Retiring in 2018? 6 Steps to Take Now

October 16, 2017

Couple sits in front of a laptop and smiles at the cameraIf you’re planning on retiring in the next year, you should begin the process by taking the following steps:

  1. Attend a PERA meeting. Consider attending a Benefit Information Meeting for a basic overview of Colorado PERA and a Retirement Process Meeting that describes the steps you’ll need to take prior to retirement.
  2. Request a PERA Personal Identification Number (PIN). After you’ve used your PIN to create a User ID and password, you can estimate your future benefit online. (You may also call PERA to request an estimate.)
  3. Request a Social Security estimate if you are eligible for a benefit.
  4. Explore options for your 401(k), 457, 403(b), or similar plans. Consider how and if you want to begin making withdrawals from these plans. Be sure to check if you meet age-related requirements to avoid withdrawal penalties.
  5. Research health insurance options. You can enroll in a PERACare health, dental, and/or vision plans and may receive a subsidy toward health premiums. Make sure you compare all your options, including any health care that may be available through your or a spouse’s employer.
  6. Contact your employer’s personnel office and learn about their retirement procedures.

For more planning resources, publications, and videos, visit the Preparing for Retirement page.

Photo: istock/Thinkstock

Retirement Process Meetings

Attending a Retirement Process Meeting will help you understand the following topics:

  • Required forms
  • Annual Increase provisions
  • Working after retirement requirements
  • PERAPlus Plan options
  • Social Security reductions
  • PERACare plans