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Watch this video about understanding annuities and options.
If you are no longer working for a YMCA and have more than $5,000 in either Plan, you can start a lifetime annuity as early as age 55. An annuity provides monthly income for as long as you live.
Complete our Personal Budget Worksheet to make sure your income will match your expenses.
Request an Annuity Estimate from the Fund
You want to make sure you’re on track to meet your goals.
Make sure you’re saving all you can for Retirement
Request a statement from Social Security
Review your earnings history and projected benefits.
Investigate ways to fund long-term care protection
If you’re using a long-term care policy, the younger you are when you get the policy, the lower the premium.
Begin to consider where you’ll be living
Develop a retirement budget and begin to live based on that budget
Request an Updated Annuity Estimate from the Fund
Review health insurance options at your Y
If your Y does not provide any coverage for retirees, investigate other sources of health insurance coverage, such as coverage through a spouse. (You will have 18 months to remain on your Y’s policy under COBRA.).
Investigate state taxes you’ll be paying in retirement
Many states have tax-advantaged rules for retirees.
Notify your Y of your decision to retire
Notify the YMCA Retirement Fund of your decision to retire
At that time, the Fund will send you the forms you need to complete to begin your annuity.
If you intend to claim Social Security at the time you retire, notify them of your decision
Contact Social Security three months before your 65th birthday even if you won’t be retiring. Certain provisions of Medicare begin at 65. You must sign up for them at that time to avoid a penalty.
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