New resources aim to simplify retirement planning for faculty and staff
The decision to retire is highly personal and can often be complex. Health care coverage, income and staying connected are some of the questions people face when it comes to retirement.
By 2021, almost 10,000 university faculty and staff will be eligible to retire.
New tools and resources offered by University Human Resources aim to make retirement planning easier at any career stage. Faculty and staff can access a timeline for retirement planning, videos on retirement topics, information about upcoming programs and events, and more by visiting a central online hub for retirement planning resources. The hub can be found by clicking here.
A new email newsletter focused on retirement planning will also launch later this month on topics such as choosing a retirement date or deciding between pre-tax or Roth retirement contributions. Faculty and staff can also subscribe to the bi-weekly UHR News email to receive information about new programs and events, including retirement and benefits-related news.
“When it comes to retirement planning, there’s basic information everyone needs to know, and then there are complicated personal circumstances that affect the decision to retire,” said Rich Holcomb, senior director for benefits in UHR and interim chief human resources officer at Michigan Medicine. “We’re excited about new initiatives that are underway to address both of those needs.”
This year, the Benefits Office expanded the popular Planning for Retirement course at Wolverine Tower with additional sessions on Central and North campuses. It also piloted drop-in sessions at various locations and partnered with the Social Security Administration to host in-person and live streamed events.
Plans are in the works to reach even more faculty and staff online and at additional physical locations this academic year.
“We owe so much to our faculty and staff for dedicating years of service to the mission of the university,” said Laurita Thomas, associate vice president for human resources. “By providing useful information at all stages of their careers, we hope they will someday be able to enjoy a rewarding and fulfilling retirement.”
Here are other steps employees can take: