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Nearing Retirement
If you are approaching retirement, there are some
important steps you’ll need to take to prepare for
that exciting life change.  
Annuity Basics and Options

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Retirement Goal

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.

5 Years before Retirement
  • Complete our Retirement 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

1 Year before Retirement
  • 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.

180 Days before Retirement
  • Notify the YMCA Retirement Fund of your decision to retire
    At that time, the Fund will send you an Annuity Application Kit to review and 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.

*Notify your Y of your decision to retire. Review your Y's employment handbook and personnel policies for the appropriate time to inform the Y of your decision.