This is a guide and is not legal advice. Since benefits and legal frameworks change, reviews at various intervals are necessary.

2 – 5 Years before retirement

• Calculate retirement benefits and payouts.

• Get an estimate of your retirement benefits from the Social Security Administration website based on your planned effective retirement date.

• For MPSERS members, log in to miAccount and review your service credit totals for accuracy. Consider purchasing military and/or other service credit. If you are purchasing service credit, plan it so your purchase will be paid in full while you are still working.

• For TIAA participants, meet with a consultant to review fund allocation options and payout options.

• For MPSERS members, begin reviewing pension payment options.

• Evaluate other investments [403(b), 457(b)] in terms of allocation and payout.

Estimate expenses

• Review current living expenses and project what these will be during retirement. Will your income from all sources cover projected expenses?

• Anticipate new and/or recurring expenses (car, home repairs, healthcare costs). Consider taking care of some of these items before retirement.

• Consider your tax situation. How much will you be required to pay in income taxes?

• Are there any special tax breaks on retirement income where you live?

• Consider your need for long-term care insurance, keeping in mind that rates increase with age.

18 Months to retirement

• Review insurance needs and options.

• Review medical insurance for your family and verify your postretirement benefits.

• Three months before reaching age 65, you must sign up for Medicare Part A, which covers hospital expenses, whether you continue working or not. Go to Medicare.gov or the Social Security Office for information and assistance.

• Evaluate your life insurance needs in comparison to your current coverage and consider any conversion rights. Human Resources will explain life insurance retirement benefits. Review your beneficiaries.

Overall considerations

• Time your retirement. Calculate the time from your working last paycheck to your first retirement check (i.e., MPSERS, Social Security, etc.). If you participate in a flexible spending program, contact Human Resources to discuss how your retirement date will affect this account.

• Review your estate plan and make sure your will, trust, beneficiaries and powers of attorney are up-to-date. Understand how your assets pass to others under current state law.

12 months to retirement

• Update estimated income. Get another estimate from the Social Security Administration website. 

• For MPSERS members, review the Michigan Office of Retirement Services website for any changes to retirement information.

• Discuss Minimum Distribution Requirements with a Certified Financial Planner [CFP] and/or a consultant from Fidelity Investments and/or TIAA if you are still working at 70 and a half.

• Review rights and responsibilities at WMU  Bargaining unit faculty should consult Article 35, Retirement, in the current WMU-AAUP Agreement. This article instructs faculty to notify WMU ten to twelve months before retirement under normal circumstances. Although not mentioned in the Agreement, receiving emeritus status requires a written request to the department chair.

• Other collective bargaining employee groups should consult their respective Agreement.

• Non-bargaining groups should consult Human Resources.

6 months to retirement

• Review current health, dental, prescription drug, and vision plan information to learn what benefits are available to you and your dependents in retirement.

• If you are divorced while an active employee and the court ordered a portion of your pension or your 403(b), 457(b) TIAA Plan to be paid to an alternate payee, you must have an Eligible Domestic Relations Order [EDRO] on file with the Michigan Office of Retirement Services and/or TIAA. Make sure you consult with either the Office of Retirement Services and/or TIAA.

For MPSERS members only

• Apply for retirement online with miAccount.

• Mail insurance enrollment photocopies or proof of age, and any other required proofs. Do not mail in original documents because they will not be returned.

• If you plan to work after your retirement, make sure you thoroughly understand how post-retirement earnings affect pension and social security benefits [if applicable].

3 months to retirement

• Carefully review your income options either through MPSERS and/or TIAA.

• Review the health insurance plans offered and decide on a plan for dependent coverage.

• For MPSERS members only. Verify all service credit purchases are paid before ending your employment.

1 month to retirement

• Complete the final paperwork. Employees are encouraged to arrange for an appointment with Human Resources to complete retiree benefits paperwork.

Retired at last ....

•  For MPSERS members only. The Office of Retirement Services will send you After You Retire; What Every Pension Recipient Should Know along with your award letter. It will explain what happens next and the things that you should report. 

• Pension payments arrive on the 25th of each month.

The links below were checked on January 30, 2024.

Healthcare benefits

Link to PDF file that discusses 2025 Health Care Benefits for WMU retirees and their spouses:

https://files.wmich.edu/s3fs-public/2024-11/wmu-2025-benefit-guide-retiree.pdf

Link to the webpage that has healthcare information for retirees who were AAUP or AFSCE members: 

https://wmich.edu/hr/health-retirees

Community Blue PPO Plan, https://wmich.edu/hr/health-staff-ppo.

The following sections are from the 2021-2026 Agreement between Western Michigan University and the WMU Chapter of the American Association of University Professors:

35.§3 FRINGE BENEFITS. Retirees shall remain eligible for fringe benefits as follows:

35.§3.1 Life Insurance. Retirees shall remain eligible for decreasing term life insurance with the University paying the full premium if the faculty member participated in the group life insurance plan for ten (10) years prior to retirement. The amount of coverage shall be at the same level provided to bargaining unit faculty members during the life of this Agreement, but shall decrease to two thousand dollars ($2,000) at age seventy (70) for retirees.

35.§3.2 Medical Benefits. A faculty member who elects to retire before the age of sixty- five (65) and is not eligible for MPSERS benefits, shall remain in the PPO plan as provided to full-time employed faculty until they qualify for Medicare, at which time the University PPO plan becomes supplemental to Medicare. Those who are eligible for retirement benefits under MPSERS shall have a different plan under the aegis of the state of Michigan. The University shall pay the MPSERS premium for retired faculty.

35.§3.3 Other Fringe Benefits. Retirees are eligible for all fringe benefits as specified in Article 36, Other Fringe Benefits, of the Agreement to the extent possible and are eligible to obtain a permanent University identification card to use library services.

Link to the 2021 - 2016 Agreement: 

https://drive.google.com/file/d/11DTHeoQrHZhe4v2kZUcubGcl31B2izH_/view

Link to the webpage with life insurance details:

https://wmich.edu/hr/lifeinsurance

Fringe Benefits

2021 - 2026 Agreement, Article 35.3: Retirees shall remain eligible for fringe benefits as follows:

Life insurance: Term policy that is valued at $2,000 when the retiree turns 70. You should have received instructions on this policy at the time of your retirement.

Other fringe benefits: Retirees are eligible for all fringe benefits as specified in Article 36, Other Fringe Benefits, of the Agreement to the extent possible. Note that this means WMU may review and modify these benefits periodically.

List of fringe benefits mentioned in Article 36 of the Agreement:

• Discounts on events and programs.

• Bookstore discount.

• Parking.

• Limited use of healthcare services at Sindecuse.

• Emergency use of counseling services at Sindecuse.

• Direct deposits in financial institutions.

• Tax-sheltered annuity.

Information about fringe benefits

Link to obtain or update your Bronco ID:

https://wmudps.wmich.edu/bronco-card.php#office

Link to obtain or update a virtual parking permit. This benefit has been reduced to one vehicle permit. Surviving spouses/partners are not eligible for parking permits:

https://wmich.edu/parking/request-permit

Link to website with information about Bookstore discount: 

https://wmich.edu/hr/handbook-other

Link to the webpage with information about the Student Recreation Center, SRC:

 https://wmich.edu/rec/emeriti-membership-form

Link to the webpage with information about the use of West Hills Athletic Club:

https://wmich.edu/westhills/wmu-retiree

If you have any questions about the abovementioned or other benefits, contact WARF:

warf@warfwmu.org

The links below were checked on April 19, 2024.

SCOPE:

• SCOPE = Senior Citizens' Opportunity Program in Education (SCOPE)

• Western Michigan University's Senior Citizens' Opportunity Program in Education offers persons age 62 or older the opportunity to register for one class each semester or session tuition-free. Tuition is waived, but parking fees, books and any special course fees will be assessed.

• LInk to SCOPE details: https://wmich.edu/registrar/students/scope.

OLLI:

• OLLI = Osher Lifelong Learning Institute.

• The Osher Lifelong Learning Institute at WMU offers high-quality non-credit programs for mature adults in the greater Kalamazoo community.

• Link to details: https://wmich.edu/olli.

Portage Zhang Senior Center:

• The Portage Zhang Senior Center provides programs and opportunities that promote personal growth, health, friendship, and independence for adults aged 50 and over. We are a vital, busy facility, offering a variety of services and activities that change with the needs and desires of our members. Do you need an exercise class? We have several! Want to play cards? We have that too! Interested in traveling? A variety of one-day, extended, and international travel opportunities are available.

• Link to website homepage: https://portagemi.gov/266/Senior-Citizen-Services.

WMU Body Donation Program:

• The decision to donate your body to the Western Michigan University Medical School upon your death represents the ultimate gift to the world of medical education and a tremendous opportunity for the students who will become exceptional clinicians, leaders, educators, advocates, and researchers of tomorrow.

• Link to details: https://wmed.edu/bodydonation.

AARP Article, Published August 25, 2020, Updated January 10, 2025

10 Social Security Myths That Refuse to Die

Link: https://www.aarp.org/retirement/social-security/info-2020/10-myths-explained.html

The Myths discussed below were part of a previous Navigating Healthcare presentation:

Myth #1

WMU will always provide me, and my spouse, healthcare because it is something I was promised at retirement.

Actuality #1

Retiree healthcare, as with all retiree benefits, are contract-to-contract negotiated articles.

Articles 33.2.4 and 33.2.7 of the current contract.

By law, WMU does not have to negotiate anything on retiree benefits.

Myth #2

The AAUP will always demand that WMU supplement the costs of healthcare through the WMU self-insured healthcare program.

Actuality #2

Current contract Articles 33.2.4 and 33.2.7 mean that by 2032 more than half of all employed faculty will not have retiree healthcare unless these faculty pay all costs associated with the healthcare plan.

Logic that by 2032, or sooner, the majority of active and voting faculty will have no other retiree benefits, in the contract.

Most corporations, and now many institutions of higher education, have moved away from any form of funded retiree healthcare.

Myth #3

Medicare for all, or universal healthcare, will soon be a fact.

Actuality #3

If Medicare for all, or universal healthcare, becomes a reality, most of WMU retirees will still need a Medicare Advantage, or Medigap program, to keep from going bankrupt in older age from balance billing costs.

WMU factually cannot continue to absorb financially 8 to 12 percent increases per year in healthcare costs. All the “tweaks” in cost savings have already been addressed.

What you must do, not in 2030, but now to address your healthcare costs.

Take a proactive interest in all your healthcare plans.

Compare Medigap packages, and costs as to benefits and network.

Access free-of-charge services to assist you in navigating the very complex healthcare “insurance” system.

General Medicare Information

By October 2024, all Medicare recipients should have received a paper version of Medicare and You 2025.

The link below goes to the medicare.gov webpage with links to various electronic Medicare And You 2025 electronic formats. Formats are Standard Print PDF, Large Print PDF, Audio MP3, and eBook.

Link: https://www.medicare.gov/publications/search?keywords=10050. On this webpage scroll down and select the Get More Formats link.

AARP Article, July 11, 2024

What You Need to Know About Medicare While on Vacation.

Link: https://www.aarp.org/health/medicare-insurance/info-2024/medicare-coverage-on-vacation.html

AARP Article, Published August 25, 2020, Updated May 06, 2024

10 Social Security Myths That Refuse to Die

Link: https://www.aarp.org/retirement/social-security/info-2020/10-myths-explained.html

The presentation was Friday, January 17, 2025, and speaker was Nick Bond, CFP, MBA – a Wealth Advisor with Mercer Advisors (formerly Sanford Financial).

Apologies, the plans to record the presentation were not successful.

An attendee at the presentation mentioned that Kiplinger has a recent series on estate planning. 

Below are links to eight of these articles. They are not behind a paywall and they do not require a registration.

Kiplinger 1, Ten Common Estate Planning Mistakes, Daniel Bortz, last updated November 12, 2024.
Link: https://www.kiplinger.com/retirement/estate-planning/common-estate-planning-mistakes

Kiplinger 2, Five Estate Planning Things You Need to Do Now, Joe F. Schmitz Jr., CFP®, ChFC, published April 3, 2024.
Link: https://www.kiplinger.com/retirement/estate-planning-things-you-need-to-do-now

Kiplinger 3, Three Overlooked Benefits of Estate Planning, Chuck Bigbie, CLU, ChFC®, CFP®, published September 6, 2023.
Link: https://www.kiplinger.com/retirement/overlooked-benefits-of-estate-planning

Kiplinger 4, Estate Planning in Six Manageable Steps, Patrick M. Simasko, J.D., published June 12, 2024.
Link: https://www.kiplinger.com/retirement/estate-planning-in-manageable-steps

Kiplinger 5, Estate Planning for Your Aging Parents: A Delicate Balance, Justin Stivers, Esq., published March 1, 2024.
Link: https://www.kiplinger.com/retirement/estate-planning-for-aging-parents-a-delicate-balance

Kiplinger 6, 7 Estate Planning Best Practices, By David Rodeck, published 2 weeks ago (Early January 2025.
Link: https://www.kiplinger.com/retirement/estate-planning-best-practices

Kiplinger 7, Three Major Estate Plan Mistakes to Avoid, Jay Dorso, published October 2, 2024.
Link: https://www.kiplinger.com/retirement/major-estate-plan-mistakes-to-avoid

Kiplinger 8, What Happens if You Die Without a Will?, Patrick M. Simasko, J.D., published February 15, 2024.
Link: https://www.kiplinger.com/retirement/what-happens-if-you-die-without-a-will

The following three links are to Estate Planning articles at Michigan law firms.

Estate Planning Elder Care Firm of Michigan, How to Avoid Probate in Michigan: A Guide to Simplifying Estate Planning.
Link: https://www.michiganestateplans.com/blog/avoid-probate-michigan-estate-planning-guide.cfm

The Mitten Law Firm, Michigan Estate Planning: A Checklist.
Link: https://www.mittenlaw.com/estate-planning/michigan-estate-planning-a-checklist/

Atlas Law, A Complete Guide to Estate Planning in Michigan, 48 page PDF file.
Link: https://drive.google.com/file/d/1D4wl8zDlOrBRr8z_oLB_cu_b_HhDMoe0/view?usp=sharing
Related: Atlas Law webpage, https://www.atlaslawoffice.com/estate-planning-resources/, has a link to the PDF file but a sign-in is required.

The presentation was on Friday, November 15, 2024.

There were two speakers.

The first speaker was Nick Bond CFP, MBA – a Wealth Advisor with Mercer Advisors (formerly Sanford Financial) and he  discussed retirement financial planning and strategies/requirements.

The second speaker was  Chuck Henrich - a registered investment advisor and owner of Southwest Michigan Financial, LLC, and  he  discussed  Social Security tips and strategies.

The following link is to the Zoom recording of this presentation:

https://www.youtube.com/watch?v=V3aPCTrpR6A

Apologies: about five minutes into the first speaker's presentation the Zoom link was changed and this first part of the presentation is missing.

Part of the presentation by Chuck Henrich was base on the AARP Article, 10 Social Security Myths That Refuse to Die, which was published on August 25, 2020, and updated on January 10, 2025.

Link: https://www.aarp.org/retirement/social-security/info-2020/10-myths-explained.html

Miranda Pearson, LMSW
Regional MMAP Coordinator
Area Agency on Aging Health & Community Services Department
Kalamazoo County Government
311 East Alcott St
Kalamazoo, MI 49001
1-800-803-7174
mjpear@kalcounty.com

Lowell Rinker
Retired – VP for Business & Finance WMU
269-207-6757
lowellrinker@gmail.com

Paul Minor, MA
Endres Insurance Agency
6660 S. Westnedge
Portage, MI 49024
269-323-7888
paul@edresins.com