Planning Retirement
Planning for a satisfying life in retirement involves exploration of how to set up finances, obtain the best medical coverage possible, and prepare for new ways of organizing and enjoying the time now available. The Retiree Initiative Planning Group (RIPG) and Human Resources (HR) organize occasional seminars and offer opportunities to listen to and speak with consultants who specialize in retiree issues. There are also numerous external resources that can assist those considering retirement and those already retired with decision-making.
Finances
The Retiree Initiative Planning Group sponsors occasional seminars to help retirees make sound fiscal decisions. However, there are also external resources available through the government and retirement planning groups that may also be of use to retirees. We urge you to research on your own to ask questions of the helpful staff in the Human Resources Office if you need additional assistance.
- Medicare
- Social Security
- Withdrawal Strategy
- Benefits of gifts to Skidmore (annuities and bequests)
- Social security online retirement estimator
- American Savings Education Council has “savings tools” to help with retirement planning and saving
- MyMoney - calculators available for a wide array of financial planning goals, including retirement planning
- Mint.com - handy website to help keep track of spending
- T. Rowe Price - helps figure retirement goals and priorities and the risks to your plan
- MyFICO - use to obtain your credit score (300 to 850)
- Annual Credit Report – use to get your free credit report annually (Toll Free Number: 1-877-322-8228)
- National Do Not Call Registry - register your phone, verify that your number is properly registered, or log a complaint about calls (1-888-382-1222)
- Mvelopes - software offering a variety of money management tools to keep better track of your personal budget
- Garrett Planning Network - nationwide network of independent, fee-only financial advisors
- Elder Answers - reader-friendly news and explanations of Medicaid coverage of long-term care, Medicare benefits, estate planning, guardianship, and other legal issues affecting seniors
- Economic Security Planner - recommends how much life insurance you need
- Heirs.com - advises beneficiaries of trusts
- Insure.com - informative website on all types of insurance
- Lawyers.com – consumer-friendly information from law publisher
- Martindale-Hubbell - helps with commonly asked legal questions
- National Academy of Elder Law Attorneys – lists attorneys specializing in protecting assets from long-term care expenses
- National Association of Estate Planners and Councils - professional association of estate planning attorneys
- NOLO Law for All - reliable books, software, and self-help legal materials
Benefits
Information about your benefits through Skidmore is available through the HR website, and includes:
- Retirement Benefits FAQ
- Retirement Summary Plan Description
- Links to Vanguard and TIAA-CREF
- Planing for retirement healthcare costs
- Phased Employment Policy
- Yearly healthcare benefits information
Healthcare
Components of retiree health care can include Medicare, private health insurance and long term care insurance. Explore the topics here for more information.
- Medicare Hotline: 1-800-633-4227.
- Social Security website - allows you to estimate benefits and provides practical program information
- Medicare website - provides information on Medicare and allows you to locate physicians who accept Medicare assignment (MDs who participate in the program and agree to Medicare's rates and rules)
- Center for Medicare & Medicaid Services - offers useful information about the programs, with links to programs in every state
- National Council on Aging - lists community, state or federal programs
- Medicare Rights Center -non-profit group that helps consumers navigate the complex benefit and enrollment system
- State Health Insurance Assistance Program - provides free health insurance counseling and help either by telephone (800-633-4227) or in person
- National Clearinghouse for Long-Term Care Information - U.S. Dept. of Health and Human Services repository of useful information on long-term care
- National Association of Insurance Commissioners - provides a shopper’s guide to long-term care insurance
- American Health Insurance Plans - guide to long-term care insurance
- American Association of Long-term Care Insurance - explains LTC insurance and provides access to long-term care specialists
- Longevity Alliance - provides quotes on long-term care insurance
Living the Life
Retirement presents many opportunities for a change of focus or location. Browse the links here for inspiration.
- AARP Experience Corps - good resource for tutoring and mentoring young people
- Coming of Age - has articles to explore what’s next in your life
- 2 Young 2 Retire - helps retirees discover purpose, callings, passions
- Retirement Jobs - for retiree job seekers
- AARP on Reverse Mortgages
- FTC on Reverse Mortgages
- Great Places to Retire - compare cities and towns
- ePodunk - Information on cities, towns, and communities
- Home Exchange - Home exchange for vacations
- Kiplinger's Retiree State-by-State Guide to Taxes
- Retirement Living Information Center
- Moving.com - Find a moving company
- Senior Resource - information on making housing choices
- Sperling's Best Places - information on housing costs, taxes, etc.
With acknowledgement to David Carboni, Ph.D., CFP, of DKC Retirement Associates LLC for his help in compiling these websites.