Chances are if you are retiring in June, you have or will be scheduling an exit counselling session with the folks at PSERS. PSERS does an excellent job helping members through the administrative aspects of retiring. They explain the options. They help you understand how to fill out the forms. They generate retirement estimates. Plus, they provide a myriad of other support services all of which serve a very important human resources function. It’s important for you to understand though that their services end there. They can’t provide advice. They can’t help you decide whether to pull out your lump sum or help you select a pension option. There is just too much liability for them to be able to do that. Plus, they have absolutely no idea about your personal or financial situation upon which all decisions should be made. But, this understanding is the CRITICAL part of retiring, not so much what form to fill out and where to submit it! But, so many members of PSERS, think that attending an exit counselling meeting IS retirement planning!
Here’s the takeaway that we would like to leave you with today: BEFORE you schedule your exit counselling session with PSERS, come talk to us or another fee-only fiduciary advisor who understands how your life and financial situation integrate with your pension options. Fiduciaries won’t try to sell you something. Based on 25 years working with members of PSERS, I can almost guarantee that we will explore things that you may have never considered. And remember, you can’t change your decisions after you retire if your personal and/or financial circumstances change. And, circumstances do change! Be prepared and understand IF you are filling out that PSERS form correctly BEFORE you attend the exit counselling session. A meeting with that fiduciary could be the most valuable meeting you ever attended!
Call 610-688-9500 today to schedule a free consultation.
