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While retirement is a goal many workers anticipate and aim for, not as many are careful about actually planning for it. That is the focus of the Union Education Trust’s “Planning Your Retirement” (PYR) training.
Held at least once each year, the PYR is a two-day training event that covers all aspects of the life transition that is leaving your long-time employment and starting a new chapter in life.
“There are so many things we don’t plan out when we retire. We only want to go!” OCSEA Retiree Chapter Representative and PYR presenter Margaret Dave-Smith said.
Dave-Smith advises taking steps to anticipate your retirement at least five years before you are eligible. Once you are eligible to retire, continue to make decisions with a clear head: “Do not hit the retirement button in anger or frustration!” she said.
PYR Training – A One Stop Shop
The PYR training covers topics including pension and healthcare benefits, deferred compensation, financial planning, and the OCSEA retirees’ chapter. Union Education Trust also encourages attendees to use their UET benefits before retirement to possibly increase their earning power which can in turn positively impact their pension payout.
“The training gives people practical information that most of them don’t get at any time during their career,” Dave-Smith said. “In my presentation, one of the major things that I tell people is to think about what it is they want to do when they retire – and then, how much it’s going to cost. The cost is not just in dollars and cents; the cost is also included in responsibilities and family.”
Lynette McGhee, a Business Process Analyst 3 at the Ohio Bureau of Workers’ Compensation, attended the training in October 2024. While she is eligible to retire now, she’d like to continue working for several years and attended the training to learn about what her options are.
“I have the golden ticket!” McGhee said. “My priority is finding opportunities for educating myself about retirement. I want to be sure that when I do retire, I do it right.”
“This training was really great! It was a lot of trusted sources and a great agenda,” McGhee said.
McGhee appreciated that the training was over two days, so she had the chance to consider information after the first day: “I got some information Friday evening and then had some time to ponder it overnight. We had a second day if I forgot to ask about something,” she said.
Make a Plan, Get the Right Information
Dave-Smith retired in 2021 after 30 years with the Ohio Department of Transportation. A long-time activist with OCSEA’s Central Ohio ODOT chapter 2513, she now is the recording secretary with AFSCME’s Retiree chapter 1184 and its subchapter 108.
“Passing along information is what I do,” Dave-Smith said. She advises training participants to go to the source with questions.
“Do not go to social media and ask any questions! Call Social Security, Medicare, and OPERS and speak to an actual representative because everybody’s situation is different,” she said.
She also advises self-reflection before retiring.
“Who are you without your work title? If you are an analyst on the job, when you stop working and are at home, what will you be analyzing? What do you enjoy?” Dave-Smith asked.
“When I was working it was because I had to do something to get a paycheck,” she said. “As a retiree, consider what’s your purpose? Why do you get up in the morning?”
Other points that Dave-Smith makes when she presents at the training include things to do now, before retirement:
“The training isn’t just getting information about the retiree union,” Dave-Smith said. “They have deferred comp come in and talk about getting your finances ready before you retire. They suggest things to look for. There’s someone to talk about different things OCSEA can help you with before you retire and then after you retire.”
McGhee appreciated the practical information she got at the training, including information she could take with her to read at home.
“The handouts were great. I like hard copies even when everything is on the web because you can make notes on them and take them with you,” McGhee said.
The presenter from the Ohio Public Employees Retirement System (OPERS) shared some information on withdrawing your pension versus social security and pointers like looking at state taxes if you plan to relocate in retirement.
Participants could see the actual application for retirement and access the forms.
Staying in Touch
Dave-Smith recommends joining the retiree chapter to keep in touch with people. Many retirees don’t consider the social impact of being on the job. Anyone can join the retiree union – even former exempt employees.
“I made it a mission that whenever someone says ‘Let’s get together,’ I’ll say ‘Get out your calendar now!’” Dave-Smith said. “Keep connected! Isolation messes with your head when you retire and you’re not waking up with the same purpose.”
Another perk of the retirees’ chapter is the AFSCME Advantage program that offers benefits and discounts.
While some financial details can only be answered by people’s financial advisors, the PYR presenters try to answer questions from the participants. Often hearing other people’s questions helps participants, McGhee said.
“I think they covered everything!” McGhee said. “You want to plan for the best case, right, but also plan for the worst case. And things will probably settle in the middle.”
Dave-Smith has found that retirement is fulfilling. She was recently asked “What does one do when one is retired?”
She answered: “Everything you wanted to do when you were working but didn’t have enough vacation time.”
“Every day is Saturday! Look at it as an adventure!”
The next Planning Your Retirement Training Program will be scheduled in early Fall 2025. Check the UET website www.uedtrust.org for updates and more information. For more information on the AFSCME Retirees chapter, please visit http://www.ohioafscmeretirees.org.