Plan 2:When Should I Start Planning for Retirement?

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When should I start planning for retirement?

Planning for retirement is an ongoing process. The sooner you start, the more likely you are to enjoy a comfortable and successful retirement.

Here are things you can do to help build your retirement plan:

Attend a free DRS Retirement Planning Seminar. These sessions feature qualified speakers on a number of retirement subjects. Dates and locations for these seminars are announced in the newsletter, Retirement Outlook. Register for a seminar here.
If military service interrupts your career, submit a copy of your DD214 to DRS to determine if your active service is creditable. Click here for details.
Calculate your future retirement benefit using the benefit estimator.
Because there are time limits on restoring contributions withdrawn from your retirement plan, see Plan 2 Recovery of Withdrawn or Optional Service Credit.

As you get closer to retirement

Contact the Social Security office periodically to review your file for accuracy. Call toll-free: (800) 772-1213. You can also obtain valuable information about Social Security and Medicare by visiting the Social Security Web site.
Read IRS Publication 575, Pension and Annuity Income.
If you’re within a year of your retirement date, request a benefit estimate from DRS. You will be sent a retirement application along with your estimate.

Applying for retirement

You can complete the entire retirement process through the mail. If you prefer to review your account information and retirement options with a DRS Retirement Services Analyst, please call for an appointment. See DRS contact information.

If you write to DRS for specific information about your retirement account, be sure to include your Social Security number and signature.