Retirement Checklist

Set a retirement goal!

  • What do you want to do when you retire?
  • Will you have the money to make your retirement dreams become reality?

Make sure you look at the projected retirement income when you receive information about your basic and supplemental retirement. We advise that you set up a meeting with your investment carrier every five years to check how close to your target goal you are with your basic, supplemental and any other retirement accounts.

Before Retirement

Five Years Before Retirement
  • List all bills
    • Estimate the ones that you can pay off and the ones you will always have
    • Estimate how much income you will need once you start retirement
    • Try to figure out how much extra income you will have to fight inflation
  • Start to reduce your income by putting more money into your SRA account. By doing this you'll have more in savings when you retire, and more importantly, it can get your income to the income you will have at retirement. This gives you the opportunity to see if you can afford to retire at this time.

One Year Before Retirement
Print the Retiree Information Sheet (pdf)
  • Check with your local Social Security Office to make sure you know how much income you will receive and what paperwork you will need to secure these funds as well as any rules affecting this income.
  • Use the on-line tool to run an estimated calculation of your Plan B pension benefit. See the instructions (pdf) on using the on-line tool to run an estimated calculation of your Plan B pension benefit.
  • Talk to your investment carrier to obtain and confirm estimate and options.
  • Talk to the benefit specialist to check on the cost of health insurance.
  • Investigate other Medicare supplement health plans.

4 Months Before Retirement
Print the Retiree Rates (pdf)
  • Set a Date -- You do not have to make an announcement to your department at this time.
  • Go to the Social Security Office to make arrangements for Social Security and Medicare.

3 Months Before Retirement
  • Instruction on accessing the on-line tool to request a certified retirement kit can be found on the On-line Pension Calculation Tool. Contact the CWRU benefit specialist for assistance with obtaining and completing these documents.
  • If you are electing to go into CWRU's health insurance plan begin the paperwork.
  • Contact any other employer(s) to begin paperwork for their retirement account.

1 Month Before Retirement
  • Contact your supplemental carrier to talk about your final arrangements.
  • Plan something special to celebrate.

Post Retirement

  • Provide mailing address changes to all sources of retirement income as they occur.
  • Contact the Benefits Office for changes in direct deposit accounts for pension annuity payments.