The good news about retirement is that advances in science, technology, and living standards have led to longer life expectancies. You can expect longer retirement years than previous generations, which means more time with family and friends and more time to achieve your lifelong aspirations.
Remember to include your family in your retirement planning. They need to know your wishes, especially in regard to topics such as long-term care. Your family can be a great resource for further information and, more importantly, of support.
Good planning will help you avoid the pitfalls that many retirees face, giving you peace of mind as well as a greater probability of a comfortable retirement.
- The Pension Fund’s normal retirement age is 65. However, you may be eligible for early retirement at age 55 if you meet the criteria in the Pension Fund’s plan document.
- Retiree health coverage is available if you are covered by Plan A and meet the Health & Benefit Fund’s criteria for such coverage.
- If you plan to return to work in the industry on either a part or full-time basis following your retirement, it may affect your ability to receive your retirement benefits from the Pension Fund during your period of employment. Be sure to review the rules starting with the Life Event titled Return to Work After Retirement.
One of the greatest risks for you as a person retiring today is considered to be the danger that you may outlive your assets. This is because of several factors including, but not limited to, inflation, increased longevity, hyperinflation of medical expenses and the costs of long term care if you survive into your 80’s and 90’s. Unlike Social Security, your benefits from the Pension Fund do not increase with inflation. As a result, you need to carefully determine how long you can financially support your desired lifestyle in retirement. You may want to get professional assistance in making this determination from someone like a Certified Financial Planner or other financial professional.
Make sure you understand the health care benefits currently offered by the Health & Benefit Fund and, if applicable, your spouse’s plan. Be aware that benefits provided by the Health & Benefit Fund are not vested and could, under certain circumstances be reduced, changed or even eliminated.
Coordinate the receipt of your Social Security with your plans for any work after retirement and other sources of income. The assistance of a financial professional may help you to figure the optimal time to begin taking Social Security given your individual circumstances. Note that the age at which you can draw unreduced social security ranges from age 65 to age 67, based on your date of birth.