and can be honest, you will find the right answer.

 

These are four seemingly simple questions that have very complex and meaningful answers. Thinking hard about these questions before leaving the workforce is key to a successful and happy retirement. Don’t get caught up focusing only on the financial aspect of retirement, the emotional aspect must be addressed in order for you to live the lifestyle you want.

 

Jeff Kempker Manager of Member Services

Jeff Kempker
Manager of Member Services

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The Significance of Your LAGERS COLA Benefit is Larger Than You Think . . .

This year LAGERS retirees will receive a COLA (Cost of Living Adjustment) of around 1%. This increase will be reflected on October 1st and it means much more than just a slight increase to your monthly benefit. It shows the strength and overall financial security of your LAGERS pension system.

By now you know you’re rather fortunate to have a defined benefit pension plan as the foundation of your financial future. As a retired local government employee, LAGERS provides you with an exceptionally strong and secure pension plan. However, the added stability of your COLA is also something to be thankful for. More and more, we find other pension plans are not able to provide this to their retirees, ever, much less on a yearly basis, as LAGERS has historically been able to do. This means as time goes on; your benefit keeps pace with the economy and spending levels on goods and services, and won’t lose value every year.

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Source:NRTA Pension Education Toolkit

“LAGERS cost of living adjustments are granted annually based upon the retirees date of retirement and applicable changes in the ‘consumer price index’ (CPI). Though this process may seem unnecessarily complex, I am extremely proud to share that 100% of LAGERS retirees have received increases equal to the CPI thereby maintaining 100% purchasing power in retirement,” says Keith Hughes, Executive Secretary.

Below are some things to understand about the benefit of having a COLA with your LAGERS benefit:

  •  It is based on inflation and the consumer price index and is designed to keep your benefit at 100% purchasing power.
  • The LAGERS board meets annually to determine the COLA adjustment based on the financial solvency of the system. The COLA is not an automatic benefit, but don’t worry, LAGERS is fiscally sound and even though it isn’t automatic every year, LAGERS has historically been able to provide this to retirees consistently. In order to continue to keep benefits at a high level of strength and security for years to come the COLA will never be over 4% in a year. However, if the CPI is higher than 4% in any given year, this will be considered and additional increases will be given in future years to “catch up”.
  •  The LAGERS plan is exceedingly stronger than other plans of similar nature – Without going into the weeds on the specifics, just know that the fund we use only for paying our retirees’ benefits is slightly over 100% funded. Yes, you read that right. Overall, LAGERS is around 94% funded when the industry average for similar plans is around 73%. This means LAGERS is in a better position to meet all of our obligations to retirees for decades to come.
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Source: NRTA Pension Education Toolkit

To give you a real life example of the power of having a COLA, the oldest of our members currently receiving a retirement benefit is 107. She retired in 1979 at the age of 70 and is currently receiving more than three times her original base benefit with accumulated COLA’s applied.
While this is obviously an extreme case, as we won’t all live to 107, it does show the significance of your COLA and how it affects your purchasing power in a positive fashion.

More good news, right? Keeping your benefit at pace with inflation is significant, especially when looked at over the lifetime of a retirement. So while the annual number may look insignificant, now you know that over time it matters much more than at first glance.
ALL retirees will receive a paystub in October showing your individual increase.

 

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September Article Roundup

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It seems like we are constantly hearing things like, “age 60 is the new 40,” and “age is just a number.” There is also a changing view of retirement from a period of leisure to more of a phased approach, where people aren’t stopping work altogether, but just scaling back or starting something new. Does this mean retirement is now a dirty word? Are the days of celebrating retirement over?

Read “When did retirement become a dirty word?”

 

Talking to a financial advisor is a great way to stay on track with your goals. Wading through the investment and benefits waters can be overwhelming if you try to go-it-alone. Financial advisors can be great resources, but there are some things you need to know before deciding who to trust with your fiscal future.

Read “10 Questions to Ask Before You Hire a Financial Advisor”

 

The American retirement savings crisis is well documented. About half of US workers don’t have access to employer-sponsored retirement plans and those that do, for the most part, are not saving enough. The Americans who have the steepest hill to climb are those that probably need the most help – those with lower levels of education.

Read “Workers without college degrees fare worse with 401(k)s”

 

The National Institute on Retirement Security released a report last week that shows the profound economic impact of public pensions in the U.S. Public pensions, like LAGERS, pay retirees steady monthly income. That income is not stuffed under mattresses, but put to use purchasing local goods and services. LAGERS, for example, pays over $250 million per year to retirees – $230 million stays in Missouri! The full report and state-by-state information can be viewed here.

Read “Pension Spending 7.1 million jobs, $1.2 Trillion Economic Output across the U.S.”

 

Jeff Kempker Manager of Member Services

Jeff Kempker
Manager of Member Services

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