National Retirement Security Month
Retirement Security at Every Stage
October is National Retirement Security Month (NRSM), an opportunity to focus on your financial future and take meaningful steps toward your retirement goals.
Whether retirement is years away, just around the corner, or you’re already enjoying retirement, understanding your benefits and taking advantage of the resources available to you can help you make informed decisions and plan with confidence at every stage.
In recognition of National Retirement Security Month, SBCERA has several events and educational opportunities planned throughout October to help you learn more about your benefits, strengthen your retirement knowledge, and prepare for the future.
Active Members
Determine Your Retirement Goals
Understanding Your Benefits
The truth is, retirement is a layered and sometimes complicated process, but as an SBCERA member, you have access to resources that can help you along the way. One of those resources is the Retirement Consultation Guide. In this guide, we’ve segmented the retirement planning into: Before Retirement, At Retirement, and After Retirement. It’s designed to help you clearly understand the retirement process and highlight important information to consider while working towards retirement.
Explore Voluntary Retirement Savings Plans
If you’re not already contributing to a voluntary retirement savings plan, now is a great time to contact your employer’s recordkeeper and get started with contributing to a 457 plan.
A 457 plan is a retirement savings plan offered to employees of local governments, among others. You might also be able to participate in your employer’s 401 (k) plan to the extend they have one.
In either case, these plans are designed to help supplement your future retirement income. You can choose how much you contribute and there are even tax benefits included.
Attend a Retirement Seminar
Our pre-retirement webinars are intended for members who are about 5 or more years away from retirement, and our mid-career webinars are intended for members who are about 10 or more years away from retirement.
Learn more and register for a webinar today by visiting: www.SBCERA.org/Seminars.
Additional Resources
mySBCERA is your online member portal and it has a number of features that include:
- View your account summary
- Complete a service purchase estimate
- See your contact and beneficiary information
- Get a customized retirement benefit estimate
- Access your member statements
- Register for webinars, and more!
Our Video Library provides a range of educational quick tips designed to help you prepare for future retirement.
Our team is always available to answer questions and help you through the retirement process. Send us a message at memberservices@SBCERA.org or give us a call at (909) 885-7980 and we’ll be happy to help.
It’s never too early to start planning for retirement. Visit our website today at www.SBCERA.org/Planning-Your-Service-Retirement to get started.
Retired Members
Cost-of-Living Adjustments (COLA)
Cost-of-Living Adjustments (COLA), up to a 2 percent increase, are given on April 1st of each year based on the increase or decrease in the Bureau of Labor Statistics’ Consumer Price Index (CPI) as of January 1st of each year (Government Code section 31870).
Learn how annual COLAs may help your SBCERA benefit keep pace with changes in the cost of living. Visit www.SBCERA.org/COLA for more information.
Taxes & Your Benefit
Generally, your retirement benefit is considered taxable for both federal and state income tax purposes. You can choose whether you want to have federal and/or state taxes withheld from your SBCERA benefit and at what rate including:
- No Withholding: You may choose not to withhold any taxes from your SBCERA benefit.
- Specific Dollar Amount: You may request a specific dollar amount to be withheld from your SBCERA benefit, only for State withholding. This is not an option for your Federal withholding.
- Amount Based on Tax Tables: Select to have an amount determined each year based on the current IRS tax withholding tables, which considers your income, filing status and exemptions to determine the amount to be withheld.
Note: SBCERA cannot withhold state taxes for any state other than California. You are responsible for reporting your income and paying the taxes, if any, for the state you live in.
Consult your tax professional or the IRS with any additional questions or concerns. SBCERA cannot provide tax advice. To learn more www.SBCERA.org/Taxes-Your-Benefit.
Social Security
SBCERA retirees* did not participate in Social Security through their SBCERA-covered employment. In other words, earnings from your SBCERA-covered employment were not covered under Social Security.
However, you may still qualify for Social Security benefits based on other employment where you paid Social Security taxes. Visit SSA.gov or create a my Social Security account to review your earnings history, work credits, and potential eligibility for benefits.
Additional Resources
mySBCERA is your online member portal and it has a number of features that include:
- View your benefit summary
- View your 1099-R information
- View your beneficiary information
- View your benefit payment history
Retiree Resources
You can access a list of local, state, and federal resources, including senior centers, Medicare assistance programs, volunteer opportunities and more by visiting www.SBCERA.org/Retiree-Resources.
Retired Employees of San Bernardino County (RESBC)
The Retired Employees of San Bernardino County (RESBC) is the only recognized retiree organization for SBCERA. It is an independent, non-profit organization operated by retired SBCERA members.
RESBC offers members access to various insurance products and a Medicare enrollment support program through affiliate organizations. It regularly hosts social and educational events, such as its annual Christmas luncheon, where old friends connect and new friends are made.
Our team is always available to answer questions and help you through the retirement process. Send us a message at memberservices@SBCERA.org or give us a call at (909) 885-7980 and we’ll be happy to help.