Monthly Archives: October 2016

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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