Planning for Retirement

Retirement is one of the biggest changes you will face in your lifetime. Preparing for the transition to retirement takes careful planning. On this page, you’ll find information about current retirement savings plans, retiree health, current special retirement offers, and resources to help me better prepare for retirement. We suggest that you review the Retiree Benefit Overview page and the tools under retirement resources to understand the full range of benefits.

Retirement Savings

It’s never too soon to begin saving for retirement. To help you save, Yale faculty and staff are eligible to contribute to one of Yale’s 403(b) plans.
 

When you participate in a Yale retirement plan, all of your investments and planning can be managed on TIAA’s website. There you may review the investment lineup, review your portfolio, update your beneficiary designation, use online tools, and more.

Retiree Health

Yale offers retiree medical plans for those who meet benefits eligibility when they retire. Visit the Retiree Medical Rates page to learn about the different plans.

To learn more, select a job classification:

Managerial and Professional One-Year Phased Retirement

Staff who elect a one-year or six-month Phased Retirement option between June 1, 2020 and October 30, 2020 will receive a one-time payment of $1,000 per each completed year of service paid within 30 days of the execution of application/release. All agreements must be signed on or before October 30, 2020 and phased retirement commenced no later than January 1, 2021. 

Managerial and Professional Two-Year Phased Retirement

The two-year phased retirement program will be closed to new enrollments effective October 30, 2020. Staff may still elect a two-year option through October 30, 2020 with commencement no later than January 1, 2021.

Staff Phased Retirement 

The University offers a Staff Phased Retirement Plan to eligible Excluded Clerical and Technical and Managerial and Professional staff. Participants reduce their workload during the one to two years of phased retirement.

Retirement Resources

Use the following tools to find out if you are saving enough for retirement and answer important questions about your current savings strategy:

  • Retirement Checklist: If you are considering retirement, review this checklist to start planning for your finances and benefits during retirement.
  • Retirement Income Illustrator: Log in required (TIAA user ID and Password). Use this tool to explore your retirement income options with varied assumptions and compare a wide range of scenarios to help you meet your retirement income goals.
  • Lifetime Income Calculator: Need to fill an income gap? Find answers in minutes. Either enter your target income goal or learn how much income an annuity can potentially create.
  • Retirement Budget Worksheet: Get a jump on creating a retirement spending budget by estimating the expenses you may encounter in retirement.

Legal Notices

The benefit descriptions on this page are brief summaries of the benefits offered. If anything differs from what is stated in the legal plan documents, the legal plan documents will prevail.