Retirement Checklist – What To Do Over The Next 12 Months

Reprinted from the Trust Fund News, September 2007

The following information is a general guideline for Wisconsin Retirement System (WRS) members who are planning to retire within the next 12 months. If you are more than a year away from retirement and want to know how much your retirement benefit might be, use our online calculators to project an unofficial estimate. You’ll find them at http://etf.wi.gov.

12 Months Before Retirement

• Contact the Social Security Administration for your Social Security Statement, a projection of Social Security benefits at age 62 or at your anticipated retirement date, whichever is later. To request your Statement, go to http://www.ssa.gov or call 1-800-772-1213.
• Contact ETF to request a “retirement packet.” The packet will contain informational brochures and forms, including a new beneficiary designation form and an official retirement estimate customized with your information and the benefit payment options available to you. The estimate also serves as your official retirement application. Please note: Due to high demand for retirement services, the current wait time for receiving your retirement packet, once you’ve requested it, is about 8-10 weeks. Please take this into account as you formulate your retirement plans.
• If you are planning to retire before you reach age 62, we recommend sending us [ETF] a copy of your Social Security Statement so we can use the projected amounts, to better prepare your official retirement estimate. Otherwise, we have to use estimated Social Security amounts from our tables to prepare your estimate.

Six Months Before Retirement

• Thoroughly review your retirement estimate and the information in your packet. If you have any questions about any of the annuity options for which you are eligible, it is very important that you contact us for clarification. Your option selection is irrevocable 60 days after the date of your first annuity payment.
• Select your annuity option and file the application with ETF. If you are currently working or in pay status, you may apply up to 90 days before your termination date. If you apply more than 90 days after your termination date, you are not eligible for an immediate annuity and you will lose benefits.

Other Items On The “To-Do” List

Health and Life Insurance: If you are eligible for coverage under the state’s group health and life insurance programs, your packet will include more detailed information, including post-retirement premium costs and payment methods.

Deferred Compensation: If you have an account with the Wisconsin Deferred Compensation (WDC) Program, contact the WDC toll-free at 1-877-457-9327 any time before you retire to establish how you want your funds distributed. You have great flexibility as to how and when you can receive your money, but you must begin distributions by age 70½. In addition, keep your address and beneficiary designation information current with the WDC.