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Several years prior to retirement, you should... |
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This is the time to begin investigating and
learning more about your current benefit plan selections and what
efforts need to be made for retirement.
Make an appointment with a Benefits Counselor
in the University's Benefits Division
You may bring your spouse or anyone assisting you with planning
for retirement.
Prepare questions
This is a good time to begin formulating a list of questions addressing
how you will continue insurance and replace income in retirement.
Click on the links below for example questions in each category.
Health
Insurance
Life
Insurance and Other Coverages
Retirement
Social
Security
Review your current benefit plan participation
You may find this information by reviewing your paycheck stub The
stub lists each plan participation by a deduction code such as BCBS
Dental or Retirement - Basic or Retirment - Supp.
Learn about the options you have at retirement
You should review the benefit plan participation and coverage options
you will have at retirement and the specific steps you will need
to take to continue desired health and dental insurance during retirement.
Such information is provided in the Benefit Program Summary.
Review Benefit Program Summary
This document highlights features of each of the University's benefit
plans including eligibility, coverage options as a retiree, and
actions required to participate in the plan. Includes references
to health, dental, life insurance, AD&D, long term disability,
short term disability, retirement, tuition plans, etc.
To arrange an appointment with a Benefits Counselor call the Benefits
Division at 847-491-7513 and ask for an appointment with a Benefits
Counselor, or send an E-mail message to: benefits@northwestern.edu.
A Benefits Counselor is on the Chicago Campus Human Resources offices
(710 North Lake Shore Drive) each Wednesday.
Make an appointment with a Fidelity Investments
representative (1-800-642-7131), or TIAA-CREF Representative (1-800-842-2005)
A meeting with an investment company representative provides an
opportunity to review your investment portfolio including:
- the accounts you have;
- the funds you have selected;
- the funds accumulated balances;
- projected totals at retirement;
- designated beneficiaries;
- evaluate if you are contributing the maximum possible into your
retirement plan;
- discuss whether your investments are balanced and positioned
prudently;
- evaluate the advantages and disadvantages of changing the allocation
of funds, prior to retirement, at
retirement and after retirement;
- discuss the options you have to withdraw accumulated retirement
plan assets;
- identify what forms must be completed and how they can be obtained.
When you make an appointment, ask the representative to bring specific
information illustrating your projected retirement income and distribution
options.
This is the time to determine how much of your current income you
will need for your living expenses in retirement, and whether you
need to accelerate your savings for retirement. Both representatives
can introduce you to their retirement planning software. On-campus
counseling is now available on both the Evanston and Chicago campuses.
Meetings/Counseling
TIAA CREF
Customer
Service Contacts at Fidelity.com
Investigate and review
retirement benefits from other sources
If you are entitled to retirement income from employers or agencies
other than Northwestern University, you should check on these plans
at this time.
Consider beginning or re-evaluating
a tax plan with a tax attorney, a certified public accountant, or
a non commission based financial planner
TIAA-CREF has a helpful guide titled, "Choosing a Financial
Planner" which can be ordered by calling 800-842-2776.
Now may be the time to review your loans and borrowing needs for
retirement property. Some financial institutions may hesitate to
extend a loan to you once your are retired. This is also a good
time to ask if it is worth re-financing your home to a shorter-term
mortgage at a fixed rate.
Contact your local Social Security
Office or visit the Social Security Web Site
This is the time to learn more about Social Security and the amount
of income you may expect during retirement.
Use the On
Line Local Office Locator to find a Social Security Office near
your community. The Evanston area Social Security Administration
office is located at:
2116 Green Bay Road
Evanston, IL 60201
Access Evanston
Social Security Office
You can call for an appointment or for forms at 800-772-1213.
Other on-line Social Security references include:
Obtain and review a copy
of the Medicare Handbook
You can obtain the Handbook by calling 800-772-1213 to order a
copy.
Other Medicare references include:
Establish or update a will
If you do not have one, you are strongly advised to make one. You
may also wish to consider other options, such as assigning your
life insurance, establishing an insurance trust, or a revocable
trust.
Review and update beneficiary designations
The beneficiaries you designated when you first enrolled in the
University's Life Insurance and Retirement Plans may no longer be
current. You may have had one or more children, you may have divorced
and possibly re-married, or you may have had other family status
changes which may impact on your desired beneficiaries.
You should contact either Fidelity Investments or TIAA-CREF directly
to review your current beneficiary designations for your investment
accounts including applicable RA and SRA contracts with TIAA-CREF.
You should also log onto eBenefits to review the beneficiary
designations on file for the Life Insurance Plans.
Attend Financial Planning
Seminars
There are two seminars of particular interest to retirees. In one,
a representative from the Social Security office summarizes the
main features of retirement income for retirees and survivors. In
another seminar, a Blue Cross Blue Shield representative provides
a summary of how Medicare parts A and B integrate with coverage
under Plan A for retirees. A Benefits representative is also present
to discuss billing procedures and premium rates.
Explore other web sites
These and other sites provide financial calculators of all kinds
Financenter
Java Financial Calculators
USA
Today Financial Calculators
Consider the University's Phased
Retirement Program
Phased retirement is available to faculty members 55 years of age
or over who have at least 15 years of service at Northwestern University
and wish to retire at an age agreeable both to the faculty member
and to the administration. Faculty members who select this option
are assigned 50 percent of their normal academic responsibilities
(as defined by the dean of the school) and receive 60 percent of
their normal academic year salary.
University Contributions to benefits treat the faculty member as
full-time but are based on the reduced salary. Upon selecting phased
retirement, a faculty member enters into an agreement with the University
that specifies financial arrangements and an agreed-upon retirement
date; all other protections of tenure continue to apply. Faculty
members who are considering phased retirement should consult the
dean of the school or the provost.
Access
On Line Faculty Handbook ( PDF)
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