Finding Simplicity in the MO Education Retirement System
Life is full of choices. There are hard choices, and there are easy choices (and there is that nebulous grey area in between), but all choices are circumstantial. It doesn’t mean they’re right or wrong… it just means they exist. And often times can be unavoidable.
Buying or selling a house: Tough Choice
Taking a well-deserved vacation: Easy Choice
Adopting a child: Tough Choice
Picking up a $20 bill off the ground: Easy Choice
Retirement: Tough/Easy Choice (This is the grey area mentioned above.)
Retirement can be a hard choice for some and an easy choice for others, but for Missouri educators, it is notoriously a confusing one.
Well, it doesn’t have to be.
Ameritime has been helping Missouri teachers and Public School employees navigate the PSRS and PEERS systems for nearly 35 years by making the grey area more visible. The retirement system, specifically in this particular field, can be confusing, time-consuming and even frustrating for those about to retire, or for those just getting started who are simply planning ahead.
That doesn’t have to be the script you follow though, and you can take solace in knowing you are not alone in making this monumental and potentially life-changing decision. Below are some very simple, but very necessary, basic things you need to know about retirement in regards to your situation as a Missouri educator or Public School employee.
You may be shocked by how the little details can make such a huge difference.
Did you know…
– if you are planning to retire this year, your application must be submitted by June 30th?
– If you fail to get your paperwork in on time it can delay your retirement, and if you don’t officially terminate your employment before the deadline with any PSRS or PEERS-covered employers, it can affect your benefits.
– that it’s not uncommon to be confused by which retirement group you belong to in the Public School system?
– Many in the system, especially those new to the game, don’t know if they qualify for PSRS or PEERS. There is an easy way around that, and it never hurts to ask questions.
– you can purchase additional years of service time so that you can retire early?
– The idea of “buying years” may seem outlandish or confusing to some, but it can be quite beneficial in the right circumstance, and there are many ways where it can put you in a much more advantageous financial position.
– there are several survivorship options where you can choose how to take care of your loved ones?
– Retirees can choose to leave multiple different percentages of their benefits to their beneficiary without penalties. There are also creative options to not only leave consistent income to a spouse, but descendants as well.
– you can take a chunk of your entire retirement benefits to use right now?
– It’s called a partial lump sum, and it means that you can get a sizeable amount of money to pay off current debts or make a big purchase right when you retire. The options are surprisingly more broad than many would think.
– that officially retiring can drastically affect your taxes?
– Retiring individuals in the Missouri education system often don’t think about how making the decision to hang it up can affect what the IRS will be asking of you the following year. Rest assured, there are several outcomes, and always a way to deal with them.
– that you can still receive Social Security benefits when you retire?
– Many people in the MO education industry are under the impression that Social Security is not an option because of the PSRS/PEERS retirement system. That’s not necessarily the case, as there are several potential options available if you qualify and have the right people advising you.
– that you and your family have multiple options for Health Insurance coverage even after you retire?
– Many just assume that Health Insurance dries up once you decide to pull the trigger on retirement, but that’s not entirely true. There are several options out there for you, your spouse and your family. You just need the right tools to navigate them.
These may seem like simple questions to some, and a revelation to others, but rest assured, there are answers at the ready for all of them. Ameritime has been navigating all of these long and winding roads for decades now, and has a specific department that can help with every one of these queries… and beyond.
We don’t just do one thing, but no one else does what we do when it comes to Missouri education employees navigating their retirement.
The only question you should ask yourself is, “when do I set up a meeting?”, because we have the answers to everything else.
Whether you’re new to the game or just about to hang them up, contact Ameritime today to get this crucial life process underway.
Visit ameritime.net or call us at 314-432-9540 to set up a meeting and start changing the rest of your life.