Retirement Planning Checklist

View pdf version of Retirement Planning Checklist

Before Age 50:

• Attend a Financial Planning Seminar. (See TFFR Member Services Directory)
• Check your TFFR annual statements for accuracy. Make sure your beneficiary is correct.
• Obtain adequate insurance protection (health, life, home, auto).
• Request a Social Security benefit estimate.
• Discuss retirement needs with a financial planner. Begin investing in a 403B plan.
• Review estate plan with your attorney. Make a will.

After Age 50:

• Attend a Preretirement Seminar. (See TFFR Member Services Directory)
• Schedule a Benefits Counseling Session with TFFR. (See TFFR Member Services Directory)
• Continue to monitor TFFR annual statements and social security estimates.
• Modify your insurance coverage, if necessary.
• Re-examine your financial goals; adjust your savings and other investments to meet them. Reduce your debt.
• Obtain the financial and legal advice needed to plan your estate.
• Review possible housing changes for retirement.
• Get a complete physical.
• Establish/maintain hobbies or plan for a new career.

Year Before Retirement:

9-12 months:

• Schedule a TFFR Benefits Counseling Session. (See TFFR Member Services Directory)
• Complete any TFFR service credit purchases.
• Schedule appointments to discuss your retirement plans with:
  • Accountant
  • Financial Planner
  • Insurance Agent
  • Lawyer
  • Social Security Representative
  • Tax Advisor
• Study options for health insurance coverage available after retirement; evaluate costs and needs.

6-9 months:

• Review TFFR Notice of Termination form and begin to gather necessary documentation:
  • Proof of Age
  • Proof of Beneficiary's Age
  • Current Year Teaching Contract
  • Extra Pay Documentation
  • Early Retirement Agreement or Resignation and Acceptance
  • Current Social Security Benefit Estimate

3-6 months:

• Notify school district of your intent to retire.
• Submit Notice of Termination form to TFFR with the applicable documentation.
• Upon receipt, TFFR will review your salaries and service credit.

1-3 months:

• TFFR will send the following forms to you for signature:
  • Retirement Enrollment (If married, spouse signature required.)
  • Designation of Beneficiary
  • W-4P Tax Withholding
  • Direct Deposit Authorization

30 days:

• Complete and return retirement forms.

Retirement date:

• Review first benefit for accuracy.
• Enjoy your retirement!

ND Retirement and Investment Office
1930 Burnt Boat Drive
P.O. Box 7100
Bismarck, ND 58507-7100

Telephone: 701-328-9885
Toll Free: 1-800-952-2970
Fax: 701-328-9897
www.nd.gov/rio

6/07