Planning to Retire

Preparing for the next chapter of your life

You’ve had a long, successful career at IU and now you’re thinking about the next phase of your life: retirement.

Planning ahead will help make the transition from active employment to retirement as seamless as possible. You can begin receiving IU Retiree benefits once you meet the age and service requirements for official IU Retiree Status.

Before you take any steps, you may want to check out the “Road to Retirement” webinar series. There’s no cost and spouses and partners are welcome to attend.

Then, use the checklist below to help you prepare for this important life change.

Retirement preparation checklist

  • Consultations:
    Schedule free consultations with Fidelity and PERF to ensure you have a solid retirement plan in place.
  • Road to Retirement webinar series:
    Attend these twice-yearly webinars to gain insights on retirement planning and transitioning from employee to retiree. Attending multiple sessions can be helpful as you get closer to retirement.

  • Retirement consultation:
    Schedule an appointment with IU Human Resources (askhr@iu.edu or 812-856-1234) to discuss eligibility for retiree status and benefits.
  • Healthcare planning:
    Start evaluating your healthcare needs post-retirement by visiting hr.iu.edu/benefits/retirees.html.
  • Dental coverage:
    IU doesn’t offer a dental plan for retirees. Research options such as COBRA or private insurance.
  • Dependent medical coverage:
    Ensure your dependents are enrolled in your employee medical plan to be eligible for the IU Retiree medical plan.
  • Social security account:
    Visit ssa.gov to create a free account and access personalized benefit estimates.
  • Maximize Contributions:
    Review limits and consider increasing your HSA and supplemental retirement plan contributions. More info at hr.iu.edu/benefits.

  • Medicare enrollment:
    Apply for Medicare if you’re eligible, at ssa.gov or by calling 800-772-1213. Follow IU guidelines for timing based on your retirement date.
  • Social security benefits:
    Apply for Social Security if you’re ready by visiting ssa.gov.
  • Medicare Part D:
    Enroll in a Medicare Part D plan for prescription coverage at Medicare.gov.
  • Separation pay estimate (staff only):
    Request a payout estimate of eligible time off from askHR@iu.edu.
  • Notify your department:
    Inform your department of your retirement at least two weeks in advance.

  • Manage retirement funds:
    Work with your retirement vendor(s) to decide how to manage your funds post-retirement. Distribution or rollover options are available.
  • Update beneficiaries:
    Ensure beneficiaries are up-to-date for plans like life insurance, HSA, and retirement accounts. Learn more at hr.iu.edu/bcc/programs/beneficiaries.html.
  • IU retiree resources:
    Learn about access to IU systems such as email and library services at kb.iu.edu/d/dddx.

  • Health plan enrollment:
    IU Human Resources will mail health plan enrollment forms to your home. You have 60 days to enroll in an IU Retiree medical plan after retirement.
  • HSA management:
    You can either leave your HSA at Nyhart or roll it over to another vendor like Fidelity.
  • Keep your information updated:
    Notify IU HR at askhr@iu.edu or 812-856-1234 of any address or beneficiary changes.

Road to Retirement webinars

Who should attend?

Designed for those within five years of retirement, this series is beneficial for any IU faculty or staff member, especially those aged 65 or older. Spouses and partners are also welcome.

What you’ll learn

You’ll gain insights into essential retirement planning topics and leave with action items.

Registration

How to register for individual sessions.