Retiring
I’m thinking about retiring.
Top tip!
Plan ahead
Retirement planning can be easier thanks to the personal support available from T. Rowe Price. Call T. Rowe Price at 800-922-9945 to register for a Confidence Check-In® conversation.
To dos
Use the retirement
checklist
Whether your retirement is near or far, this Retirement Checklist helps you plan for this new phase of life.
Decide when you will retire
Start making arrangements for your last day at least two months ahead of time to allow plenty of time to plan for the transition and make post-retirement arrangements.
Once you know your retirement date, share the date with your manager when you’re ready.
Set up your Simplot Retirement Savings Plan distributions
If you have a balance in the Simplot Retirement Savings Plan, you’ll probably need to take a distribution of this balance at some point. Be on the lookout for a packet from T. Rowe Price with more information about your options approximately four weeks after you retire. Call T. Rowe Price for more information at 800-922-9945.
Investigate your health insurance options
If you are age 65 or older, you will want to sign up for Medicare.
Make sure you understand when your Simplot health coverage (including medical, dental and vision) ends and when your new coverage begins so you don’t have an unintended gap in coverage.
If you are enrolled in the Simplot Medical Program at the time of your retirement, you will be eligible for COBRA continuation of your coverage. Your COBRA application will arrive approximately three weeks after the end of the month in which your retirement occurs.
Evaluate your HSA
If you had an HSA through the Simplot Medical Program, your HealthEquity account and the funds in it are always yours. You can use the funds to pay for COBRA or Medicare premiums. After age 65, you can withdraw the funds for any reason and pay regular income tax on the withdrawals.
Understand important benefit coverage dates
Generally most of your benefits coverages end on the last day of the month in which you retire. To understand what happens to each coverage and any opportunities for coverage continuation, refer to the Benefit Information Reference Sheet.
Other top tips
Get personal support
If you’re participating in the Simplot Retirement Savings Plan, you can talk to a T. Rowe Price representative. If you need additional assistance, you can call 800-922-9945. Account representatives are available on business days from 7:00 a.m. to 10:00 p.m. ET.
Find work-life balance
Making the decision to retire can bring a lot of stress and can also feel overwhelming. Spring Health, our Mental Health Program, offers resources to support you during this time, including access to confidential counseling sessions at no cost.
Contact Spring Health at 855-629-0554 or visit simplot.springhealth.com.