Checklist for Retirement

Am I able to retire?

There are three factors that determine if you can retire from the University of Nebraska:

1. Normal retirement age at the University of Nebraska is 65. There is no service requirement for employees retiring at age 65 or older.

2. Faculty or staff members between the ages of 55-65 with ten years of service may take ‘early’ retirement.

3. An employee may request a disability retirement due to a physical or mental disability that prevents satisfactory work performance. There are no age or service requirements. Medical documentation is required.

To assist you in planning for retirement the following checklist has been created. Please note, this list is by no means exhaustive, but is intended to give you a general (financial) guide to help you in your retirement planning process.

 

Checklist for Retirement

Five years prior to retirement

  • If you have a spouse or partner, it is important to include them in discussions and decisions involving your retirement.
  • Go online to obtain your annual Personal Earning and Benefit Estimate Statement from Social Security.

              Social Security: My Social Security:  http://www.ssa.gov/myaccount/

  • Contact any past employers you may have (including the military), to see if you qualify for any retirement income under their plans.
  • Develop a network of peers that would be willing to discuss their retirement experience with you.
  • Meet with your TIAA and/or Fidelity counselor for a one on one session to get an overview of your portfolio and options.

Three years prior to retirement

  • Review your online Earning and Benefits Statement from Social Security
  • Start to calculate your projected living expenses and compare that with anticipated income.
  • Meet with your TIAA and/or Fidelity counselor for a one on one session to get an overview of your portfolio and options.

One year prior to retirement

  • Double-check that you are still eligible for Social Security and Medicare benefits.
  • Set up an appointment with your Fidelity and/or TIAA counselor to get more in depth information on your portfolio and options.
  • Decide during the benefits open enrollment period whether you need to change your plan. You cannot change your benefits simply because you retire (i.e. - adding medical insurance at retirement).
  • Attend the Pre-Retirement Seminar.

Six months prior to retirement

  • Further discuss your retirement plans with family and a trusted financial advisor.

Three months prior to retirement

  • Apply for Social Security 90 days before you plan on retiring.
  • Managerial/Professionals need to notifying department heads or supervisors in writing that they plan on retiring.

Two months prior to retirement

  • For help with Medicare supplements, a SHIIP representative is available to meet with you in the Benefits Office. Please call 402-472-2600 to set up an appointment.
  • More information on the Nebraska SHIIP program: http://www.doi.ne.gov/shiip/
  • Check your Firefly account to view the remaining amount in your health and/or dependent reimbursement accounts.

One month prior to retirement

  • Office/Staff personnel need to notify their department head in writing that they plan on retiring.
  • Look at your paystub and cancel any deductions by calling the appropriate office (i.e. UN Foundation, campus recreation, credit union, athletic ticket offices, etc.)
  • If you plan on keeping the University insurance (medical and/or dental) fill out the appropriate forms
  • Forms can be found at   http://nebraska.edu/faculty-and-staff/benefits/retirement/retiring-from-the-university

Two weeks prior to retirement

  • Contact the Ticket office (472-3111) about keeping your tickets for athletic events (only possible if you have had them for 10+ consecutive years )
  • Contact the Campus Recreation if you would like to keep your membership
  • Contact Parking to continue to receive Faculty/Staff parking through the end of the fiscal year
  • Emeriti parking is also available through UNL Parking Services
  • If you plan on rolling over or doing a cash withdrawal from your Fidelity and/or TIAA contact them directly

Week of retirement

  • Leave appropriate messages on any e-mail/voicemails alerting people of your retirement and a contact handling your responsibilities.
  • Update Firefly of your address, telephone, and e-mail address. This update will not only allow us to keep in touch with you, but notify Blue Cross Blue Shield.
  • Notify TIAA and/or Fidelity of any address changes

              TIAA 1-800-842-2776

              Fidelity 1-800-343-0860

  • Contact TIAA and/or Fidelity about finalizing options for retirement income or rollover.

After Separation from the University

  • Contact Benefits Office to obtain your retiree NCard application.
  • When ready to access your retirement funds, turn in the University of Nebraska impact form to your campus Benefits Office. The form can be found by clicking HERE

 

More questions that are not answered on this page?

 

Retirement Plan Issues:        Diane Fry                     472-0937        dfry4@unl.edu  

Insurance Enrollment:           Susan Turco                472-8048        sturco2@unl.edu

Director                                         Gayle Schanou               472-8641        gschanou2@unl.edu