The year leading up to your retirement is often filled with research, discussions, planning, decisions, and paperwork (or its online equivalent). It can feel overwhelming, but, as with most big projects, breaking your retirement planning into a series of smaller projects helps. Many find it helpful to schedule time each week to chip away at the required work and decision-making. Retiring can be fun if you give yourself time to mix the work with planning for the fun things you’re going to do once you retire.

Department of Retirement Systems (DRS) Recommendations

The Department of Retirement Systems (DRS) recommends that you do the following three to twelve months before your planned retirement date:

• Request an official estimate of your monthly benefit payment. You can do this securely through your online account or by calling DRS.
• Pay any outstanding optional service credit invoices.
• Decide on your post-retirement healthcare coverage.
• Decide how to distribute your other retirement savings to avoid minimum distribution penalties and minimize your tax liability.
• Decide when to apply for Medicare and retirement benefits available through the Social Security Administration.
• Notify the DRS of your intended retirement date through your online account.