During the month of October, we celebrate National Retirement Security Month, a national effort that focuses on financial wellness and achieving retirement savings goals.
This month, and every month, SERS encourages members to
invest in themselves and save for retirement.
Keep in mind that the average new SERS retiree receives a monthly pension of $1,573. Will that, plus any supplemental income and savings, be enough for you to live comfortably in retirement? Some expenses to take into consideration include:
- Health care premiums (retiree health care premiums and coverage differ from employer coverage)
- Rent or mortgage
- Utilities
- Property taxes
- Groceries
- Dining out
- Travel
- Gas for vehicle
- Entertainment
As a public employee in Ohio, you have access to one of the best retirement savings options available:
Ohio Deferred Compensation (ODC). This 457(b) plan offers many different savings options managed by ODC’s financial experts, and money can be transferred from your paycheck before taxes. ODC will conduct several
webinars later in the month for those who are getting ready to retire and would like to learn more about basic or advanced retirement topics, or for those who would like to learn more about achieving a desired income level in retirement.
Even if you don’t plan on retiring with a SERS pension, we can still be an important part of your retirement plan. All of your employee contributions can be refunded when you leave your SERS-covered position. No matter the amount of the refund, consider rolling that money into a retirement savings account rather than paying high taxes on the refund amount and spending the rest.
Follow us on Facebook as we share various resources related to saving money, investment strategies, cyber security, and financial wellness throughout the month.
