Did you know more than 50% of baby boomers will outlive their retirement savings? Planning for retirement isn’t just a good idea—it’s essential for financial security and peace of mind.
Why Your Pension Matters
Here’s why contributing to and understanding your pension plan is crucial:
- Predictable payments: Your pension benefits are based on your years of service and employer contributions, providing financial stability in retirement.
- Peace of mind: Since the plan is backed by a trust and managed by both union and employer representatives, you can trust that your retirement is in good hands.
- Spousal benefits: You have the option to elect a joint annuity to provide for your spouse after your passing.
Planning for Retirement
The best time to plan for retirement is today. Here are a few steps you can take to ensure you’re on the right track:
- Understand your benefits: Review your pension details, including accrual rates, vesting requirements, and payout options.
- Request a benefit estimate: Contact the Trust Customer Service Office for an estimate of your retirement benefits based on your work history.
- Know your retirement age: Full, unreduced benefits can begin as early as age 63 or under the Rule of 85 at age 60 if you meet the qualifications.
- Stay informed: Keep up with Teamster newsletters and updates from the Trust to remain aware of any changes.
Download a full checklist of steps to prepare here.
Your retirement may seem far away, but the decisions you make today will impact your future financial security. Take charge of your pension plan, understand your benefits, and start planning now to ensure a comfortable and stable retirement.
For more information or to request a benefit estimate, contact the Alaska Teamster-Employer Pension Trust at (907) 276-1246.