Taking the Mystery Out of Retirement Planning
Prepare for Your Retirement now
Retirement for many Americans looks different than it has in generations past. Retirement can seem like an unsolved mystery; clues from family members, co-workers and media outlets never seem to tie together or make much sense. With random information coming at you, it is important for you to keep your retirement top of mind. Regardless of your age, it is never too early to begin your retirement planning.
Remove the Mystery
The biggest mystery for employees is "Can I afford to retire?"
To answer this question, you must understand your County pension. Once you understand your County pension, you can then factor in associated costs that may come out of your County pension such as health care costs and federal tax withholding. Understanding the amount of your net pension helps you decide whether you can afford to retire.
Don’t Stop Just at Your County Pension
Now that you know the amount of your County pension, begin factoring in what other retirement income sources you may have. Other retirement income sources may include Deferred Compensation, IRA’s, Social Security, spouse income, or maybe a second pension from another employer.
Total Your Income Together
Now that you have a complete picture of your total income less any applicable expenses, your retirement is no longer such a mystery. However, this takes work and is not always easy. Starting early, asking questions, and preplanning are the keys to a successful retirement.
Retirement Planning Timeline
Take time to review the Retirement Planning Timeline. Our goal is to help you understand your retirement options as an employee of Cook County and to eliminate any anxiety around the process. If you have questions please Contact Us.
Begin preplanning for retirement. Visit our office to verify your service records and to request an estimate for your projected retirement date. You can also use the online Retirement Estimator for an unofficial projection of your estimated CCPF retirement benefit.
Did You Know
- Saving vacation and sick time will help you at retirement – so start saving now.
- Almost 20 percent of retiree income will be spent on healthcare.
- It is common to reevaluate and reset your retirement date.
- It is never too early to begin planning.