|UAW Local 2488|
Roadmap To Retirement
“Roadmap to Retirement”
ages 62 and beyond
This packet is offered to assist in the Retirement process. The information is offered as a guide to assist in the retirement process, not recommendations. Individuals must tailor their retirement to their personal needs.
ONE YEAR PRIOR TO RETIREMENT:
1. Set a firm target date for retirement
2. You will need to have an “original” Social Security card (need to apply).
3. You will need to have a birth certificate to apply for Social Security.
4. Request a Social Security “statement of benefits”. Social Security Form: see page #2 for you and your spouse.
a. If your spouse has inadequate Social Security credits they may be eligible for benefits at age 62, through your credits
5. Review credit cards
a. Consolidate your cards using lower percentage rates offered quite often as incentive on balance transfers.
b. Review your card interest rates; sometimes a better rate can be negotiated.
c. Try to get credit line increased as after you retire you will find it more difficult to increase credit lines.
d. Look at keeping only those credit cards that you have the best interest rates on.
e. Set up one credit card to use only for prescription purchases.
6. Procure publications from Social Security on programs you feel you might qualify for.
a. Online www.ssa.gov.
b. Publications # Title
05-10035 Retirement Benefits
05-10077 Retirement or survivor benefit
05-10006 A snapshot of Social Security
05-10070 How your benefit is figured
05-10153 Disability benefit
05-11000 SSI benefit
SSA-7004-SM Request for Earnings Benefits – Estimate Statement
NINE MONTHS PRIOR TO RETIREMENT:
1. Select a Financial/Retirement Advisor for retirement planning.*
a. Your financial institution may have these services available to you at no charge.
b. If your institution does not have this service available shop around as many do. If you have to pay for service use an hourly pay scale, not a fee.
2. Set up a diversified outside I.R.A.*
a. See the I.R.A. has one or two income funds
b. Use your 100% vested personal contributions to set up the outside I.R.A, rollover.
3. Look into a reverse mortgage on your real estate.
a. This could be a source for additional income
4. Look into an equity line of credit on your real estate.
a. This can serve as a source for a cash reserve
* Consider these at one year
SIX MONTHS PRIOR TO RETIREMENT:
1. Order copies of your credit report / score.
a. If errors are found, get these corrected as soon as possible.
2. Credit reporting bureau.
a. Equifax (C.S.C)
PO Box 105069
Atlanta GA 30348
(one copy per year, does not include credit score – no charge)
PO Box 9601
Allen TX 75013
(fee is charged)
PO Box 1000
Chester PA 19022
(fee is charged)
3. Pursue information for less expensive prescription medications.
b. Manufacture programs.
c. online sources are also available.
4. Check dates on benefits not carried over into retirement (utilize).
5. Check past employers for benefits that might be available to you – usually income.
NINETY DAYS PRIOR TO RETIREMENT:
1. Start your application for Social Security.
a. You will need personal information: full name, address, Social Security number, date of birth, etc.
b. You will need a birth certificate
c. You will need an original Social Security card
d. Information if divorced and more than one divorce, you will need information for each former spouse:
ii. Address (if available)
iii. Date of birth
iv. Social Security number
v. Copy of divorce decree
2. Correct any informational errors you find.
3. See if there are additional Social Security benefits you qualify for.
a. Disability – if your medical condition is such that you may qualify.
b. Supplemental Security Income– if you feel that your income will qualify.
c. You may draw one of the other, but not both, if you qualify.
4. Use of a benefits attorney.
a. Speeds up the process sometimes.
b. Could possibly get you back benefits you qualify for.
c. As of 2003, mandated fee for benefit attorney is 25% of back benefits, no charge if benefits are not successfully obtained.
5. Start the application process for MMNA benefits.
a. Start process to set up Cobra insurance coverage – MMNA request a minimum of 30 days.
b. Determine when you want an income flow to start and roll (close) your 401k into your outside I.R.A.
c. Start process to setup Medicare, if not done before.
1. AGE 65 – you will not be eligible for benefits
a. Part A – is automatic
b. Part B – covers self at age 65 & spouse when they reach age 65
c. Part F – your contact is Country Companies
d. Coordinate with your UAW Benefits Representatives:
i. Johnna Jackson (309) 888-8008
ii. Ron Dixon (309) 888-8015
e. Sign Blank Protected Health Information (P.H.I) for UAW Benefits use if you need their help with a problem. Aetna and Blue Cross/Blue Shield of Illinois (forms attached).
Same sources of assistance with health care and other issues.
1. Illinois Department of Revenue
a. Circuit Breaker program
b. Pharmaceutical Payment aid
c. Senior Care
2. Property Assessments (by County)
a. Owner Occupied exemption
b. Senior Citizens exemption
c. Senior Citizens Assessment Freeze Homestead exemption
d. Homestead Improvement exemption
e. Disabled Veterans exemption
f. Senior Citizen Real Estate Deferral Program (UNDERSTAND THIS PROGRAM)
1. Illinois Department of Revenue, Form IL-1363 (hours 8:00am – 5:00pm, M-F)
a. Circuit Breaker program
b. Aid in paying for Pharmaceuticals
c. Senior Care
d. Contact information:
i. Online: www.iltax.com (24 hours a day/seven days week)
ii. Automated: 1-800-624-2459 (24 hours a day/seven days week)
iii. Senior Help Hotline: 1-800-252-8966
iv. Senior Care Health Benefits: 1-800-226-0768
v. Department of Aging: 1-800-252-8966
vi. IDOR mailing:
Illinois Dept of Revenue
PO Box 19003
Springfield IL 62794-9003
2. Outside Pharmaceuticals
a. Manufacturers Help
i. Your personal doctor might help here.
3. Consider A.A.R.P. membership
4. Phoning ahead to hospitals that are not PPO can get you coverage sometimes at PPO rates (elective services). Get persons name and in writing.