American University's Retire Well program can help articulate your vision of retirement, consider factors that may impact your satisfaction in retirement, and provide tools to design a strategy for a successful retirement.
Retire Well is open to all university faculty, staff and their families. The information on this website is not intended to advise you on which particular retirement choices are most appropriate for you and your family. Those decisions should be made by you, in consultation with your family and financial advisors.
It's Never too Early or too Late to Start Planning
There are real advantages to start saving for retirement when you're young because you have the one resource that everyone else wants . . . time. Compounding earnings happens when your savings are reinvested to generate their own earnings, which also get reinvested to create more earnings, and so on. Over time, compounding really adds up.
Beyond the financial considerations, there are a lot of other factors to consider as retirement age nears. How will you spend your time? Will you relocate to a new community or move to a smaller home? Can you stay connected to the university? The longer you have to think about these questions, the more options you have to explore and ensure a successful retirement.
AU's Retire Well program offers live, interactive workshops and information sessions, on-demand videos, printed and online resources from experts in insurance, financial retirement planning, work-life, and AU retirement benefits.
Register to attend any of our workshops this fall or sign-up to join our email list for session reminders and program updates.
The Benefits Extension Plan, commonly referred to as the BEP, is American University's benefits program for faculty and staff members who are eligible to retire from the university (age 55 or older).
- BEP participants can continue their existing medical and/or dental coverage for the duration of their life.
- BEP participants can also continue coverage for their spouse or domestic partner and/or dependent children.
- If the retiree pre-deceases their spouse/partner and/or covered dependent children, then the spouse/partner would be eligible to continue his/her coverage under the BEP for the remainder of his/her life, and the covered dependent children would be eligible to continue their coverage under the BEP up to the plan's dependent child eligibility age limit.
- If BEP coverage is discontinued by the participant, it cannot be reinstated at a later time.
To be eligible for the BEP coverage, participants must be actively enrolled in medical and/or dental coverage through American University just prior to retirement. Additional information on the Benefits Extension Plan (BEP) can be found in the Faculty/Staff Benefits Manual.
Supplemental Health and Prescription Drug coverage through AARP/United Healthcare is also available for retirees and their spouses/partners who are Medicare-eligible.
You should consult directly with insurance carrier representatives, the Social Security Administration and Medicare, as applicable, for more comprehensive information regarding your benefits.
Retirees meeting certain age and service requirements are also eligible for educational benefits for themselves and their dependents.
General information on signing up for Medicare can be found at the medicare.gov site.
Medicare While Still Working / Special Circumstances (Special Enrollment Periods)
Once your Initial Enrollment Period ends, you may have the chance to sign up for Medicare during a Special Enrollment Period. If you're covered under a group health plan based on current employment, you have a Special Enrollment Period to sign up for Part A and/or Part B any time as long as you or your spouse (or family member if you're disabled) is working, and you're covered by a group health plan through the employer or union based on that work. You also have an 8-month Special Enrollment Period to sign up for Part A and/or Part B that starts the month after the employment ends or the group health plan insurance based on current employment ends, whichever happens first. Usually, you don't pay a late enrollment penalty if you sign up during a Special Enrollment Period. For more information, visit Medicare's Getting Started with Medicare.
You should also consult directly with insurance carrier representatives, the Social Security Administration and Medicare, as applicable, for more comprehensive information regarding your benefits.
Centers for Medicare & Medicaid Services
7500 Security Boulevard
Baltimore, MD 21244-1850
800-MEDICARE (1-800-633-4227) TY users can call 1-877-486-2048
Social Security Administration
Schedule a one-on-one appointment with our TIAA or Fidelity consultants, regardless if you in the early, mid, or late phase of your career. Consultants are on-site twice a month and you can discuss all aspects of financial planning.
COVID-19 Update: Scheduled one-on-one consultations will be held by phone or online.
Fidelity participants, call (800) 642-7131 or visit getguidance.fidelity.com.
TIAA participants, call (800) 732-8353 or visit www.tiaa.org/schedulenow.