CalPERS Retirement Planning Checklist

Take stock of your current financial situation to get a clear understanding of your assets, liabilities, and overall net worth. This task will help you assess your readiness for retirement and identify any financial gaps that may need to be addressed. Consider gathering information on your savings, investments, debts, and any other relevant financial documents.

Define your retirement aspirations and establish clear goals for your post-career life. Consider your desired lifestyle, travel plans, hobbies, and any other personal aspirations. This task will help guide your retirement planning process and ensure that your financial decisions align with your long-term objectives.

Determine the amount of money you will need to save for a comfortable retirement. Consider factors such as inflation, projected expenses, and potential healthcare costs. This task will help you estimate the total funds required to support your retirement lifestyle and identify any gaps between your current savings and your future needs.

Assess your current retirement contributions to gauge whether they are sufficient to meet your goals. This task will help you determine if you need to adjust your contributions or explore alternative retirement savings options.

Verify your eligibility for retirement benefits through CalPERS. This task will help you understand whether you meet the necessary criteria to participate in the CalPERS retirement system.

Conduct research to familiarize yourself with the various retirement benefit options offered by CalPERS. This task will help you make informed decisions about the type of retirement benefits that best suit your needs and preferences.

Select the retirement benefit option that aligns with your retirement goals and financial needs. This task will guide you in making an informed decision regarding your CalPERS retirement benefit selection.

Verify your vesting status with CalPERS to determine the amount of pension benefits you are entitled to receive. This task will help ensure that you understand the level of benefits you can expect based on your years of service and contributions.

Familiarize yourself with the pensionable compensation limits set by CalPERS. This task will help you ensure that your retirement benefits calculation complies with the applicable compensation limits.

Review the legal restrictions and obligations associated with CalPERS retirement. This task will help you understand any legal requirements or restrictions that may impact your retirement planning decisions.

Initiate your retirement application process by submitting the necessary information through the CalPERS online portal. This task will guide you through the application process and ensure that you provide all required details.

Gather and submit the required identification and documentation to support your retirement application. This task will help ensure that you provide all necessary paperwork for a smooth application process.

Select your preferred method of receiving retirement payments from CalPERS. This task will allow you to choose the payment option that best suits your financial needs and preferences.

Determine the specific date on which you plan to retire. This task will help you establish a clear retirement timeline and ensure that all necessary arrangements are made leading up to your retirement.

Participate in a pre-retirement education event offered by CalPERS. This task will provide you with valuable information and resources to help you plan for a successful retirement.

Verify that you have received the Application Acknowledgment Letter from CalPERS after submitting your retirement application. This task will help ensure that your application has been received and is being processed.

Wait for CalPERS to process and approve your retirement application. This task will inform you to be patient during the application review period and refrain from making any changes or modifications to your application without consulting CalPERS.

Review the details of your first retirement payment from CalPERS and confirm its accuracy. This task will help ensure that your retirement benefits are being processed correctly and that you receive the correct payment amount.