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Entering Retirement

Retirement typically marks the end of paid employment—and the beginning of new adventures. Here are some steps you can take to make this transition a smooth one:

Consider your income needs in retirement

When you retire, you can convert part or all of your accounts to an annuity and begin monthly income—or you can choose to postpone the start of retirement benefits. To learn more:

  • use the annuity income calculator to explore your income options;
  • request retirement income estimates from MMBB a year before you anticipate retiring; and/or
  • discuss your income options with a senior benefits specialist at 800.986.6222 or service@mmbb.org.

As you approach retirement:

  • Notify MMBB at least three months before your retirement date by completing the R-1 form (available at service@mmbb.org or by calling 800.986.6222).
  • Roll over to MMBB your traditional IRA, 401(k) or other qualified retirement accounts from former employers.
  • Transfer to MMBB any other qualifying 403(b) retirement accounts you have with a prior or current employer.
  • If you have an outstanding plan loan, inquire about your options to continue it in retirement or to repay it before you retire.
  • Make sure your MMBB beneficiary designations are up-to-date.
  • Discuss your income options with a senior benefits specialist at 800.986.6222 or service@mmbb.org.

Health Insurance

  • Be sure to contact Medicare at least three months before you reach age 65 and become eligible for Medicare benefits.
  • If you are a PremierHealth plan member, your coverage will switch to The Hartford Senior Medical Insurance Plan when you reach age 65, which coordinates with Medicare. Your spouse will change plans independently when s/he reaches 65.

Flexible Spending Accounts (FSA)

  • If you participate in a health care or dependent care FSA, be sure to file eligible claims you incur before your retirement date.

Personal Affairs, Taxes and Estate Planning

  • Speak to your lawyer if you need to create or change your will or other legal documents, or to review your beneficiary designations.
  • Contact Social Security at least a year before you want to begin collecting Social Security benefits. You may collect a reduced benefit at age 62, a full benefit beginning at age 65 or older (depending on the year you were born) or an enhanced benefit for each year after full retirement age you wait to collect.
  • Review your insurance needs. You may want to begin individual life insurance and disability insurance policies well before your Benefits For Life coverage ends.
  • Contact your employer to provide your new address for your final paycheck, tax forms and other matters.