Pension
Nearing retirement? There's a workshop for you!
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Tim and Mary Duker of Woodbridge assess their retirement situation at a DSEA-R Pre-Retirement Workshop. They're learning that there's lots to consider. |
Many state employees and retirees do not realize that pension amounts do not automatically increase every year. Nor are retiree medical benefits guaranteed. The DSEA-Retired Legislative Committee, currently chaired by Jim Testerman, has made great strides in ensuring that increases are considered by the General Assembly every year, especially for those who retired many years ago.
Thanks to DSEA and DSEA-Retired lobbying, pensions have increased twelve of the past fourteen years. But this is an uphill battle that needs the help of all of us, not just your DSEA-R Board of Directors.
Please consider writing, emailing or phoning your legislator to discuss the need to provide a decent quality of life for retired public servents.
For complete legislative contact information, click here.
To read excerpts from Jim Testerman's January 29, 2008 testimony to the Joint Finance Committee, click here.
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.
And check out the next Pre-Retirement Workshops.
If you are considering retirement in the near future, 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 Testerman, 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. Watch for information on when the next one will be.
And don't forget to sign up for a DSEA/NEA-Retired Membership. Contact Debbie Weaver and she'll give you the details.
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, 2009.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.
