In this issue of UHRConnect, we have featured our Office of Employee Benefits. Here, you will find a team of dedicated benefits specialists who are ready to help you with all of your benefits and retirement needs. At this time of the year, we frequently have a number of employees who contact the benefits staff to discuss their options for retirement. We receive several questions such as: How much income will I need when I retire? How much money can I contribute to my Supplemental Retirement Account (SRA) each year? When am I eligible for social security?
Planning for retirement can be overwhelming, but our team will do their best to make this a smooth and joyful time. Although every situation is different, there are preliminary steps to start planning for your retirement. You can (1) draft out a budget to determine the amount of income you might need/want in retirement and include an “emergency fund” in your planning; (2) take a test run of living on that budget; (3) discuss your retirement income needs and options with your family and a financial advisor and, finally, (4) review your current debt and consider ways to reduce it before you retire.
If you believe you are ready to retire, schedule a meeting with the Office of Employee Benefits for a minimum of six months prior to your anticipated retirement date. In order to make the process as easy as possible, your Benefits Services Counselor can assist you in completing all the necessary forms. If you are not ready to meet with a counselor, please visit our website (uhr.umd.edu) and select “Planning for Retirement” for more information about the retirement process. Retirement does not have to be scary. We can help you to plan so that this is a pleasant phase in your life journey.
Read and share the newsletter online: UHR | Connect July
Need a version to download and print: UHR Connect – July
Assistant Vice President
University Human Resources
Last updated: March 16, 2017