These resources are geared toward employees who are 50 and over, but anytime is a good time to start preparing for retirement! Learn more about the University's retirement offerings.
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.
- Call 800-343-0860.
- Visit NetBenefits to schedule a meeting with the University’s Fidelity Retirement Planners.
- 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.
- MSRS retirement specialist are here to help you with MSRS pension plan questions and planning.
- 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.
6–10+ Years From Retirement
Focus on: Reviewing your overall finances to put your plans together for retirement
- "Retirement Income Planning for Her" webinar (Fidelity)
- "Learn More About Financial Choice" video (LSS Financial)
- Check your Retirement Readiness Score (Fidelity)
<2–5 Years From Retirement
Focus on: Creating a spending plan for your retirement
- "Turn Your Savings Into Retirement Income" webinar (Fidelity)
- Sit down with a counselor from LSS Financial to develop a personalized budget for you and your family
- Savings and Spending Check-up
- "Estate Plan Strategy and Required Minimum Distributions" video
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 in this video
<2–5 Years From Retirement
Focus on: Having a concrete plan to transition to retirement
- "Turn Your Savings into Retirement Income" webinar (Fidelity)
Fidelity: required minimum distribution (RMD) modeling tool: Sign in to NetBenefits and go to "Tools & Resources"
Planning for Social Security
Focus on: Understanding the options you and your spouse have in timing when to take your Social Security benefit
- "Learn the Basics of When and How to Claim Social Security" webinar (Fidelity)
- Create an account and explore Social Security resources
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)
- Free legacy planning resources and legal and financial resources on the Life Insurance webpage
- "Who Gets Grandma’s Yellow Pie Plate?" video
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 "Prepare for the Reality of Health Care in Retirement" webinar 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. See monthly medical rates for retirees.
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.’
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:
- Not 65 yet? Take advantage of your favorite Wellbeing Program resources now, including building financial wellness, taking mindfulness and yoga courses, and getting health coaching at no cost to you.
- See the Wellbeing Program webpage for more information on points, registration, and eligible activities.
Retiring at 65 or Older
Health Plans: Meet Your Medicare-eligible Choices
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, free or discounted fitness club memberships, 24-hour free nurse lines, and Stop Smoking Support. Learn more online or in the Retiree Guide, page 21.
- 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
Planning, Belonging, and Community
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.