If you are planning to retire at the end of June, this is the time to start thinking about what you need to do. Members of TRS and BERS often retire immediately after the school year ends. If you are considering this major step, you should attend to the following items now.

Social Security and Supplemental Security Income benefits for more than 67 million Americans will increase 2.8 percent in 2019, the Social Security Administration announced in October.

Here is some important information about death benefits offered by the Teachers’ Retirement System and the Board of Education Retirement System for in-service members in Tiers 3, 4 and 6.

Members of the Teachers’ Retirement System or the Board of Education Retirement System have a voluntary, supplemental savings plan, the Tax-Deferred Annuity, that can help ensure their retirement security.

The majority of UFT members participate in a defined-benefit pension, the gold standard of retirement plans. A defined-benefit pension guarantees a lifetime annuity — regular payments based on a formula. This formula takes into account your years of service, your salary and your age. With a defined-benefit pension, you don’t have to worry about the vagaries of the stock market. The amount of the pension benefit remains the same each month throughout your retirement.