Are You Exploring the Idea of Retiring Within the Next Couple of Years?

Benefits, For Faculty, For Staff, middpoints, retirement

If you are considering whether (or when) to move on to the post-work phase of your life it is very likely that you have many questions. For example, you may be wondering:

  • What will happen with my retirement account when I retire? Can someone explain the options I will have for retirement plan distributions? Could I get an estimate of how much income I might expect to receive from my retirement account, post-retirement? How long after retirement will I have to wait before I begin receiving my retirement benefits?
  • Will I be able to remain on Middlebury’s medical/dental/vision plans post-retirement? Will I be able to cover my dependents? How much will it cost? Are there other health coverage options I should consider?
  • Do I have to apply for Medicare A? Medicare B? Medicare D? If so, when?
  • How far in advance of retirement should I contact the Social Security Administration?
  • What will happen with my CTO and SLR balances when I retire? Can I use my accumulated CTO balance to extend my retirement date past the date I will actually stop working?
  • I still have a child in college; if I retire will he still be eligible for the dependent tuition benefit?
  • How much notice should I give my manager? What is the process to formally initiate a retirement?
  • Could phased retirement or a transitional retirement plan be right for me? What is involved in pursuing such an option?
  • Would I be eligible to work at Middlebury part-time after I retire? Would doing so have any implications for my ability to draw funds from my retirement plan?
  • Will I still be eligible for Middlebury’s recreational discounts such as Snowbowl, Rikert and the golf course? Are there other perks that come with retirement?
  • Work has been a huge part of my life for decades and I’m concerned about the social and emotional aspects of retiring. Are resources available to help me?

My name is Franklin Daniel and I am Middlebury’s Retirement Plan Specialist. Whether you have definite plans to retire in the near future or are just starting to consider the possibility of retiring down-the-road I would welcome the opportunity to meet with you (and your spouse/partner, if you so choose). We can discuss the topics above as well as any other retirement questions/concerns you may have, and I can help connect you with other resources who will be able to assist you with your pre-retirement planning. If the time is right for you to begin gathering information about retiring from Middlebury please make an appointment by calling me at extension 5755 or emailing me at fdaniel@middlebury.edu. I look forward to meeting you!

 

– Franklin Daniel

About Franklin Ford Daniel

Franklin Daniel, a Human Resources Professional at Middlebury College, enjoys the administration of the College's retirement plans and other benefits. He is a member of WorldatWork Society of Certified Professionals where he earned the Certified Benefits Professional designation, trained to comply with U.S. legal and regulatory requirements and integrate benefits programs with business strategy and design. Prior to joining Middlebury College, Franklin started his career with the Service Employees International Union holding various roles where his professional training started in the field of employee benefits. Before his human resources career, Franklin spent his days in the soccer field as a professional soccer player with the NJ Nationals and Club Atlético Banfield (Argentina). He also spent a year working as a barista in a seedy Parisian cafe in Greenwich Village, which he still considers his most challenging job to date. He holds a B.A. from the University of Rhode Island. Outside the office, he can be found walking his Newfoundland, coaching and playing soccer and his perennial dream to explore and photograph New York City's backstreets on his motorcycle. Follow @franklindaniel_ on Twitter.