Secure your future

A widower applied for a Teachers’ Retirement System death benefit after his wife passed away. When the retirement system checked the beneficiary designation it had on file, it discovered that before the couple had married, the wife had named her sister as beneficiary.

In our last column, we explained the many important issues and decisions discussed at a UFT member’s final pension consultation prior to retirement. Now we want to zero in on one of the choices you will have to make.

The year 2012 was a strong one for investments both domestically and worldwide. In keeping with that, the various investment programs of the Teachers’ Retirement System performed very well in 2012. 
 


The UFT, the AFT and our allies were successful in lobbying the Internal Revenue Service to relax its rules and allow members who were hard hit by Hurricane Sandy to take loans and hardship withdrawals from their Tax-Deferred Annuity, their 401(k) and other tax-sheltered retirement savings accounts.

What kind of financial shape are you in? Find some time over the holidays to give yourself a financial checkup. It will help you ascertain whether you are on the way to a secure financial future and guide you to make adjustments as necessary.

The Social Security cost-of-living adjustment currently is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is produced by the Bureau of Labor Statistics. However, there is a movement afoot to change to a different CPI formula, at least one of which would prove costly to seniors.

You have worked hard all of your adult life educating the children of New York City — but have you neglected to plan for the security of your loved ones? Have you made appropriate end-of-life plans? You may not realize the value of your assets, nor have thought about how to ensure you get the care you would want should a serious health problem arise. This article will highlight some things you should consider.

Medicare, Medicaid and Social Security must have more anniversaries Summertime had two important retirement anniversary celebration dates. July 30 was the 47th birthday of Medicare and Medicaid. Both programs were enacted into law during the Johnson administration in 1965.

UFT members who take advantage of our union’s pension services are much more knowledgeable. The UFT seeks to keep you informed by supplying an array of services.