National Retirement Security Month a good time to plan for the future
By Michael Pramik, Ohio Public Employees Retirement System
Oct. 6, 2021 – October is National Retirement Security Month, and in recognition we’d like to review the educational opportunities and tools we offer our members to help secure their future retirements.
OPERS encourages all members to focus on financial wellness, and we offer an extensive website section to help members plan. It contains information on many helpful topics, several of which are available as webinars and recorded presentations:
- Personal budgeting, including how to set up a budget, adjusting the budget and organizing expenses. Our budgeting tool can help you achieve the “50-20-30” rule, in which half your net income goes toward living essentials, 20 percent goes toward debt reduction and savings, and 30 percent goes toward discretionary spending.
- Bridging the retirement gap, the difference between the amount of income you will have in retirement and the amount you will need
- How working longer can boost your retirement income
We also show how you can take part in our webinars on personal budgeting to help identify where you are spending your money and how to meet your short- and long-term goals. The information also contains a link to a recorded presentation on budgeting.
If you have questions about when you’re eligible to retire, or If you’d like to learn more about the retirement process, OPERS is here to help. You can schedule a one-on-one counseling session to review your account with a highly trained counselor via your online account. You also may visit the Member Education Center at opers.org to register for a seminar or webinar.
Meanwhile, we encourage members to check out the many helpful options afforded by Ohio Deferred Compensation, a supplemental 457(b) plan available to all Ohio public employees. Your savings are deducted from your paycheck, pre-tax, and invested in a LifePath Portfolio; or you can choose from several other investment options. Deferred Compensation also offers post-tax plans, including a Roth 457(b) option.
Throughout the month, Deferred Compensation will hold webinars on a range of retirement planning topics: preparing to retire, going beyond the basics, closing the retirement savings gap and helping retirees lower their portfolio risks. Here’s more information on these webinars, including how to register.