It’s a complex and personal decision that’s up to you. If and when you start to consider retirement, our team is here to answer your questions about retirement from UK and retirement planning in general.

Keep in mind these milestones for retirement planning. From learning about retirement topics, to ensuring you’re ready for it from a financial and health insurance perspective, there’s much to consider.

How much in savings do you have? When you see how much your money has grown over time and your current account balance, then it’s time to consider your strategy and make adjustments as needed.
 
Our retirement savings carriers: Fidelity and/or TIAA
If you receive our UK matching retirement savings as an employee benefit or if you choose to contribute to your voluntary retirement savings, you have an account with either Fidelity or TIAA or both.
 
     • Check your account balance easily by phone, online or download and use their app.
     • Meet one-on-one with their financial adviser for free to:
          - Learn more about your account balance and savings strategies.
          - Adjust your strategy, including how you allocate your money and how much you contribute.
          - Request a retirement illustration, which shows you the options for receiving your retirement savings.
 
 

UK offers many different means and opportunities for you to learn more about planning for your retirement in person, online or by phone. You can:

     

     • Attend our annual retirement planning speaker series.

     • Connect with a UK retirement officer to check your official years of service and plan when you can retire.

 

UK retirement meeting

When you’re ready to retire, schedule a retirement meeting with a UK retirement officer. You’ll review your eligibility for UK benefits for retirees and the steps to take to give your official notice of retirement. Email retirement@uky.edu.

Understand your Social Security options
Income amounts vary based on the age when you begin collecting Social Security benefits. To understand what’s available to you and when check with a Social Security representative — the earliest you can start collecting Social Security benefits is at age 62.
 
     • Explore calculators and tools available on the Social Security website.
     • Talk to a Social Security representative to understand what’s available to you and when.
     • Decide when to begin collecting your benefits, whether at or after age 62.
 
Social Security: (800) 772-1213
Office in Lexington: (866) 530-7754
www.ssa.gov
 

Depending on when you were hired and how long you've worked at UK, you may be eligible to purchase health insurance when you retire at younger than 65 for discounted rates.

Understand how your age and work status affect your health insurance options.
 
You’ll want to consider health insurance plan coverage and costs in your decision about when to retire, so it’s important to know what insurance is available to you and when.
 
Medicare
At age 65, you’re eligible to receive Medicare health insurance from the government. According to their website, your enrollment period begins three months before your 65th birthday and ends a few months after your birthday. Even if you don’t retire at age 65, we recommend taking these steps at age 65:

• Visit the Social Security website to create your account with Social Security, which is required for enrolling in Medicare.
• If you’re working at age 65 and you have UK health insurance (HMO, PPO, EPO, RHP or Indemnity), we recommend you enroll in Medicare part A during your Medicare enrollment period. The government requires you to have part A and part B if you’re no longer working, and signing up for Medicare part A now makes it easier to sign up for part B when you retire.

Note: If you have UK Saver health insurance, you’re not eligible to enroll in Medicare part A until you retire.
 
Our UK health insurance plans for retirees
UK offers health insurance to eligible retirees and includes spouse coverage. Due to Medicare, the type of insurance plan offered to you depends on whether you’re age 65+ or under age 65. Under age 65, the same employee insurance plans are offered to retirees but with different, higher costs depending on your hire date and more eligibility factors. For age 65 and over, we offer UK Medicare Advantage to eligible retirees. UK Medicare Advantage costs also differ based on hire date and eligibility factors, but generally, UK Medicare Advantage costs retirees less than the employer plans offered to retirees under age 65. Visit our website to learn more.
 
If you have questions about your benefits eligibility, call or email a UK retirement officer to understand whether you’re eligible for UK health insurance for retirees.
 
Health insurance differs by age
859-257-9519, select option 3 or 1-800-999-2183, select option 3
Email: benefits@email.uky.edu