Thinking about Retirement?
Attention ATA Members:
Update Your Information for a Smoother Retirement Process
Update Your Information for a Smoother Retirement Process
If you’re starting to think about retirement, here are a few important reminders and helpful tips:
- Set up your NYSTRS account/app and review your benefit profile to make sure all your service time is correctly listed.
Tip: Try out the pension estimator to see different scenarios — for example, how your pension might change if you retire in June vs. April, or if your salary increases or decreases. - Open a VOYA account if you don’t already have one. This is where your sick day payout will go. You’ll receive 25% as a payout,which VOYA will manage, and 75% goes toward your health insurance, which the district will manage.
- Contact Chris Yates to get this set up ( [email protected]). If you deal with another financial professional you can roll this to them after retirement but you must use VOYA as this is what the district uses.
- Talk with your tax preparer before you retire to determine how much should be withheld in taxes. Some retirees found that too little was withheld the first year, resulting in a larger tax bill.
- Notify the district by January 15 if you plan to retire. There’s a specific statement that Gino (ATA) uses for the official retirement letter.
- Check your beneficiaries on all retirement paperwork. There are certain time frames when changes can and can’t be made, so make sure everything reflects your current wishes.
