Things to consider when planning to retire

Thinking of retirement? Here are a few things to consider:

Retirement Eligibility:

To qualify for retirement from Gettysburg College, you must be at least 55 years of age with 10 years of full-time service.

The College has three different groups of retirees:

  • Group 1 Retirees were age 60 with 15 years of service by August 31, 1991. They have all retired.
  • Group 2 Retirees were hired before January 1, 1992 and did not meet the eligibility requirements for Group 1.
  • Group 3 Retirees were hired January 1, 1992 and after.

Gettysburg College’s Retirement Healthcare Savings Plan:

As you get older, healthcare costs are likely to take up a larger portion of your budget, and Medicare may not be enough. Gettysburg College established the Retirement Healthcare Savings Plan to help you prepare and pay for medical expenses in retirement.

To participate in the plan, you must be at least 35 years old and have been employed at Gettysburg College for a period of at least 2 years. All employees over the age of 21 may make voluntary after-tax contributions to the plan.

This plan complements your retirement program and offers tax advantages as you accumulate savings and when you retire:

  • Tax-free employer contributions
  • Tax-free investment earnings
  • Tax-free reimbursement for qualified medical expenses during retirement

In addition, you have the opportunity to save even more by making your own contributions on an after-tax basis. Any earnings are tax free as long as the money is used to pay qualified healthcare costs.

Health Insurance in Retirement (Via Benefits):

Gettysburg College is now partnering with Via Benefits Insurance Services to offer a more expansive and user-friendly approach to retiree medical coverage. Via Benefits offers professional assistance in finding cost-effective individual Medicare coverage that works for you. You will be able to choose from many individual Medicare Supplement plans like Medicare Advantage (part C), Medicare supplement (known as Medigaps), and prescription drug (part D), dental and vision coverage, as well as protection plans like hospital indemnity plans, home care insurance, and hearing aids.

We understand that each retiree has unique needs. With nearly 20 years of experience serving more than 2.3 million retirees, Via Benefits provides personalized support to help you navigate and enroll in Medicare supplemental insurance. Their care team will be available to guide you through selecting and enrolling in the plans that best suit your needs and budget.

For more information about Via Benefits, check out their website or give them a call at 833-858-1613 (Mon – Fri 8am to 7pm EST).

Retirees Under the Age of 65

Via Benefits is able to assist you as well.

Group 2 or Group 3 retirees under age 65 also have access to the College’s group medical insurance coverage as well. Reach out to the Human Resources Office to learn more.

Financial Consultation with TIAA:

As you plan for retirement, we strongly encourage you to set up a financial consultation with our TIAA representative, who comes to campus monthly.

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