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How Does a COLA Work on an Illinois TRS Pension, and Why Is It Important?  Thumbnail

How Does a COLA Work on an Illinois TRS Pension, and Why Is It Important? 

COLA, or Cost-of-Living-Adjustment, is a legally required automatic increase to pensions. Illinois state law has required an automatic annual increase to pensions since 1969. Currently, COLA is a fixed 3% each year (compounded, meaning the prior year’s benefit gets increased by 3%). This increase happens every year, and is supposed to help your pension benefit keep up with inflation and a constantly-rising cost of living during retirement.

What is the AAI Program for Illinois TRS Retirees?   Thumbnail

What is the AAI Program for Illinois TRS Retirees? 

If you’re feeling confused about the AAI Program, you’re not alone. Many Illinois teachers who have been paying into TRS aren’t completely sure whether they should enroll. My hope is that this blog series will provide some clarity around the AAI Program, it’s pros and cons, and whether it’s right for you.

The Importance of Wellness in Retirement  Thumbnail

The Importance of Wellness in Retirement

Unfortunately, retirees often face depression, anxiety, and declining physical health as a result of not having any structure in their daily life. Even more unfortunate is the fact that depression in the senior citizen population often goes untreated. People aren’t sure if and when to speak up, and often don’t see the negative impact on their physical health (and their finances).