Retirement

Retirement

Toll-Free Telephone Line to Retirement System Available

Retirees outside of the Raleigh area can call the North Carolina Retirement System for free by dialing 1-877-733-4191. Retirees within local calling distance can contact the System at 919-733-4191.

Retirement Planning Information

Future retirees should start seeking retirement advice from two to five years ahead of the actual retirement process. You can attend one of the North Carolina Pre-Retirement Seminars two years before you think that you may retire, study the available information on line at various web sites, seek information from the finance department at the local school system's central office, visit the Raleigh Office, and/or participate in one of the Retirement Planning Seminars sponsored by NCRSP. You will need to investigate the North Carolina Retirement System, the State and Medicare Health Plans, and the benefits that you may receive from Social Security.

At the North Carolina Department of State Treasurer's site at http://www.treasurer.state.nc.us/dsthome, the Retirements Systems are explained in great deal. You can learn about the six options that are available to you, and how to calculate your retirement benefits under each option.

The North Carolina Teacher' and State Employees Comprehensive Major Medical Plan Insurance provides coverage for qualified retirees until age 65. At this time, Medicare will become the primary health insurance carrier, and the State Major Medical Plan Insurance will become the supplement carrier to Medicare. For complete information on the North Carolina retirees' health benefits, see the State Site at: http://statehealthplan.state.nc.us.

The State Insurance Service site at http://www.stateinsservices.com also has various specific types of insurance programs which are available to North Carolina Retired Personnel. These include dental, vision, long term care, etc. For information on the Hear in America Hearing Program, go to http://www.hearinamerica.com.

To investigate your Social Security Retirement and to calculate your benefits, go to http://www.ssa.gov. This site contains information pertaining to your retirement age, getting an estimate of your benefits, the effects of returning to work after retirement, etc. To qualify for Social Security, you must have completed at least 40 quarters of employment where Social Security payments were contributed, have 35 years of employment to get the full benefit of Social Security payments averaging (anything from age 16 on) or less to obtain a reduced amount, and be at least 62 years of age to receive reduced benefits. You will find that you can even apply for Social Security Retirement Benefits on line, as well as calling for an appointment with a local Social Security Representative in your area.

After learning about your North Carolina retirement benefits, the available health care plans, and what you may receive from Society Security, and/or other personal investments, you are now prepared to make intelligent decisions about your retirement plans. Once an option is reached and you have received and cashed your first check, the plans that you have chosen will become permanent ones.

Estate Planning

All retirees should have their estates planned in case of their demise; however, this is not an easy task, and is often deferred due to the negative aspects involved. Various topics should be considered in your estate planning - important people, finances, other documents, and funeral arrangements.

To begin, accumulate information about yourself and your family. Information should be stated pertaining to your full name, date of birth, your social security number, parent information, etc. Then, list the same items for your spouse. Further information about other family members and others that are important in your life should also be listed. The names, addresses, and telephone of all of your professionals' advisors should be included too. Some examples are doctor, lawyer, power of attorney, accountant, banker, stockbroker, financial advisor, etc.

A complete list of your assets and liabilities should be made with a description/location of records, ID numbers, any mortgages, values, etc. These assets and liabilities may include such items as house(s), auto(s), boat/RV, bank accounts, credit cards, safe deposit box and key, stocks, mutual funds, bonds, trusts, CDs, health, disability, life insurances, retirement plan, IRS's/TSA's, valuable collectibles, and any other items of significant value. Other documents to collect are immigration/naturalizations papers, location of birth certificate, prepaid funeral arrangements location of burial plot, location of military records, location of medical records, and location of advance directives.

After you have planned your estate, you may desire to state directions for your survivors. These may involve the initial arrangements and decisions upon your demise, who to notify, secure vital statistics, your collected documents, and financial obligations.

Now, you are ready to meet with your attorney and/or other advisors for their counsel and the drafting of necessary legal documents. These documents may include a living will and a regular will, and should be filed with your other documents that you have prepared.

Once you have planned your estate, be sure that you file the papers together where a trusted member of your family knows where they are located. Furthermore, your plans should be reviewed every few years in relationship to any changing needs. When this work is completed, your survivors will be well prepared to carry forth your wishes.