Each potential retiree’s situation is different. There are so many moving parts at play in figuring out the best options for you and your family. Knowledge is key. Reach out to your district’s HR dept, TRS and SHBP as needed. Working with a financial planner is also very helpful.
Gather your information:
- Visit the TRS website and set-up your account, if you haven’t already done so.
- Attend a one day pre-retirement workshop offered by TRS.
- Read and bookmark the TRS Member’s Guide. Other helpful information can be found on the TRS website under the Newsroom tab.
- Watch and bookmark the SHBP Retiree Educational Video about health insurance options after retirement and what your options are in case you need to leave before your official retirement date.
- Bookmark the Retiree Page on the SHBP website.
Key things to keep in mind:
There are two health insurance pricing brackets for retirees. Know which one you fall under.
Whoever you want to cover under your health insurance in retirement needs to be on said insurance before you retire. Add them during Open Enrollment before you plan to retire, if necessary.
If you plan to leave early, know that you have to keep the SHBP insurance continuously in place for it to follow you into retirement. COBRA/State Extended Coverage isn’t cheap.
For me, attending a pre-retirement workshop was the catalyst that made me realize leaving early was possible. The slight bump in my monthly pension check if I stayed two more years simply wasn’t worth it. Health insurance was our sticky wicket. Once we figured that piece out (and how to fund it), it was my choice to stay or resign. One month later, I resigned and left at the end of my contract. We’ve enjoyed two wonderful years that we wouldn’t have had if I’d kept working. It was absolutely the right decision for us and would not have been possible without continued access to SHBP insurance.
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