Pre-Retirement Seminar 2021 Online Resources

Build a Future You’ll Love: Getting Ready for Retirement

Pre-Retirement Webinars and One-on-One Sessions

Roth vs. Traditional Pre-Tax Contributions

Join Fidelity Investments for an upcoming virtual Ask Fidelity Session, "Is the Roth 403B Right for You?" A Fidelity planner will share important updates about your workplace savings plan and provide resources to stay on track with your financial goals. Sign up for one of three sessions, April 16, 21, or 29 at noon.

Pre-Retirement Webinars

If you missed the University’s annual pre-retirement webinars earlier this year, you can view similar seminars via the links below. Designed for faculty and staff ages 50 and over, the sessions are packed with essential information for planning and enjoying your retirement years. The webinars are presented by Fidelity Investments, the University’s retirement recordkeeper.

Make the Most of Your Retirement Savings

  • The importance of saving as much as possible for retirement
  • How much to save for retirement and the benefits of saving more
  • Different account types you can use to save for retirement
  • Ways to preserve and grow your savings to last throughout your lifetime

Learn the Basics of When and How to Claim Social Security

  • Understand Social Security
  • Considerations for claiming Social Security benefits
  • Decide when to take Social Security benefits

Maximize Social Security in Your Retirement Strategy

  • Learn how Social Security fits your retirement paycheck
  • Identify Social Security claiming strategies
  • Create your retirement income plan

Prepare for the Reality of Health Care in Retirement

  • Estimate retirement health care costs
  • Understand available options before and after age 65
  • Plan for retirement health care costs

Preserving Your Savings for Future Generations

  • Understand estate planning-wills, probates, power of attorney
  • Learn what's taxable and how assets can be distributed
  • Explore the importance of a living will and health care proxy
  • Learn about the forms of trusts
  • Review beneficiary designations, gifting, and insurance replacement strategies

Turn Your Savings into Retirement Income

  • Learn the benefits of a retirement income plan
  • Identify retirement income sources and expenses
  • Explore different retirement income strategies

Retirement Income Planning for Her

  • Designed for Women
  • Learn the benefits of a retirement income plan
  • Plan for future income

One-on-One Sessions with Counselors

  • Fidelity representatives can help get ready for retirement and offer free and confidential retirement counseling at no cost. You can invite your spouse or family member to attend as well.
  • LSS Financial Services provides counseling to help with budgeting, student loans, and debt management and repayment. This confidential service is free to University employees and their spouses. You can invite your spouse or family member to attend as well.
    • Call 800-528-2926
  • University of Minnesota benefits counselors can help those who are near retirement. Call and schedule an appointment, especially if you are about six months from your retirement date.
    • Call 612-624-8647 or 800-756-2363.

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Money

Personal Finances

6-10+ years from retirement
Focus on:
Reviewing your overall finances to put your plans together for retirement

Did you know? All U of M employees can access Fidelity’s personal finance resources. 
Even if you are not a participant in the Faculty Retirement Plan or voluntary plans, you can use Fidelity’s personal finance resources, which include quizzes to help you check your savings goals and how long your retirement savings could last. Learn how to access Net Benefits to get started here.

<2-5 years from retirement
Focus on:
Creating a spending plan for your retirement

Retirement Savings

6-10+ years from retirement
Focus on: Taking advantage of catch-up investment opportunities and preparing for a transition to retirement

  • Learn more about creating a retirement income plan, developing a strategy to claim Social Security, and planning for health care costs:

<2-5 years from retirement
Focus on:
Having a concrete plan to transition to retirement

Planning for Social Security

Focus on: Understanding the options you and your spouse have in timing when to take your Social Security benefit

Insurance and Estate Planning

Focus on: Exploring resources from U of M to support you as you plan your legacy (NOTE: some resources are only available while employed at the University)

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Health and Wellbeing

Tip: As you plan your budget for retirement, be sure to include the cost of your medical and dental care! These benefits that will supplement your Medicare are an important part of getting the care you need to live a balanced, enjoyable life in retirement. See Fidelity’s webinar Prepare for the Reality of Health Care in Retirement to learn more.

Retiring at Age 64 or Younger (Under 65)

Health Plans: Know Your Options (and Costs)

Medical plans for retirees under 65 are the same as those for active employees, though the retiree will pay the whole monthly premium. Learn more:

Wellbeing Program Access

Retirees under age 65 can continue using the same Wellbeing Program as active employees, including keeping their current points. If you’re leaving the University, here are a few tips to make sure you get credit for all of your wellbeing wins: 

  • Contact Virgin Pulse within 30 days from your last date of employment to verify the points that you earned.
  • If you opt to retire from the University and your spouse is a University employee and you choose to be covered under their plan, you will need to reach out to Virgin Pulse to have them move your Wellbeing Points to your spouse’s account as the ‘spouse.’

Live well! In addition to the opportunity to earn points and reduce your medical rates, the Wellbeing Program provides many helpful resources for a balanced life, including health coaching, mindfulness and yoga courses, healthy habit tracking, nutrition and recipe guidance, sleep guidance, and health assessment opportunities. Explore more:

 

Retiring at 65 or Older

Health Plans: Meet Your Medicare-Eligible Choices

Retirees at age 65 or older have a variety of health plans to choose from, which are different from the plans available to active employees. 

As you choose a new plan, be sure to think about where you plan to live during retirement, whether you’d like a plan that will cover continuing seeing your current doctors in-network, and what you anticipate your medical expenses being (including medications and hearing aids). To help you decide:

Wellbeing Options at 65 or Older

Retirees at age 65 or over have different wellness options than members of the under-65/active plan, and can no longer use the active-plan Wellbeing Program or the points they’ve earned within it. Plan accordingly:

  • Explore wellness options within the University medical plans for retirees, such as discounts on health supplies, Silver Sneakers, free or discounted fitness club memberships, 24-hour free nurse lines, and Stop Smoking Support. Learn more online or in the Retiree Guide, pages 14-15.
  • If you are nearing 65 and are currently seeing a Wellbeing Program coach or EAP counselor for your physical or mental health, ask for recommendations on how to continue progress on your new plan with a different care provider.
  • When you turn 65, you will become ineligible to receive the Wellbeing Program discount that you may have earned the previous year due to program restrictions. If you earned Wellbeing Program discount when you are 64, you won't get the incentive on the new plan once you turn 65 even if you earned the incentive before.

Dental Care: All Retiree Ages

Dental plans for all retirees are the same as those for active employees, but the retiree will pay the whole monthly premium. See rates here

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Planning, Belonging and Community

What’s Next

Focus on: Developing a post-retirement game plan to make the most of the next chapter of your life 

  • Read an interview with U of M expert Kellie Howard on retirement anxiety to get a fresh take on how to think about planning for this next stage of life.
  • Considering a post-retirement career transition? You can talk with U of M Career Counseling and Assessment ($) or counselors from the University’s EAP or Medica who can help you identify your values and priorities.
  • Planning Ahead for Retirement (pdf) from Extension is a workbook to help you reflect on how you want to spend your time post-retirement, the types of relationships you want to nurture, your health and financial needs, and how to plan with a spouse or partner. 
  • Encore Transitions is a series of courses designed to help you prepare for a successful post-career life by focusing on personal, professional, and social satisfaction, as well as timely financial and health matters. (NOTE: not offering in-person sessions due to COVID)

UMAC Fellows Program Recruiting Now for Fall, 2021

Transformational | Intergenerational | Impactful

University of Minnesota Advanced Careers (UMAC) is a gap year for grown-ups who want to make a difference in their encores. Learn across the generations, access a world-class university, experience growth and renewal, and join a vibrant community of learners. Apply now through April 15 or nominate someone.

Belonging, Connection, and Community

Focus on: Building your retirement community to support you when you leave the University

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