Older woman looking at a financial document at a desk. There’s a laptop on the desk next to her.
STEP 1

Estimate your retirement budget

Make a list of your estimated income from pensions, Social Security, investments and retirement accounts such as Savings Plus. Add to that list your routine living expenses. Be sure to consider potential out-of-pocket health and long-term care expenses.

Review my budget

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STEP 2

Decide when to begin receiving Social Security retirement benefits

The Social Security Administration recommends that you contact them about 4 months before you want to receive income. The easiest way to do so is to log in to your My Social Security account to apply for benefits.

Get started

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STEP 3

Contact Human Resources to submit retirement paperwork

Be prepared to indicate your decisions about pension income as well as what to do with any DROP, lump-sum, accrued leave and/or unused vacation payments that you may qualify for.

Consider my options

Older couple are embracing.
STEP 4

Stay enrolled in Savings Plus after you retire

Continuing Savings Plus participation offers the same free support and lower fees you had before. You can allow your money to potentially keep growing and still have access to it when you need it. And you can get no-extra-cost financial planning.

Learn why

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STEP 5

Choose your withdrawal strategy

There are many reasons to continue your Savings Plus participation in retirement, but now may be the time to consider a tax-efficient withdrawal or retirement income strategy and decide ether guaranteed lifetime income could be right for you.

Choose my strategy

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STEP 6

Update all beneficiary designations

Make sure the designations on file with the providers of your life insurance, annuity, pension and 457(b), 403(b), 401(k) and IRA plan accounts with current and former employers align with your current wishes.

Update my beneficiaries

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STEP 7

Consult a financial professional

Get guidance on establishing a retirement budget, developing an estate plan and how to leave a legacy for heirs or causes that you support. Consult your own professional or contact one of our Personal Retirement Consultants (PRC) for no-extra-cost financial planning.

Schedule appointment

Explore these other stages of retirement planning:

Years to go to retirement

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Already in retirement

Things to consider