Your retirement could be here before you know it.

Make sure you’re prepared for the day you’ve been working so hard for: your retirement day, with help from INPRS.

If you’re nearing retirement, thinking about it more each day or just wondering about the process and how to get started, we can help.

Before submitting your retirement application, there are several factors you should consider that could impact your retirement. For instance, how much income do you need in retirement? Have you named your survivor and beneficiaries? Are you budgeting for the unexpected expenses?

If you’re feeling the itch that your career may be coming to an end and it’s time to make a lifestyle switch, use this checklist to discover key details and potential gaps before submitting your application.

INCOME

• How much income can you expect from your retirement benefit? Register for our retirement workshop and find out here.
• Have you reviewed all your potential sources of retirement income? Think about Social Security, investment accounts, your INPRS pensions, IRAs, and retirement benefits from prior employers.
• Do you have additional savings? Prevent income gaps between your final paycheck and first benefit payment. It’s a good idea to have a budget that will cover your expenses between the date of your retirement plus 90 days.
• Will you name a survivor for your monthly benefit? Doing so will impact your monthly payment but can provide peace of mind for you and your family. Generate a benefit estimate at myINPRSretirement.org to model various scenarios.

EXPENSES

• Do you have debt? Consider how paying off consumer debt before retiring might improve your outlook.
• Are you budgeting for expensive surprises? Plan for repairs, replacements, and the unexpected.
• What’s your plan for healthcare? See what you’re eligible for and when.
• Learn about potential post-retirement medical benefit accounts earned through your employer and their rules* and discounts you may be eligible for.**

OTHER ESSENTIALS

• Are your beneficiaries up to date? Without this, your wishes may be in question. Update your primary and contingent beneficiaries on each of your INPRS plans and with every institution you do business with.
• Is your account updated with your personal email address? Don’t risk missing important retirement application or account-related notifications in retirement. You can update communication preferences online in your secure INPRS account.

When you’re ready to apply for retirement, visit your secure account at www.myINPRSretirement.org. You can apply for retirement up to six months in advance of your retirement eligibility. Please submit your application at least 90 days in advance of your retirement date to allow for processing.

*State of Indiana employees retiring from their INPRS-covered position may be eligible for the Retirement Medical Benefits Account plan. Learn more here.

**TRF retirees may elect to purchase supplemental Medicare plans with resources and benefits that may not be included in Medicare coverage.