Planning to Retire or Turning 65

Retirement is more than a financial milestone — it’s a major life transition. Before retiring, take time to review:

• Retirement savings and investments through Empower
• Monthly expenses and debt
• Medicare and healthcare costs
• Emergency savings
• Expected income sources, like Social Security

If you have an HSA you can use your existing funds in retirement. But keep in mind, once you enroll in Medicare (including Medicare Part A), you can no longer contribute to your HSA.

Planning for retirement can feel overwhelming, especially when navigating healthcare, Social Security and financial decisions. These trusted resources can help you better understand your options and prepare with confidence:

• SmartConnect provides Medicare guidance, solutions and support. They can also talk about options your dependents under age 65 have once you decide to go onto Medicare.
• Empower offers articles, tools and expert insight on preparing for retirement, including a retirement planning calculator.
• HSA Bank provides access to tools, educational resources and investment options that can help you save for future healthcare costs.
• Medicare.gov gives you a step-by-step guide explaining Medicare eligibility, enrollment timelines and coverage options.
• Social Security Retirement Benefits provides information about retirement benefits, eligibility and how benefits are calculated.
• SupportLinc, our Employee Assistance Program, can also connect you to experts for budgeting, debt, financial planning and legal advice. You also have access to 5 free mental health counseling sessions per year.

Congratulations on turning 65! Here are a few things to consider:

• You’ll become eligible for Medicare. Some people get Medicare automatically. And others have to sign up — it depends if you start getting retirement or disability benefits from Social Security before you turn 65. You must sign up for Medicare during your Initial Enrollment Period (3 months before, the month of, and 3 months after) to avoid gaps in coverage and late-enrollment penalties. (If you're still working and enrolled in Caliber’s benefits when you become eligible for Medicare, you may be able to delay your enrollment. Visit Medicare.gov or call 1-800-MEDICARE for more details.)
• Your Caliber medical plan becomes the primary insurer, with Medicare as secondary. Keep this in mind as you enroll in Medicare and your Caliber medical plan.
• If you have an HSA and enroll in Medicare, you can no longer contribute to your HSA.

You may have more support available than you realize.

• SmartConnect provides Medicare guidance, solutions and support. Call 1-833-919-4253 to schedule an appointment.
• Empower’s account dashboard and retirement planning tools can help you to stress-test your withdrawal rates and align your savings.
• HSA Bank provides access to tools, educational resources and investment options that can help you save for future healthcare costs.

Talk to the Benefits Team to learn more about how Medicare works with your Caliber healthcare coverage.