Saving for retirement in focus

OPERS recognizes National Retirement Security Month

By Michael Pramik, Ohio Public Employees Retirement System

Oct. 15, 2020 – October is National Retirement Security Month, a time to highlight the benefits of saving for retirement. Sponsored by the National Association of Government Defined Contribution Administrators, or NAGDCA, this time of reflection and action is an issue that OPERS wholeheartedly supports.

OPERS encourages all members and retirees to focus on financial wellness, and we offer an extensive website section on that very topic. It contains information on:

• 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
• Taking advantage of the benefits Ohio Deferred Compensation offers
• Personal budgeting, including how to set up a budget, adjusting the budget and organizing expenses

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.

You also can sign up for the webinar “Bridging the Gap to Retirement Income.” There’s an online budgeting tool on the site, as well as links to Social Security benefit calculators.

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. 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.

Throughout next week, Deferred Compensation will host 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.

Michael Pramik

Michael Pramik is communication strategist for the Ohio Public Employees Retirement System and editor of the PERSpective blog. As an experienced business journalist, he clarifies complex pension policies and helps members make smart choices to secure their retirement.