Retirement Planning
Thinking about and planning for your retirement takes time, thoughtfulness and collaboration. There isn’t one single approach that fits everyone, which is why we encourage you to use these resources to figure out yours.
With just a little effort, you can benefit greatly from these retirement planning resources.
Retirement Workshops & Presentations
| Date | Event | Recording |
|---|---|---|
| Spring 2024 | "Retirement Investing with Confidence and Success" | Dr. Robert Wolf, WSU Professor of Economics and Finance | View |
| Spring 2024 | "Five Reasons for Physical Exercise in Your Retirement" | Dr. Justin Geijer, WSU Professor of Health, Exercise & Rehabilitative Science | View |
| Spring 2024 | "How to Live Your Best Life: The Habits of Highly Effective Retired People" | Dr. Michelle Silver, University of Toronto Chair of the Department of Health & Society | View |
| Spring 2024 | "Reimagining a Personalized Plan for Your Next Phase" | Dr. Stacey Gordon, New York University Director of Next Phase Adult Caregiving & Retirement for the Work Life Office | View |
| Spring 2024 | "Strategies and Resources for Creating Connections" | Panelists Dr. Jan Blustein (New York University), Marty Howard (Boston University), Eddie Murphy (UCLA), and Dr. Louise Nasmith (University of British Columbia) | View |
There are many steps on the path to a successful retirement, and each person may approach this task differently.
Beyond the obvious concerns about financial readiness and healthcare insurance, there are many other areas to consider so that your retirement has purpose, meaning, satisfaction, and joyfulness.
Some items are repeated at different stages along the route to retirement to emphasize the point that these items are important and require revisiting more than once to develop your retirement plan.
It’s also good idea to involve your spouse or partner in the planning process.
Become acquainted with the WSU Retiree Center by visiting the Center in the WSU Alumni House and meet the Director and office staff.
Attend the Retiree Center’s Pathways to Retirement Program Events. Become familiar with retirement resources from the Retiree Center.
Talk with peers and friends about their thoughts and experiences regarding retirement planning. Ask about resources they have consulted.
Consult with your pension plan provider concerning your investment allocations and pension income resources.
Consult with your private financial advisor regarding your retirement income resources and projections.
Research Medicare coverage, long-term care coverage, and supplemental health care options. Evaluate your needs and preferences in these areas carefully.
Get an estimate of your Social Security income.
Calculate your total, annual living expenses each year prior to retirement to clearly understand the financial resources needed to maintain your desired retirement lifestyle.
Consider your interests and options for creating your desired retirement lifestyle, such as:
- voluntary associations to join
- investigating options for living arrangements following retirement
- considering a new career or avocational interest
- exploring Retiree Center options for Senior University, domestic and international travel programs, and day trips to entertainment and cultural events
- developing and expanding your network of friends and contacts who are retired
- discovering new ways of staying connected with the current WSU community and former colleagues and staff
Continue to acquaint yourself with retirement planning resources from the Retiree Center and WSU Human Resources.
Continue to discuss retirement planning with your peers and advisors.
Calculate your projected living expenses each year prior to retirement and compare with your total anticipated income.
Calculate your projected healthcare and medication costs and coverage options. Investigate healthcare insurance options including the State Employee Group Insurance Plan (SEGIP) and other supplemental policies. Assess your needs and make appropriate changes during the annual open enrollment period.
Consult with your pension plan representative and request an estimate of your monthly projected pension distribution:
- MSRS: View a pre-retirement seminar to learn about State Pension Plans, the Health Care Savings Plan (HSCP) and the MNDCP 457(b)
- TRA: Attend a group workshop or individual retirement counseling session to learn about personal estimates and plan options. Learn more with videos about nearing retirement.
- TIAA: Request an appointment with an advisor
- PERA: Visit the PERA website or call 800.652.9026
Look into any available university incentives or options for early retirement.
Continue your exploration and development of potential retirement activities, interests, opportunities, and plans.
Continue with your engagement in:
- the “Pathways to Retirement Program” events
- retirement resources from the Retiree Center and WSU Human Resources
- conversations with friends, peers and advisors who can help with your planning
Evaluate your projected healthcare needs, coverage, and premiums, especially relating to the state employee retiree insurance program (SEGIP). Consider desired healthcare coverage and desired changes during the annual open enrollment period.
Review potential or existing policies for life insurance and long-term care insurance.
Locate your original birth certificate, and marriage certificate or divorce decree if applicable for use in applying for retirement benefits. Investigate any available university incentives or options for early retirement.
Notify your departmental/office colleagues university administrators/supervisors, and the WSU Human Resources Office about your retirement plans. Begin the transition of duties and responsibilities within your department or office area as needed.
Recalculate and verify your projected living expenses and income projections each year prior to retirement.
Consult with your pension plan representative and request an estimate of your monthly projected pension distribution.
Review income sources and living expenses with your private financial advisor to assess available resources to meet your anticipated retirement expenses.
Continue your exploration and initiation of concrete plans for retirement activities, interests, and opportunities.
Continue with your engagement in:
- the “Pathways to Retirement Program” events
- retirement resources from the Retiree Center and WSU Human Resources
- conversations with friends, peers and advisors who can help with your planning
If you have not already done so, notify your department/office colleagues, administrators/supervisors, and the WSU Human Resources Office about your retirement plans. Write a letter of intent giving the date of your proposed retirement and other important information.
Contact the Social Security and Medicare Office for applicable forms to complete to arrange for benefits (assuming you meet the minimum age requirement). Arrange for Medicare supplemental health insurance coverage if needed.
Make decisions regarding healthcare coverage and any supplemental coverage that may be needed. This includes deciding to remain with the State Employee Group Insurance Plan (SEGIP) or changing to a different healthcare plan provider.
Meet with your financial advisor to assess the pension and investment income sources in support of your retirement.
Meet with the Director of the WSU Retiree Center to sign-up for post-retirement privileges and activities.
Contact your pension plan office to obtain a final calculation of your monthly pension distribution, and complete forms needed to apply for your distribution.
Schedule unused paid-leave days and/or evaluate payment options (severance pay) with your supervisor and WSU Human Resources office staff.
Meet with your financial advisor to review financial plans in support of your retirement.
Finalize your decisions regarding healthcare coverage and any supplemental coverage that may be needed. This includes deciding whether to remain with the SEGIP health insurance plan or changing to a different healthcare plan provider.
Contact Social Security online or call 800.772.1213 to enroll if you are eligible and wish to draw on your retirement benefits.
Contact Medicare to determine eligibility and to enroll in Parts A & B for yourself and/or your eligible spouse.
Schedule an appointment with the Director of the WSU Retiree Center to sign-up for post-retirement privileges, and opportunities for continued engagement through the Center with the University community.
Schedule a meeting with a staff member in the WSU Human Resources Office for information and forms related to severance payments and continuing SEGIP coverage.
Make plans for vacating spaces allocated to your assigned employment duties.
Attend the Spring WSU Employee Recognition event, and the Retiree Center Spring Luncheon to be honored among others entering retirement.
Complete the physical move from the University to your desired retirement location.
Meet with a WSU staff member in Human Resources Office to formally transition from university employment, and to be welcomed into the WSU Retiree Center.
Meet with the Director of the Retiree Center to be welcomed into the community of WSU retirees. Discuss plans to remain connected with the University community and with current and retired faculty, staff, and administration through programming at the WSU Retiree Center.
Now, it’s time to celebrate with family and friends and to “refire” your imagination about the next chapter in your life!
Anyone who has formally retired from WSU employment is welcome to become a member of the WSU Retiree Center. Part-time re-employment does not disqualify continued membership.
To register for membership, you’ll just provide your name, email and phone number to WSU Human Resources and the WSU Retiree Center prior to or upon retirement. Then you’ll meet with the Director of the Retiree Center to sign-up for membership and associated privileges.
As a member, you can enjoy a variety of programs including travel opportunities, social events, educational classes, and volunteer opportunities.
You’ll also have privileged access for campus resources and services such as the Krueger Library, Fitness Center, campus parking permits, discounted athletics tickets and more.