In this periodic column, state Comptroller Thomas P. DiNapoli, the sole trustee of the New York State and Local Employees' Retirement System, provides information on the system, which delivers retirement benefits to many NYSUT School-Related Professionals and other support staff. If you are an ERS member with a question of general interest, e-mail nyteach@nysutmail.org. For immediate assistance, contact the ERS Call Center toll-free at (866) 805-0990, or (518) 474-7736 in the Albany area.

Thinking about retiring? Consider this: Many financial experts believe you will need at least 70 to 80 percent of your pre-retirement income to enjoy the same standard of living once you stop working. Without some financial planning, it's hard to know if that's possible.

Q: How do I decide when I can afford to retire? I am a few years away from retirement but want to be sure I can live comfortably when I do retire.

A: Everyone's economic circumstances are unique, so only you can decide when retirement is right for you. But there are several things you should consider when making your decision.

For starters, make sure you understand your retirement plan by reading your plan booklet, available on our Web site at www.osc.state.ny.us/retire. Then, use our retirement benefit calculator at www.osc.state.ny.us/retire/members/projecting-your-pension.htm. It lets you enter different retirement dates, final average salaries and service credit totals so you can see how these can affect your pension.

When you're within 18 months of retirement eligibility, complete a Request for Estimate (RS6030) form. An estimate provides information about your retirement benefits and the approximate amount you can expect to receive each month under the available retirement options.

Your pension is only part of a good financial plan. Don't forget to include your Social Security benefits in your retirement income.

The average retiree receives about 35 to 40 percent of his or her post-retirement income from Social Security. If your earnings have been below average, Social Security may replace more of your income; an above-average income means a lower percentage will be replaced.

Visit the Social Security Web site at http://www.ssa.gov/ for more information.

To bridge the gap between the retirement income you'll need and what your pension and Social Security will provide, consider other sources of retirement income, such as savings, investments and proceeds from a deferred compensation plan or Individual Retirement Account.

Once you determine your expected income, prepare a post-retirement budget.

Since members retiring today at age 62 can expect to live, on average, another 20 years, determining your retirement needs is critical.

Include periodic expenses, such as car insurance or property and school taxes. It is also important to take inflation into account.

Finally, be sure to determine your eligibility for post-retirement health insurance coverage for yourself and your family.

We do not administer health insurance programs for retirees; your health benefits administrator will be able to provide information concerning the coverage available and how much you must pay.

Q: How can I get more information?

A: A good place to start is our booklet, Straight Talk About Financial Planning for Your Retirement, available on our Web site at www.osc.state.ny.us/retire/publications/vo1845.htm.