Planning for Retirement

If you are under age 65 at retirement, research your options on purchasing health insurance. Some options include JHU Retiree Health Coverage, COBRA, health insurance through your spouse’s employer if they are working full-time, or the open marketplace. If you will be living in Maryland, you can search the insurance broker directory on the Maryland Health Connection for assistance, If you are outside of Maryland, you can search your local State Health Insurance Assistance Program (SHIP). 

If you are age 65+ at retirement, you may use Aptia365 (formerly Mercer Marketplace 365+) to help you compare JHU Retiree Health Coverage with other supplemental plans. Your local State Health Insurance Assistance Program (SHIP) can also assist you with Advantage plans, Medigap, and Part D policies. Visit our Medicare webpage to learn more.  

• • Aptia365 
  • COBRA
  • JHU Retiree Health Coverage
  • Medicare
  • State Health Insurance Assistance Program (SHIP) 

A Health Savings Account (HSA), available with the High Deductible Health Plan (HDHP), can be a good financial planning strategy for retirement with its triple tax benefits.  

The HSA is different from the FSA (flexible spending account). 

• Learn the differences and functions of each of these healthcare savings tools.  
• Learn the basics of HSAs.

You can elect the HDHP with the HSA during benefits annual enrollment or within 30 days of a qualifying life event. Learn more about the HDHP, available to faculty & staff, on the Medical Plan Options page, or Ask ALEX to explore your medical plan options while employed.

You should stop contributing to your HSA 6 months before enrolling in Medicare.

Medicare is a federal health insurance program for people age 65 or older. People younger than age 65 with certain disabilities and health conditions may also be eligible for Medicare. The program helps with the cost of health care, but it doesn’t cover all medical expenses or the cost of most long-term care. You have choices for how you get Medicare coverage.

It is recommended that at least one year before retirement, you should learn about Medicare basics, including when to enroll.

Visit the Medicare page to access tools and resources

The university offers retiree medical and dental coverage for eligible retirees and their eligible dependents—the same coverage available to active employees and their families. The amount that JHU pays (the subsidy) is determined based on your age and years of service.

Learn more about JHU Retiree Health Coverage.

Whether you are faculty or staff, understand which plan you are eligible for.  Schedule a financial consultation to see if you are on track. There’s no cost to you to meet with a TIAA consultant or an independent Marsh McLennan Agency financial coach to review your goals to see if your financial plan is on track.  

Focus on your future by increasing your 403(b) contribution with Auto Save. Every little bit helps! Learn about the Power of Saving 1% More.  

Learn about gaining access to all your retirement plan contributions as a retiree.

We partner with Marsh McLennan Agency (MMA), an independent investment advisor, and TIAA to offer you online resources and 1:1 financial consultations to discuss retirement savings plans and other financial matters.

Learn more about Financial Decision Support & Advice

In addition to a will, there are two other important legal documents all adults should have. The advance medical directive allows an individual to appoint someone to make medical decisions on their behalf if they are unable to. Maryland residents may use a free template available from the Office of the Attorney General. A financial power-of-attorney allows an individual to appoint someone to make financial or legal decisions on their behalf. There are different types of powers-of-attorney that offer very broad or very limited powers and you should choose the one that’s right for you. If you want guidance, an elder law attorney is a professional who can assist you.

Through JHEAP, you and your household family members have access to free legal templates and are entitled to a free, 30-minute consultation with an attorney to answer basic questions.

If you are enrolled in MetLife Legal, you and your spouse may create these legal documents at no cost.

Through your Securian Financial life insurance benefit you have access to professional services for legal matters, including will prep templates and a free 30-minute consultation per issue, by phone or in an attorney’s office (additional services available at 25 percent discount).

Whether you are a bargaining unit employee or support staff employee, understand what your pension benefits are.

Create an online account with Empower to check your estimated benefit and to gain access to online tools such as financial calculators and informational videos. You can reach them at 1-800-338-4015. 

Create an account with the Social Security Administration to review your earnings history and see projections for your monthly benefit.

Learn about the pros and cons of collecting social security at your full retirement age, versus age 62, versus age 70.  

The Johns Hopkins Employee Assistance Program (JHEAP) offers 24/7 access to free, confidential consultation, counseling and referrals for challenges such as stress at work or at home, emotional distress, navigating change and uncertainty, and so much more. Consider contacting JHEAP for support while processing the emotional side of your transition to retirement. Retirees can use JHEAP for 18 months following retirement.

Request Counseling Online: For non-urgent support, you can submit a request through the online request form to connect with a domestic counselor. For urgent support, call 888-978-1262.

More about JHEAP

Are you feeling anxiety, dread, or excitement as you approach your retirement? This is your safe space to connect with other pre-retirees to talk about preparing for your post-work life.

Retirement Readiness Networking Group flyer

This group meets via Zoom the second Friday of each month, from noon to 1 p.m. EST.

Register here