Steps to Retirement

This guide is intended to stimulate your thinking as you approach retirement. It is not a substitute for individual retirement planning, nor does USC offer any specific legal, tax, or financial planning advice. Health insurance items relate to age 65 rather than years to retirement.

5 Years Prior to Retirement

Attend the Emeriti Center’s “Transitions” and other retirement education offerings for information on health, lifestyle, and financial issues during pre- and post-retirement years.

Begin to discuss with your network of peers their experiences regarding retirement planning, retirement decisions, and use of advisors.

Begin to think about post-retirement use of time, retirement careers, part-time work, possible relocation, and long-term commitments such as family, friends, community, health, and fitness.

Find out what you may expect in the way of Medicare coverage. Review your insurance policies. Evaluate long-term care coverage. Identify gaps and duplications.

Request your “Personal Earning and Benefit Estimate Statement” from Social Security by calling (800)  772-1213.

Employees under the Support Staff Retirement Plan: Review the “Summary Plan Description” on the website www.usc.edu/dept/benefits or request a copy from the Benefits Office at (213) 740-6027; estimate your retirement benefit.

Employees under a defined contribution plan: Review and adjust asset allocation with consideration of proposed retirement date and distribution options.

Schedule an individual appointment with a plan representative if desired.

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3-4 Years Prior to Retirement

Continue your education by attending seminars, talking with peers, and meeting with advisors.

Review annually your projected Social Security and Medicare benefits.

Review annually your asset allocation and adjust as needed.

Explore lifestyle options:

• Join or volunteer for an organization or group you consider giving your retirement time, effort, or support.
• Visit for an extended period and/or at different times of year possible relocation destinations.
• Begin education or training for new career or avocation.
• Begin on a limited basis any new activity you plan to do during retirement.
• Build a network of friends, associates, and contacts who are already retired.
• Consider an Elderhostel or other senior-travel experience.

Staff: Join the Staff Retirement Association (SRA) and participate in Emeriti Center activities.

Faculty: Participate in Emeriti College activities such as the Community Lecture Series; join the Retired Faculty Association (RFA).

2 Years Prior to Retirement

Continue your education by attending seminars, talking with peers, and meeting with advisors.

Calculate projected healthcare and medication costs and coverage options. Investigate USC Senior Care, a Medicare Supplement policy. HICAP, Center for Health Care Rights, provides free information and counseling related to Medicare Parts A (hospital), B (physician), and D (medication), MediGap (Medicare Supplement), and Medicare+Choice (HMO) issues (800) 824-0780. Determine what coverage will be best for you during retirement and, if necessary, make a change during USC's open enrollment period in the fall.

Calculate projected living expenses and compare them to anticipated income from all sources.

Employees under the Support Staff Retirement Plan: Request an illustration of your retirement distribution (213) 740-6027, email: benefits@usc.edu.

Employees under a defined contribution plan: Examine pension distribution options through individualized illustrations. (See phone numbers and websites above.)

Increase participation in proposed retirement activities and locations.

1 Year Prior to Retirement

Continue your education by attending seminars, talking with peers, and meeting with advisors.

Reevaluate projected healthcare/medication needs and coverage. Plan possible conversion to individual policies for Medicare Supplement or Medicare HMO health insurance. Compare premium and benefits of USC Senior Care to other Medicare supplement plans (800) 872-2273.

Less than age 65: Evaluate continuation of health coverage under COBRA (USC Benefits Office (213) 740-6027 www.usc.edu/dept/benefits).

Review existing or new policies for life insurance, long-term care coverage, and cancer protection insurance.

Reevaluate projected living expenses and income. Plan for method of retirement income distribution.

Locate your original birth certificate and, if applicable, marriage certificate (or divorce decree). You will need to present these when you apply for benefits.

Faculty: Inform dean or department chair of intended retirement date in adequate time to initiate searvh for faculty successor. Begin preparation for transfer of duties.

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6 Months Prior to Retirement

Staff: If ready to announce your retirement to your department chair, dean, or director, do so early. Write a letter of intent giving the date of your proposed retirement and any other appropriate facts.

Staff: Schedule unused paid-leave days or evaluate payment option through your supervisor.

Collect and review applicable forms from Social Security (800) 772-1213.

Collect and review applicable forms for pension plans distribution. (See phone numbers and Web sites above.)

Collect and review applicable forms for Medicare Parts A, B, and D, USC Senior Care (800) 872-2273 or other MediGap policy (Medicare supplement), or Medicare+Choice (HMO) (800) 824-0780.

3 Months Prior to Retirement

Finalize your pension distribution decision. Request forms from retirement plans.

Apply for Social Security 3 months before you want benefits to start (800) 772-1213.

Begin to inform business-related organizations of your address change.

1 Month Prior to Retirement

Review your pay stub and, if desired, make alternative arrangements through related office for payments currently made by payroll reduction or deduction.

Support Staff Retirement Plan participants: Contact Benefits Office (213) 740-6027 to set up an appointment for you and your spouse (if married) to complete the necessary paperwork to start your pension payments.

Defined Contribution Plan participants: Finalize and apply for your retirement plan distribution. (See phone numbers and websites above.)

Finalize decision on healthcare and enroll in Medicare Parts A, B, and D, MediGap, and/or Medicare+Choice, as planned.

Convert or continue other USC-sponsored insurance policies by contacting USC Benefits Office (213) 740-6027.

Plan your first day of retirement. Decide on three things you wish to accomplish during your first month of retirement.

Contact the USC Emeriti Center for information about benefits and opportunities for involvement during retirement years (213) 740-8921.

Retirement Day

Pick up your final pay check or pay stub after 3:30 p.m. from the Benefits Office or your home department.

Do something special with family or friends.

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See also:  USC Retiree Resources

See also:  USC Retiree Privileges

See also:  RFA Benefits Webpage

See also:  Selected Links for Retirees