THE%20100%%20SOLUTION%20Maximizing%20Your%20Pension:%20How%20to%20Retire%20with%20100%%20of%20Final%20Compensation - PowerPoint PPT Presentation

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THE%20100%%20SOLUTION%20Maximizing%20Your%20Pension:%20How%20to%20Retire%20with%20100%%20of%20Final%20Compensation

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Tax Deferred Services. 457 Plan Administrator. 408.978.1000. No. 1 Goal ... Have you estimated your pension income at a desired retirement age? ... – PowerPoint PPT presentation

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Title: THE%20100%%20SOLUTION%20Maximizing%20Your%20Pension:%20How%20to%20Retire%20with%20100%%20of%20Final%20Compensation


1
THE 100 SOLUTIONMaximizing Your PensionHow to
Retire with 100 of Final Compensation
Presented by Tax Deferred Services 457 Plan
Administrator 408.978.1000
2
No. 1 Goal
  • Help every employee retire with
  • 100 of final compensation.
  • Your first retirement income check should look
    like your last paycheck!

3
Statutory Retirement Plans
STRS/PERS pension is designed to replace how much
of your current income?
60 65
4
Retirement Income
Other Income Sources
1. Part-time work
2. Inheritance
3. Savings Plans
5
Available Savings Plans
  • 457 Plan
  • 403(b) - TSA
  • Roth 403(b)

6
STRS/ PERS QUESTIONS
  • Have you estimated your pension income at a
    desired retirement age?
  • Have you looked into buying Air time?
  • Have you considered buying out of state time?
  • Have you estimated your SS Income?

7
STRS Basics
  • Age x Years x Compensation income
  • Formula multiplier maximized at 61 ½ years of age
    with 30 years of service (or)
  • At age 63 with 5 years of service or more

8
PERS Basics
  • Age, Years of Service, Compensation percentage
    of Income Payout
  • Formula Change in Jan 2001 no longer offsetting
    for SSI
  • 100 Income Payout at 40 years of service

9
Windfall Elimination Provision
  • Reduces a Members Social Security Benefit by
    calculating their benefit under a formula
  • Reduction will be a Maximum of 55.56
  • No reduction in benefit will result for members
    with 30 or more years of Substantial Earnings
    under Social Security

10
Government Pension Offset
  • Affects members expecting to receive a Social
    Security benefit as a spouse, former spouse,
    widow or widower
  • Social Security Benefit is reduced by 2/3 of the
    CalSTRS retirement benefit
  • If 2/3 of the CalSTRS benefit exceed the amount
    of Social Security spousal benefit, then no
    benefit will be paid from the SSB.

11
In Summary
  • STRS/PERS (60-65)
  • PLUS ()
  • 403b/457b Savings Plan (35-40)
  • EQUALS ()
  • 100 SOLUTION

12
Your Plan Administrator
Provides personal counseling at
  • Your Work Site - Your Home - Our Office
  • www.tdsgroup.org
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