Getting Ready for Retirement

How you think about and plan for your life when you retire depends on where you are in your life's journey. There are small steps you can take at every stage in your life to make planning for retirement easier.

Early Career

  • Budgeting basics and student debt counseling. University employees can schedule six free and confidential financial counseling sessions each year with LSS Financial Counseling. Call 800-528-2926 to find out more. If you're looking for basic financial how-to information, U employees can get more information through LifeWorks. Access the tools at (the user ID is "lfg" and the password is "resources"). A budget calculator is available, too.
  • Life changes may change your benefits. Getting married or having a baby are exciting and busy times. If you need to change your medical or dental benefits as a result, you have 30 days to take action from the date of your wedding or the birth or adoption of your child.  

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  • Review your beneficiary designations. It's helpful to take a look at your life insurance and retirement plans. The information on who you want to receive these benefits if you die should be reviewed and updated. For your basic and additional life insurance, beneficiary information is kept electronically at Minnesota Life. Changes can be made online at If you need help with your password, call 877-282-1752.
  • Break out a calculator. To get a better picture of your financial health, consult a financial calculator to see how changing your savings can have an impact over time. All employees can use a free calculator to show the value of compound interest based on your starting investment and yearly contributions.

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Near Retirement

  • Review your investments and retirement portfolio. As we age, our investment needs change. It is a good idea to look at your investments every so often to ensure that you're comfortable with your current portfolio. More information on your specific investments and retirement are available from your plan providers (the Faculty Retirement Plan, Optional Retirement Plan, and the 457 Plan).
  • Check out a workshop. General how-to workshops on retirement readiness are available through the Office of Human Resources. If your retirement is invested through the Minnesota State Retirement System, workshops are scheduled throughout the year. Faculty Retirement Plan participants can meet with a Securian Retirement Services representative face-to-face.

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  • Do you have a will and health care power of attorney on file? You can consult your attorney for more information on drawing up these documents. Other resources include the University's LifeWorks service, which provides basic will preparation services and related tools and resources. To access this service, the user ID is "lfg" and the password is "resources."
  • Check out the calculator for retirees. Consider your options as you manage your money in retirement using a free calculator to help you estimate how long your savings will last in retirement.