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Preparing for Retirement

When preparing for retirement, review your current and post-retirement finances, healthcare coverage options, and personal decisions, such as where you will live.

Before You Retire

Call the Board at 800-773-7752 (800-PRESPLAN) three to six months before you retire to request a retirement packet. It will include Benefits Plan-related information that applies to you and your specific benefits, such as a pension quote, a Retirement Pension Application, and healthcare coverage booklets.

You must complete, sign, and submit the Retirement Pension Application to the Board at least 45 days before your retirement date.

Review Your Finances

Active and disabled members can log on to Benefits Connect to see a Benefits Snapshot on the Benefits Connect home page. The Benefits Snapshot includes your estimated annual pension benefit from the Pension Plan and balance in the Retirement Savings Plan of the Presbyterian Church (U.S.A.).

To see a pension estimate using different retirement dates and payment options, from your Benefits Connect home page, choose My Retirement, then Pension Estimate.

Other steps to take in reviewing your finances include the following:

  • Visit or call Fidelity at 800-343-0860 (reference plan no. 57887) to review your Retirement Savings Plan portfolio and assess your asset diversification, if applicable.
  • Read your Social Security statement and assess your options.
  • Review the Pension Plan joint and survivor pension options and determine which one makes the most sense for you and your family.
  • Review your beneficiary designations, if applicable.
  • Attend Board University's free retirement seminar Growing into Tomorrow … Today.
  • Learn about the Board's post-retirement service policies if you plan to return to work after retiring.
  • Discuss your financial situation with your family and financial adviser.

To learn more about your pension options, visit the Pension Plan section of and read the Board's Planning To Retire: Your Benefit Options at Retirement booklet.

Carefully Consider Retirement Healthcare Options

One of the key changes when you retire is in your healthcare benefits. If you are already 65, you have medical coverage through Medicare Part A (hospital coverage), but have probably deferred enrolling in Part B (medical coverage) and Part D (prescription drug coverage) or a Medicare Advantage Plan because you have continued to participate in the Medical Plan.

When you retire, you need to determine if you will

  • add Medicare Part B and Part D;
  • add Medicare Part B and enroll in the Medicare Supplement Plan, which includes Part D coverage;
  • add Medicare Part B and enroll in a Medigap plan, an alternate supplemental plan; or
  • change from Medicare Part A to a Medicare Advantage plan, which includes Part A and Part B coverage and often includes Part D as well as some additional coverage.

Be sure you clearly understand your needs and the details of the many options available to you to ensure that you make the best coverage choice. Many options have enrollment and/or cancellation restrictions, so it is important to assess plans carefully. Read the Board's Choosing Healthcare Coverage at Retirement booklet to get started.

Review Other Benefits Changes

When you retire, the availability of benefits may change. In addition, your benefits coverage may differ from what you had as an active member. Consider these variables when making your decisions about finances and healthcare coverage for retirement. For a comprehensive look at your benefits options at retirement, read the Planning To Retire booklet.