Steps to Take

The Planning Phases of Retirement

A. 10-15 years prior to retirement

B. About 60-90 days prior to your determined retirement date

 

A. 1-10 years prior to retirement

Step One: Begin to investigate and review retirement income from all sources - IRSs, pensions, & 403(b)

Step Two: Establish or update a will.

Step Three: Designate a power of attorney or a trust.

Step Four: Review and if necessary update beneficiaries.


Step Five: Attend a Retirement Planning Workshop.

Step Six: Contact or make an appointment with a representative from your 403(b) investment carrier(s).

Step Seven: Start to re-evaluate your tax plan.

Step Eight: For Faculty (at one year) Notify your Department Chair and appropriate Dean. For Staff (from one year to 60 days) – notify your supervisor.

 

B. About 60-90 days prior to your determined retirement date

This is the time to take action to implement decisions you have reached about benefit plan coverage during retirement.

Step One: Approximately 90 days prior to retirement, contact local Social Security and Medicare office.

Step Two: Approximately 90 days prior to retirement, make an appointment with a representative from your 403(b) investment carrier(s).

Step Three: Approximately 60 days prior to retirement, make an appointment with a Benefits Representative at 914-923-2828.

Step Four: Approximately 60-90 days prior to retirement, remind your supervisor about your impending retirement (Non-Faculty) or contact your Department Chair about your impending retirement (Faculty).