It’s never too soon to start thinking and planning for retirement! (5-15 years before retirement)
Retirement and Financial Planning Workshops
University of Maine System retirement vendors periodically schedule campus meetings and individual appointments to meet with employees and their spouses. These meetings are a good way to learn more about the retirement savings opportunities available to you as well as to review the status of your existing retirement accounts. Employees who are age 45 and above will receive an invitation to annual presentations. These are typically scheduled in April. Call the Benefits Office at 581-2367 for more information or to schedule an individual appointment.
Consult with Financial Specialists
You may also want to contact your own bank, credit union and/or investment company for information and advice. These services are generally accompanied by a fee or limited to the products offered by the company, so you should make sure you understand how you will be charged and what you can expect in return. The University of Maine Credit Union also offers periodic financial seminars. Please call 581-1457 for more information.
Review your Annual Social Security Statement
Your annual Social Security Statement will be mailed to you by the Social Security Administration about three months before your month of birth. This statement is automatically sent to workers over 25. This summary shows your record of earnings on which you have paid Social Security taxes as well as the estimated benefits you and your family may receive based on these earnings. The statement includes instructions for reviewing the information and reporting mistakes. http://www.socialsecurity.gov/mystatement/. A new Social Security Retirement Estimator is now available at http://www.socialsecurity.gov/estimator to estimate future benefits.
Consider Creating or Updating Personal Legal Documents
Having an up to date will, living will, health care directive, or power of attorney can give you and your family members peace of mind. These are extremely personal decisions that should be given careful thought. If you don’t already have an attorney, you might consider contacting:
Review Your Beneficiary Designations
Contact the Benefits Office at 581-2367 to review or update your beneficiaries for your life insurance and/or retirement accounts.
Long Term Care Insurance
Many programs with varying levels of coverage are available. Informational resources are widely available on the web or through AARP.org.
Maine State Bureau of Insurance web site http://www.maine.gov/pfr/insurance/index.shtml provides information about companies that are licensed to sell specific kinds of insurance in Maine as well as informational materials.
When Retirement is Closer (1-5 years before retirement)
Attend Retirement and Financial Planning Workshops
These workshops are typically scheduled in April. Call the Benefits Office at 581-2367 for more information or to schedule an individual appointment. Your spouse is welcome to accompany you at these programs. Make sure to tell your advisor about your plans for setting a retirement date.
Consult with Financial Specialists
If you have been working with a consultant or retirement specialist outside the University setting, make sure this person knows about your plans for setting a retirement date.
Review your Annual Social Security Statement
Your annual Social Security Statement will be mailed to you by the Social Security Administration about three months before your month of birth. This statement is automatically sent to workers over 25. This summary shows your record of earnings on which you have paid Social Security taxes as well as the estimated benefits you and your family may receive based on these earnings. The statement includes instructions for reviewing the information and reporting mistakes. http://www.socialsecurity.gov/mystatement/
Consider Creating or Updating Personal Legal Documents
Having an up to date will, living will, health care directive, or power of attorney can give you and your family members peace of mind. These are extremely personal decisions that should be given careful thought.
If you don’t already have an attorney, you might consider contacting: Lawyer Referral and Information Service — a not-for-profit service created by the Maine Bar Association. 1-800-860-1460 http://www.mainebar.org/lawyer_need.asp Pine Tree Legal – free legal services to Maine people 942-8241 http://www.ptla.org/index.html Employee Assistance Program, a free and confidential program for University employees, will also make legal referrals. 581-4014. Make sure your family is aware of the location of any important finicial or legal documents.
Review Your Beneficiary Designations
Contact the Benefits Office at 581-2367 to review or update your beneficiaries for your life insurance and/or retirement accounts.
Long Term Care Insurance
Many programs with varying levels of coverage are available. Informational resources are widely available on the web or through AARP.org.
Maine State Bureau of Insurance web site http://www.maine.gov/pfr/insurance/index.shtml provides information about companies that are licensed to sell specific kinds of insurance in Maine as well as informational materials.
Consider Potential Life Style Adjustments
Personal Budget
Housing
I have decided to retire! (90 days-6 months before your retirement date)
Inform Your Supervisor
What Do You Need to Say?
The notice of retirement should be addressed to your supervisor. We suggest that the note be copied to Kathleen Bell, Assistant Director of Employee Health, Benefits, and Payroll. Add your own personal touches to the following basic example
Dear —
Faculty
Salaried Staff
Hourly Paid Staff