Pension
Nearing retirement? There's lots of help
We urge you to make an appointment for counseling with the State Pension Office
in Dover by calling (302) 739-4208 or 1-800-722-7300.
If you are considering retirement in the near future, stay tuned for sign-up information on DSEA-R Preretirement Workshops for active DSEA members and their families.
This is a workshop not to miss. You'll receive excellent overviews from administrators from Delaware's Pension Office, the Social Security Administration, as well as our own Jim Harrison, a retiree from Smyrna, DSEA's representative on the State Employee Pension Advisory Council and its current chair. These workshops are held in November and again in the spring.
State Office of Pensions offers workshops too
These workshops are free to all state employees and are offered in October and November each year.
Adequate planning for your years of retirement is a task which needs to begin long before you are ready to retire.
With knowledge and preparation, retirement can allow you to continue to live in your accustomed lifestyle. Without supplemental income, your pension alone may not adequately maintain your standard of living. Thirty years of service credit, for example, will only provide approximately 54% of your final average compensation.
DSEA encourages you, therefore, to explore various savings options (individual retirement accounts, tax sheltered annuities, tax sheltered bonds) which are available to school employees.You are also encouraged to keep informed about anything which impacts your retirement compensation: change in tax law, Social Security rates, financial savings opportunities, pension law.
Obviously, one factor to keep in mind is that as a retiree, your federal and state taxes will be less since your income will be less. Also remember that after age 65, your personal exemptions from both state and federal taxes are increased.
To the best of our knowledge, the information contained in this section - the areas you can click on to the left - is accurate as of July 1, 2010.Although every reasonable effort has been made to ensure the accuracy of this document, the subject matter is detailed. The information here is not legal or accounting advice. DSEA cannot be legally responsible for the correctness of its content.
