Suggested Time Table
10-15 Years prior to retirement
- Begin to investigate and review all sources of your retirement income at retirement.
In order to properly prepare for your retirement, you should consider where your income will be coming from and how much will it be. If you are entitled to retirement income from other employers or other sources, you should check those plans at this time. Members of the Arizona State Retirement System, may want to use the Retirement Benefit Estimator to project what an estimated income could be at retirement.
- Establish or update your will and/or your trust(s).
There are several legal issues you may wish to consider, including the advantages and disadvantages of a personal will, medical and durable powers of attorney and revocable and irrevocable living and testamentary trusts. You should review these matters with your personal attorney as part of your overall financial planning and keep your attorney updated regarding retirement plans from which you expect to receive retirement distributions.
- Review; update your beneficiary information.
You should review the beneficiary information for all your insurance and retirement plans and make any necessary updates.
- Attend Pre-Retirement workshops and seminars.
Human Resources conduct a monthly Pre-Retirement session. Additionally, members of the Arizona State Retirement System are encouraged to attend the various workshops and seminars offered to its participants.
- Meet with the representative of the Optional Retirement Plan (ORP) and, if applicable, with the Tax-Sheltered Annuity (TSA) vendor(s).
This is the time to discuss your investment portfolio including the specific accounts, funds selected, accumulated balances, projected retirement income and distribution options. It is also a good time to determine how much of your current income you project you will need for living expenses after retirement and whether you need to adjust your retirement savings. You may view the Schedule of Optional Plan Representatives on campus to schedule an appointment to meet with an ORP representative. You may view a list of the approved TSA vendors and representatives at http://www.hr.arizona.edu/07_sep/tsa/TSAAgentList.doc to contact a TSA representative.
1-2 years prior to retirement
- Attend benefits fairs and retirement workshops.
Information gathering during this period of time prior to retirement will support making informed decisions. Keep updated on the constantly changing laws and benefits options.
- Check with the Social Security Administration Office.
Your Social Security statement of account will help you plan for your financial security by informing you of the amount of social security benefits available to you and/or your surviving dependents. Review your statement for accuracy and report any discrepancies immediately the Social Security Administration. You may visit their home page at www.ssa.gov. The toll free number is 1-800-722-1213.
- Contact all your retirement plan carriers regarding your retirement options.
Obtain the most current information regarding your options at retirement. If you are eligible for retirement benefits from other sources or previous employers, check on your options under these plans.
- You may want to advise your department of your intent to retire.
The more advance notice your department has to prepare for your retirement, the more time they will have to plan for a smooth transition.
Approximately 60-90 day prior to your determined retirement date:
- Finalize your application for receiving your Social Security benefits if you are retiring at age 62 or older and choose to begin your benefits at this time.
If you are under age 62, or chose not to file for your Social Security benefits at this time, organize your calendar for future review of your benefits. Consult with the representative in the Social Security Administration office for important information regarding your specific situation.
- If you (or your spouse) are eligible for Medicare, apply for Medicare benefits.
Information regarding Medicare coverage, eligibility, enrollment and premiums may be accessed by visiting the website at http://www.medicare.gov
- Make an appointment with the representative from your retirement plan and/or investment vendor(s).
At this meeting, finalize the steps you need to implement your retirement distribution including completing and submitting the necessary applications within the deadlines established by each plan. Next, you should:
- Make an appointment to attend a Human Resources pre-retirement briefing session.
By attending a pre-retirement session, you can evaluate your University employee benefits after retirement and complete the required forms for those benefits you are eligible to continue after retirement, including the application for the Retiree Accumulated Sick Leave benefit.
This session is in addition to the ASRS retirement workshops and seminars and the individual retirement counseling sessions with the ORP representatives.
- Submit written notification of your resignation to your department.
Make sure your department is aware of your impending retirement date so that all necessary arrangements can be made for a smooth transition. If you are Faculty or Appointed Personnel, confirm your retirement status with your Department Head, Dean or Vice-President.