Toolbox

Introduction: Preparing for retirement starts with a plan. In this section we discuss some realities to consider that could affect your retirement savings and walk through steps to prepare a retirement budget.

Pension: A pension may be one of your greatest sources of retirement income. In this section we discuss how the State of Minnesota pension benefit is calculated, the plan features, and the impact of collecting your benefit before full retirement age.

Income Gap: You may have an income gap if your pension and Social Security benefits are not enough to cover your retirement expenses. In this section we discuss ways to bridge income gaps.

Minnesota Deferred Compensation 457(b) Plan (MNDCP): The MNDCP is a voluntary savings account to be used after you separate from service, typically in retirement. In this section we discuss the MNDCP features and how to use your account savings to supplement pension and Social Security income.

Health Care Savings Plan (HCSP): The HCSP is a tax-free savings account to be used once you separate from service. In this section we discuss the features of the HCSP and options to utilize your HCSP savings.

Social Security: A Social Security Representative will be present at most MSRS Pre-Retirement seminars, depending on availability. Social Security puts you in control by providing an array of services when, where and how you need them. Click the image above to get started.