Congratulations on your decision to retire
There are several important things to think about as you near retirement:
- Do you know what your retirement benefit will be?
- How will your benefit change if you work past normal retirement age or you decide to retire early?
- Are you eligible for retiree health benefits?
- Will you want to increase your benefit by purchasing additional service credit?
- What other income will you have available to you in retirement?
If you haven't already signed up for online account access, you'll want to do so. With this service, you can calculate your benefit under different scenarios, using your individual account information. Once you retire, you can get copies of your 1099-Rs, keep track of your return-to-work hours and see other helpful information related to your retirement benefit.
Focus on the things you need to consider as your retirement date nears. If you are within two years of retirement, the Retirement Planning Checklist will help you set your retirement plans in motion. You will also want to contact DRS to request a written estimate. We will perform a detailed review of your account to verify the accuracy of your service credit, compensation and contributions before creating the written estimate and providing it to you.
Questions about retirement planning
Find out when you'll get your first benefit check and get other important answers you'll want to know.
Retirement planning checklist
The earlier you begin retirement planning, the more successful your retirement will be. If you are within two years of retirement, this list of steps will help you set your final retirement plans in place.
You have 24/7 access to your account to help you plan for your future retirement. If you're working with a financial planner, you may use these worksheets for your plan and system. The worksheets are not linked to your account information.
Deferred Compensation Program
If you're getting ready to retire you have the option of maximizing your DCP account. You may want to take advantage of catch up options and adding annual and sick leave cash outs to your account.
- There are two catch-up options for DCP participants. Contact DCP to verify your eligibility and/or sign up to participate.
- If you have not maximized your DCP contributions for the year, you may do so by adding your annual and sick leave cash outs. Your employer must participate in DCP for you to be eligible for this opportunity. Contact DCP a month before your leave cash out date.
Although you have a variety of distribution options, keeping your money in the plan may provide you with better retirement opportunities.
Cost of Living Adjustments (COLAs)
Learn more about COLAs at our COLA Frequently Asked Questions.
Federal Income Tax Withholding Calculator
It's important to plan ahead when thinking about how your federal tax withholding will affect your net monthly benefit. We've developed a calculator you can use to help determine your allowances and withholding amount.
Plan 3 members of PERS, SERS or TRS
Plan 1 members of PERS and TRS
Learn more about the Optional COLA.
Register for a retirement seminar
Help with medical costs
Find out if your employer participates in a medical expense reimbursement plan offered by the Voluntary Employees' Beneficiary Association (VEBA).
Publications for those Nearing Retirement
We offer many publications related to your retirement to help you plan and prepare.
After you retire, keep up to date with the retiree edition of the The Retirement Outlook newsletter.
Forms for those Nearing Retirement
Here you'll find the important forms you need.
Use the links below to find out how you can participate or offer your input:
Retirement related links
These websites are filled with information of interest to those nearing retirement.