JACOB JAVITS EMPLOYEES: I plan to retire next year, what should I do?

Setting your target date for retirement is a good start. It helps to set priorities.

1) Financial security is always the number one concern for pre-retirees. However, before setting your retirement date, consider these questions: Do you know whether or not you will be eligible for a pension on that date? Do you have enough years in the pension system? Have you reached the minimum age for pension eligibility? Once the pension date can be set, the next step is getting pension counseling. For Javits Center members, pension counseling is available at the New York City office of the NYS and Local Retirement Systems (270 Broadway, 4th floor 9:00 am - 4:00 pm, Tuesdays and Wednesdays of the first four weeks of each month). Another site for pension counselling is the Long Island Regional Retirement Information Center (330 Motor Parkway, Suite 107, Hauppauge, N.Y., Monday - Friday, 9:00 -4:00 pm) or you may call the NYS and Local Retirement Systems at 518-474-7736.

In addition, call the Social Security Administration (800-772-1213) or visit a local Social Security office to ensure that your records are up to date and to determine the amount of your social security benefit at retirement.

Now is also a good time to review your overall financial situation with your spouse and/or other close family members.

* Review your monthly expenses -- not only rent/mortgages and other monthly bills (food, clothing, utilities, outstanding loans, etc.) but also monthly expenditures for fun (movies, restaurants, trips). A good way to "check" on your figures is to carry a notebook with you for a month and note every expenditure for that time period. You may be surprised by the results of this project!

* Review your assets (savings, investments, etc.), your estimated pension and social security benefits and project your retirement income. Start developing a retirement budget . Keep in mind that retirement is not for a day or week only. Be realistic about whether or not you can afford to retire at this time or if it would be wise to defer your plans. Do you have a will? Is a durable power of attorney appropriate? * Review your health insurance coverage -- will you be old enough to qualify for Medicare? Learn about health insurance coverage available to you in retirement, under the terms of your contract. Do you have a health care proxy?

2) Think about how you plan to spend your retirement years. Immediate plans might include a trip or giving your apartment that long overdue paint job. How will you fill your time? Will you pursue a hobby, volunteer, or get a part-time job? If you are married or have a significant other -- how will you spend your time together -- and apart! Discuss these plans with your family.

Members working at the Javits Center belong to the NYS and Local Retirement Systems

Tel # in Albany: 518-474-7736

NYC Location: first 4 weeks of each month: Tuesdays & Wednesdays, 270 Broadway, 4th fl. NYC between the hours of 9:00 am and 4:00 pm. In general, Wednesdays are the less busy day. No telephone number at this location.