Retirement for most people isn't just an event; it's a process that unfolds gradually over time. With the need for planning in mind, here is some information to get you started if you are considering retiring from Brown.
If you are like most people considering retirement, your top concern is healthcare; including healthcare costs and having access to the resources you will need to maintain good health in your retirement years.
- Familiarize yourself with Medicare, the federal program that is the primary health insurance for almost all Americans age 65 and older. The official Medicare website (www.medicare.gov) explains how and when to enroll. Wellness at Brown, your faculty/staff wellness program, also offers onsite workshops to help you navigate through the process of learning about Medicare.
- Explore BlueCHiP, if applicable. Blue Cross Blue Shield of Rhode Island offers eligible Brown retirees BlueCHiP for Medicare Group Preferred: a comprehensive, coordinated care plan for retirees eligible for Medicare Parts A and B. This plan is designed for retirees whose legal residence is in Rhode Island.
- Take advantage of a complimentary consultation with Doctor's Choice, an independent agency that focuses on educating individuals about Medicare and offers plans from multiple insurance companies so retirees can compare options to make the best decision. Once you’ve familiarized yourself with the basics of Medicare, the team at Doctor’s Choice will help you navigate through your options. Contact Doctor's Choice at 401-404-7373.
Brown University works with Delta Dental of Rhode Island to offer retirees an affordable, easy-to-use dental plan. For more information, please refer to the Retiree Health and Dental Plans page.
Following healthcare, most individuals considering retirement wonder if they will have the financial resources they need to enjoy their retirement years. Services are available to help you plan for a secure and enjoyable retirement.
- Calculate your Social Security benefits online based on your actual Social Security record at www.ssa.gov. You can also estimate life expectancy, access your social security statement, and take advantage of additional planning tools at this easy-to-use website. Log in to view your most recent statement at https://secure.ssa.gov/RIL/SiView.do Wellness at Brown also brings Social Security subject matter experts to campus annually for workshops which walk you through the ins-and-outs of this federal program and answer any questions you may have.
- Consult the investment companies for Brown's retirement plans for information on distributions from your account(s), including the minimum distribution requirements. Visit Brown's retirement plans webpage for links to both TIAA and Fidelity. Both companies offer on-campus appointments and also have local offices where you can schedule a meeting at your convenience.
- Consider whether long term care insurance may be appropriate for you. Long-term care is a range of services and supports you may need to meet your personal care needs. Most long-term care is not medical care, but rather assistance with the basic personal tasks of everyday life. Enrolling in this type of insurance may help protect your retirement assets from being eroded by the high costs of long-term care. View Brown's long-term care webpage or longtermcare.acl.gov.
Retirement is a significant lifestyle change. Many pre-retirees wonder how they will fill their days and how their sense of self may change when they leave the workplace.
- Contact the Faculty/Staff Assistance Program (FSAP). The FSAP can help prepare you for the lifestyle changes that accompany retirement.
For More Retirement Information:
For health, dental, and other benefits details, please see the Benefits Guide for Employees Leaving Brown University.
Please be advised that the special retiree medical benefits currently offered to employees leaving Brown who are between 55 and 65 years of age and have completed 10 years of service to the University will no longer be offered by the University effective July 1, 2020. All employees enrolled in the special retiree medical plan as of June 30, 2020 will be grandfathered into the plan. On July 1, 2020 retiree medical benefits will cease except for those grandfathered as of that date.