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5 years prior
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- Attend events on retirement issues and benefits offered through Human Resources
- Request your Personal Earning and Benefit Estimate Statement from Social Security 1(800)-722-1213 or access www.ssa.gov
- Gather information on the Faculty Phased Retirement Plan (FPRP)
- Develop a network of peers who are willing to discuss their experiences with choices they made in retirement planning and selection of advisors
- Begin to think about post-retirement use of time, second careers, part-time work, possible relocation, long-term commitments other than work – such as family, friends, community, and health and fitness.
- Schedule an appointment with your Benefits Specialist at (713)348-2514 to review your benefits coverage available through Rice at retirement. Find out when you can make changes, add/delete dependents, or make payments.
- Review your retirement plan asset allocations, long or short-term goals, and distribution options.
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4 years prior
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- Use of time; join an organization or group and try it out.
- Possible relocation by visiting a destination at various times of the year or planning an extended vacation.
- Part-time work, second careers, or consulting.
- Experiencing the flavor and lifestyle of retirement by building a network of persons and contacts who are already retired including ARRUF.
- Discuss the three-year Faculty Phased Retirement Plan (FPRP) with your chair/dean/director
- Long-term commitments other than work, such as family, friends, health, fitness and community.
- Attend retirement seminars and share thoughts with your colleagues.
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3 years prior
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- Consider the three-year Faculty Phased Retirement Plan (FPRP)
- Review your insurance coverage to see what is portable and what will end at retirement. Current information is available from the Human Resources Department at (713)348-2514 people@rice.edu or https://people.rice.edu/benefits-rewards/retirement.
- Continue to consider and become involved in free-time activities, fitness activities, vocations, classes, and volunteering.
- Attend programs sponsored by ARRUF, Human Resources, and your local senior center.
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2 years prior
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- Make preliminary decisions about your post-retirement use of time. Discuss with your department chair/dean/director ideas for continuing research, teaching activities, or part-time work.
- Consider the Faculty Phased Retirement Plan (FPRP)
- Attend Retirement Seminars to obtain updated information on retirement processing and share experiences with colleagues.
- Contact Medicare for healthcare coverage 1(800)772-1213.
- Request illustrations of your retirement distribution options from TIAA and Fidelity.
- Give more serious thought to relocation, family, and community commitments.
- Take time to review healthcare and projected costs for medication. Talk with family members, peers, associates.
- Decide if you need to change health plans during Rice’s annual open enrollment period.
- Attend health-education seminars through your local hospital.
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1 year prior
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- Locate your birth certificate, SSN, and, if applicable, marriage certificate (or divorce decree) and most recent W-2 to present when you apply for Medicare and Social Security. Access Medicare at 1(800)722-1213, www.medicare.gov.
- Inform department chair/dean/director of intended retirement date. Finalize plans for phased retirement and/or post retirement teaching, research, or part-time work.
- Don’t forget to attend the Retirement Seminars one last time.
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6 months prior
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- Finalize decisions on insurance coverage. Schedule an appointment with your Benefits Specialist (713)348-2514 to get acquainted and begin retirement processing.
- Nine-month faculty should consider receiving their summer paychecks in one lump sum in order to begin drawing Social Security.
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3 months prior
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- Finalize your retirement plan distribution decisions.
- Request forms from TIAA and Fidelity.
- Apply for Social Security 3 months before you want benefits to start (800)722-1213.
- Request information on Medicare Parts A and B.
- Contact One-Exchange to enroll for Post-65 Retiree Medical Plan (855)241-5720.
- Begin to inform appropriate organizations of address changes.
- Inform Rice affiliated clubs and organizations of your intended retirement if your retirement affects membership status.
- Faculty and senior administrators should contact ARRUF about membership information.
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1 month prior
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- Review your paycheck stub and arrange to cancel any reductions or deductions, such as credit union loans. Call appropriate offices.
- Schedule an appointment with your Benefits Specialist (713)348-2514 to discuss medical and other insurance and to review other retiree benefits.
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