As you make your PERS retirement plan choice or engage in additional retirement planning, you should also consider your individual circumstances. Some questions you may consider are:
What are your expectations about:- How long you will work in a PERS-covered position?
- Inflation?
- Tax rates?
- Interest rates?
- The stock market?
- When will you begin drawing your PERS income?
- How long will you need PERS income?
- When will you begin drawing Social Security income?
- How much do you know about investing?
- Would you tolerate a negative return?
- Can you tolerate a 0% return in one year and a 25% return in another year?
- How important is the rate of return?
- Do you have other income?
- Do you need stable/fixed monthly income or more flexible income?
- Are you married?
- Does your spouse work and have a retirement plan?
- Do you have dependent children?
- How is your health?
- What is your desired retirement lifestyle?
Social Security (Worksheet 5) and Personal Assets and Savings, are the other two legs of the retirement stool. Additional retirement planning to help ensure you have sufficient retirement income is encouraged.
You may wish to consult with a financial advisor to address the "three legs of the retirement stool" and your individual circumstances in a complete retirement plan.
