This post was originally published on May 21, 2014. The video was updated on 6/8/16 to include 2016 loan reduction amounts.
In our first Preparing for Retirement post, we talked about finding the information you need to start your retirement planning. Now that you’ve researched more about your retirement plan, it’s important to spend the last few years of your public employment career making sure your records with the New York State and Local Retirement System (NYSLRS) are up to date and that you’ll be able to retire within your timeframe. It’s best to take care of these matters now instead of at the last minute.
Preparing for Retirement: Part Two – Repaying Your Retirement System Loans
The Preparing for Retirement 7-part video series discusses the main aspects of retirement planning to help NYSLRS members nearing retirement make good, informed decisions for the future. In Part Two – Repaying Your Retirement System Loans, you’ll learn how having an outstanding NYSLRS loan balance at retirement can impact your pension benefit. As you’ll see in the following video, it’s crucial to repay any NYSLRS loans you may have before you file for retirement.
Important Links for Retirement Planning
- NYSLRS Home Page
- Loans: Getting One and Paying it Back
- Retirement Planning Tips (from Life Changes: How Do I Prepare to Retire?)
- A Checklist for Those Nearing Retirement
- Find Your NYSLRS Retirement Plan
Where to Find More Retirement Planning Information
If you are close to retirement and have more questions, consider scheduling an appointment to meet with an information representative at one of NYSLRS’ consultation sites in New York State. Don’t forget to check back for the rest of the Preparing for Retirement video series, which includes retirement planning topics like:
- Requesting a retirement benefit estimate
- Personal financial planning during retirement
- How divorce may affect your pension
- Filing your retirement application
- Choosing the option of how your pension will be paid