Your Retirement Planning Guide
Steps to Retirement
A comprehensive guide to planning and preparing for your retirement from PFTHW.
Planning Your Retirement
Start preparing 12-18 months in advance
Retirement is a significant life transition that requires careful planning. Whether you're years away or months away from retirement, understanding the process and taking the right steps will help ensure a smooth transition to this exciting new chapter of your life.
When to Start Planning
Retirement Timeline
Follow this timeline to ensure you complete all necessary steps for a successful retirement. Each phase includes important tasks and decisions that will affect your retirement benefits and financial security.
12-18 Months Before Retirement
Initial Planning Phase
- •Attend a PFTHW pre-retirement seminar or schedule a one-on-one consultation
- •Review your PSERS account and verify your service credit
- •Use the PSERS retirement calculator to estimate your pension benefit
- •Review your 403(b) retirement savings and investment strategy
- •Consider whether you want to work part-time after retirement
- •Begin researching Medicare options if you're approaching age 65
6-12 Months Before Retirement
Decision-Making Phase
- •Set your official retirement date and notify your supervisor
- •Submit your letter of resignation to PFTHW HR
- •Decide on your PSERS retirement option (single life, joint survivor, etc.)
- •Review retiree health insurance options and costs
- •Determine if you'll need COBRA coverage or can transition to retiree plans
- •Create a retirement budget based on your expected income and expenses
3-6 Months Before Retirement
Application Phase
- •Submit your PSERS retirement application (at least 90 days before retirement)
- •Enroll in retiree health, dental, and vision insurance
- •Apply for Medicare if you're turning 65 (apply 3 months before your birthday)
- •Decide what to do with your 403(b) account (leave it, roll it over, or take distributions)
- •Update your beneficiary designations on all accounts
- •Schedule an exit interview with PFTHW HR
1-3 Months Before Retirement
Finalization Phase
- •Confirm your PSERS retirement application has been processed
- •Verify your retiree insurance coverage will begin on your retirement date
- •Set up direct deposit for your PSERS pension payments
- •Return all PFTHW property (ID badge, keys, equipment, etc.)
- •Complete any final paperwork required by PFTHW
- •Plan your retirement celebration!
After Retirement
Post-Retirement Tasks
- •Verify your first PSERS pension payment is received
- •Confirm your retiree insurance coverage is active
- •Set up your retiree prescription plan if applicable
- •Keep PFTHW informed of any address or contact information changes
- •Enjoy your retirement!
Key Decisions to Make
Several important decisions will affect your retirement income and benefits. Take time to understand each option and consider consulting with a financial advisor for personalized guidance.
1. PSERS Retirement Option
Choose how your pension will be paid and whether survivor benefits will continue to a spouse or beneficiary after your death. This is an irrevocable decision.
| Option | Monthly Benefit | Survivor Benefit |
|---|---|---|
| Maximum Single Life | Highest amount | None - payments stop at death |
| 50% Joint Survivor | Reduced amount | 50% continues to survivor |
| 100% Joint Survivor | More reduced | 100% continues to survivor |
| Pop-Up Option | Reduced amount | Reverts to full if survivor predeceases you |
Irrevocable Decision
2. Health Insurance Coverage
Decide whether to enroll in PFTHW retiree health insurance, use COBRA temporarily, transition to Medicare, or find alternative coverage.
- •Under 65: PFTHW retiree plans or COBRA (if eligible)
- •Age 65+: Medicare Parts A & B, plus PFTHW Medicare supplement or Medicare Advantage
- •Spouse coverage: Consider costs and coverage for your spouse if applicable
3. 403(b) Distribution Strategy
Determine how and when to take distributions from your 403(b) retirement savings account.
- •Leave it: Keep funds invested and take distributions as needed
- •Roll over: Move to an IRA for more investment options
- •Systematic withdrawals: Set up regular monthly or quarterly distributions
- •Lump sum: Take a one-time distribution (consider tax implications)
Required Minimum Distributions
Retirement Checklist
Use this comprehensive checklist to ensure you've completed all necessary steps for your retirement. Check off each item as you complete it.
Financial Planning
PSERS Retirement
Health Insurance
PFTHW Administrative Tasks
Other Important Tasks
Getting Help
You don't have to navigate the retirement process alone. PFTHW and PSERS offer various resources to help you plan and prepare for retirement.
PFTHW Benefits Team
Schedule a pre-retirement consultation to discuss your benefits, insurance options, and the retirement process.
Email: benefits@pfthw.org
Phone: (555) 123-4567
Hours: Monday-Friday, 8:00 AM - 5:00 PM
PSERS Retirement Counseling
PSERS offers retirement counseling sessions to help you understand your pension options and complete your application.
Website: www.psers.pa.gov
Phone: 1-888-773-7748
Hours: Monday-Friday, 8:00 AM - 5:00 PM
Pre-Retirement Seminars
Resources
Comprehensive Retirement Planning Guide
Complete guide to planning your retirement from PFTHW, including timelines and checklists.
PDF • 3.5 MB
PSERS Retirement Application
Official PSERS retirement application form and instructions.
PDF • 1.2 MB
Retiree Health Insurance Enrollment Form
Form to enroll in PFTHW retiree health, dental, and vision insurance.
PDF • 680 KB
Medicare Enrollment Guide
Step-by-step guide to enrolling in Medicare and understanding your options.
PDF • 2.1 MB
Retirement Budget Worksheet
Worksheet to help you plan your retirement budget and expenses.
PDF • 420 KB