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Turning 65

When you turn age 65, you need to consider actions related to medical coverage and your finances, whether you plan to retire or continue working.

If you do not plan to retire and your employer has fewer than 20 employees, your employer should complete the Small Employer Exception (SEE) Package form, available on pensions.org, under Available Resources, in the Forms section, before you turn 65 and mail it to

Attn.: Plan Operations
The Board of Pensions of the Presbyterian Church (U.S.A.)
2000 Market Street
Philadelphia, PA 19103-3298

Medical

Individuals who have paid Medicare taxes during their working years are eligible for Medicare at age 65. You should enroll in Medicare Part A at age 65, whether you are retiring or not. (Part A is hospital insurance and carries no premium.)

If you are not retiring and enrolled in menu options, you may waive Medical Plan coverage for medical insurance under Medicare. If you are enrolled in Pastor’s Participation, you may not waive coverage (but still should enroll in Part A).

If you are enrolled in menu options and considering waiving coverage, carefully compare your Medical Plan coverage with that of a Medicare Advantage or Medigap plan. The aggregate premium costs may be less, but the coverage may not be as comprehensive as the Medical Plan’s.

Another consideration: If you are enrolled in menu options and you waive coverage, your family members lose eligibility for Medical Plan coverage.

If you plan to continue working, for more information see the Benefits Overview: Medical Coverage for Active Members Age 65 and Older, on pensions.org.

If you plan to retire, pensions.org provides information on medical coverage options on the Enrolling in Medicare page and in the Retirees section.

Finances

Active and disabled members who are enrolled in the Pension Plan can log on to Benefits Connect to receive a pension estimate. Use the information to help assess your current and future financial standing and the various options available to you.

Pension

The age at which you retire and the payment option you choose affect your Pension Plan benefit. Visit Pension Plan on pensions.org for information. If you were not vested before age 65 and you are an active or disabled plan member, you are automatically vested on your 65th birthday.

Social Security

If you qualify for Social Security benefits, you can begin receiving reduced benefits at age 62. Eligibility for full retirement benefits depends on your birth year. Earnings limitations apply if you choose to begin taking Social Security before your full retirement age. Before initiating your Social Security benefits, review your options and the rules around receiving them.

Retirement Savings Plan

If you participate in the Retirement Savings Plan of the Presbyterian Church (U.S.A.), a 403(b)(9) plan, you can begin withdrawing funds from your account at age 59½. However, these funds are intended to provide income during retirement, so most participants wait until they retire. You may want to consult with your tax or financial adviser about distributions and amounts best suited for your needs and future plans.