Oct. 23, 2024
The third week of October is National Retirement Security Week and marks the perfect time for both active members and retirees of Missouri LAGERS to assess their financial security and take steps to ensure a stable future. Whether you are still contributing to your retirement or already enjoying your benefits, here are some key actions you can take to make the most of your retirement plan.
1. Review your pension benefits
Regularly check your pension progress through your myLAGERS portal to see how your benefits are growing with each year of service. Taking the time to understand how your current contributions, years of service, and your employer’s benefit multiplier affect your future benefit will help you plan for retirement more effectively. Retirees should take this time to review their monthly benefits to ensure they’re meeting their current and future financial needs.
2. Adjust your financial goals
Whether you’re still working or retired, it’s essential to periodically assess and re-adjust your financial goals. Active members may want to calculate their future benefit, or review whether they’re saving enough in addition to their LAGERS benefit to cover future expenses such as healthcare or travel. Retirees should consider potential future costs and plan for unexpected expenses. Having a clear financial plan will help you maintain your lifestyle throughout retirement.
3. Stay informed and educated
LAGERS offers various resources, including webinars, pre-retirement seminars, and online tools, to help members stay informed regardless of where they’re at in their retirement journey. These resources can provide valuable insights on how members can maximize their benefits, prepare for retirement, or readjust their financial goals. View and register for upcoming LAGERS events online.
Whether you are still working or have already retired, National Retirement Security Week is the perfect time to take control of your financial future. Stay informed, plan ahead, and make the most of your LAGERS benefits. For additional questions about your retirement benefits, contact the LAGERS Benefits Team at [email protected] or call 1-800-447-4334.
