Elizabeth Althoff
If you haven’t signed up for your myLAGERS account yet, you’re missing out! Just like using online banking to monitor your finances, there are so many great benefits of having instant access to your retirement information. And just because you are more than a few years away from retirement doesn’t mean there’s nothing on myLAGERS for you.
For starters, there is a lot that you can do. When the LAGERS team sat down to design this system, the number one focus was to give members as much access and control over their information online as possible. This goes beyond just being able to change your address and update beneficiaries (which you can do that too). You can create custom benefit estimates, estimate the cost of purchasing additional service, view what wages your employer is reporting to LAGERS, and so much more! Here are a couple other ways of using your myLAGERS account that you may not have thought of.
Not sure if that retirement date you picked is the right choice for you? myLAGERS can help!
One of the most common questions we get in the LAGERS office is: “I’m not sure if an early retirement is right for me” or “I can’t decide if working a couple more years is worth it.” Because every member has a unique retirement situation with unique circumstances surrounding them, you are the only one who knows the right answer to these questions, however, myLAGERS can offer some tools to help you make an informed decision. Trying to decide between two retirement dates? Run two benefit estimates, one for each potential retirement date, and set the two side by side. Trying to decide between taking a new job or sticking with your current employer? Run a couple estimates, one working to retirement age, and another leaving employment early. Understanding the financial impact of your decision on your retirement benefit, may help you make a more educated choice about which move is right for you.
Take your benefit estimates to the next level.
Creating a standard benefit estimate is nice, but there is so much more you can do with your myLAGERS benefit estimator. One of my absolute favorite features is a button on the benefit estimator that allows a member to apply taxes to their benefit so that they can see what a take-home benefit will look like. While this shouldn’t replace a pre-retirement conversation with your tax professional, it’s a quick and easy way to get a general idea of what your net benefit may look like at retirement…something a lot of pre-retirees forget to do!
Or maybe you are years and years from retirement and are trying to pinpoint how much you can expect from your benefit down the road. Try creating a benefit estimate and add wage inflation to the formula to account for all those big raises your boss is going to give you in the future!
Skip the Paper, Retire Online.
In a day and age where everything is going paperless, so can your retirement. Not only can you apply for your benefits online, but if you are someone who likes (or needs) a little extra hand holding when working on something unfamiliar, myLAGERS is the way to go. When you apply for benefits, you will be walked step by step through the entire process and can track your application progress as you go. If you forgot to send us something, the step-by-step wizard will let you know! Retiring online makes starting your benefits easier than ever!
It doesn’t end with retirement!
Once you have retired, remember that there’s still plenty to do on your myLAGERS account. Did you know that you can adjust your tax withholdings at any time on myLAGERS? Or say you are applying for financing and need to produce verification of your pension income? You can instantly generate an income verification letter from the comfort of your own home.
One of the most helpful features for retirees on myLAGERS is the ability to track your benefit payments online. Not only can you see your past payments, but can also see your next upcoming payment. This can be especially useful if you are wondering what your next COLA will be. Every retiree can log on to their myLAGERS account and see their October increase in September.
There are so many other things that you can use your myLAGERS account for, and if nothing else, using it to keep your contact information up to date can help LAGERS communicate valuable information about your benefits. Can’t wait any longer to sign up? Click here to get started today!
Elizabeth AlthoffPublic Relations Specialist
