There are many things to consider when you make the decision to retire. First of all, do not confuse “retirement eligibility” with “being financially able to retire.”
Other considerations are:
- There are many things to consider when making the decision to retire: Have I attended a retirement workshop, seminar or webinar?
- Are there ways to strengthen my benefit before I retire?
- Are there leaves of absence or lost days I am eligible to purchase that will strengthen my retirement benefit?
- Do I understand how sick leave may be used in my benefit calculation?
- Have I contacted TRS to request an estimate of my retirement benefit with my projected retirement date?
- What is the difference in my monthly benefit by using the average of my high three salaries rather than my high five salaries?
- How do I attain the average of my high three salaries?
- Do I know what the health insurance options are in retirement and the cost to me for health insurance in retirement?
- Do I have a financial plan?
- If I am considering returning to work with a TRS employer, do I the rules and options for returning? A return to work with a TRS employer cannot be arranged prior to retirement; such arrangements are illegal.
Financial planners recommend retirement income of between 80% and 100% of your final salary depending on the adequacy of provided health insurance.
To answer your questions regarding your individual retirement planning, contact TRS at 800-618-1687, between 8 a.m. and 5 p.m. ET, Monday through Friday.