You want to have enough money saved for a comfortable retirement. You may assume that expenses will go down in retirement, but frequently that is not the case. Inflation means you will need more, not less. Higher property taxes could cause your housing costs to be more. Many other expenses may arise: increased medical costs and health insurance premium costs; financial help for children, grandchildren, or even elderly parents. The more free time you have could result in more money being spent on traveling and entertainment.

You don’t know how long you will be able to work. The 2007 Retirement Confidence Survey found that 37 percent of current retirees retired earlier than planned due to an unexpected event such as health problems or changes in their employer such as downsizing. The earlier you start preparing for unexpected events, the better.

You don’t know how long you will live. People today are living longer. A man retiring at age 65 would have a 50 percent chance of still being alive at 81, a woman at age 85. There’s a 25 percent chance of living to nearly 90 and a 10 percent chance of getting close to 100. You don’t want to risk the chance of running out of savings.

You may want to meet with a financial advisor to discuss your retirement needs based on your goals. For more information on retirement saving, go online to http://www.choosetosave.org/tips/index.cfm?fa=display&content_ID=3541.

*Source: Choose to Save®, a program of the Employee Benefits Research Institute

Overall, the 1977 Fund is in solid condition as it continues to recover from the market collapse of 2008 and 2009. The fund’s unfunded actuarial accrued liability was $45 million at the end of the fiscal year while funded status was 98.8 percent. Market gains and losses are phased-in over a four-year period meaning investment losses experienced in fiscal years 2008 and 2009 are reflected in the employer contribution rate noted above.

More details regarding employer contribution rates may be found online at http://www.in.gov/inprs/ercontributionrates.htm in a list of Frequently Asked Questions (FAQs).

Soon, employers will be required to submit their reports and payments on a payroll basis through our new Employer Reporting and Maintenance (ERM) system. A Web site specific to this initiative has been created at er.inprs.in.gov for updates on ERM progress. If you have questions, please contact our customer service center toll-free at (888) 526-1687. Our office hours are Monday through Friday from 8 a.m. to 5 p.m. (EST).

A. Participants can designate, in the event of their death, whether available benefits are to be paid to a surviving spouse or child or children. Survivor benefits are available to children only until age 18 unless the child has a qualifying disability, then until age 18 or during the entire period of disability, whichever is longer.

Under both the 1977 and 1985 Judges’ Retirement Systems, your spouse or child or children qualify for survivor benefits if you meet one of the following provisions:

• Died while receiving benefits,
• Completed at least eight years of service and are currently in service as a judge,
• Completed at least eight years of service, was not still in service as a judge but entitled to a future benefit, or
• Were permanently disabled at the time of your death.

For more information on survivor benefits, go online to the 1977 and 1985 Judges’ Retirement System Handbook at http://www.in.gov/inprs/2517.htm

A. No. You do not need to designate a beneficiary if you remarry. Provisions for survivors are set by the Indiana statutes. If you remarry, you will need to complete the Marital Status Form available online at http://www.in.gov/inprs/memberforms.htm. Complete and sign the form and mail it back to INPRS.