Planning for Retirement

If you’re planning to retire in the next year, congratulations! Retirement is a major life milestone. As you prepare for this new phase of your life, we celebrate your service to Synopsys and your entire working career.

If retirement is further in your future, check out our Financial Tips by Age. You can also explore this retirement checklist to develop your personalized step-by-step game plan.

Here’s a timeline to help you organize your plans for retirement:

18 Months Before

• If you haven’t already done so, get started creating a plan for approaching and living in retirement.
• Review basic timelines for key steps you’ll need to take at specific ages.

12 Months Before

• Log in to Fidelity or call (800) 835-5095 to review your investments to make sure they align with your plans.
• Learn the basics about when to claim Social Security and how to get the most from it.
• You may also want to contact your local Social Security office for a benefits estimate. Locate an office near you, or call (800) 772-1213.

9 Months Before

• Develop your plan for generating income in retirement, and contact your financial advisor to discuss your options.
• Create a realistic budget for your retirement expenses based on your anticipated income. Don’t forget to plan for the unexpected.

6 Months Before

• Prepare for the cost of medical care in retirement.
• If you’re age 59½ or older, you’ve worked at Synopsys for at least seven years (with any breaks in service lasting less than two years), and you’re leaving Synopsys, explore the Synopsys Bridge to Medicare Plan, which you can use to extend your health care coverage until you turn 65 or become Medicare-eligible, whichever comes first.
• Learn the ins and outs of Medicare, by reviewing the U.S. Government’s Medicare & You booklet. Fidelity’s Medicare Services team can help you compare your Medicare options and enroll in coverage. Visit Fidelity Medicare Services to find plans and/or schedule a time to talk.

3 Months Before

• Consider enrolling in Long-Term Care (LTC) Insurance to cover medical expenses not covered by health insurance, disability insurance, and Medicare coverage.
• Apply for Social Security retirement benefits, if appropriate. Visit an office near you, or call (800) 772-1213. You can also apply for retirement benefits online.

2 Months Before

• If you haven’t already done so, talk to your manager about your retirement plans. Be sure to schedule time to review your transition planning too.
• Contact your HR representative once you and your manager have agreed on your last day at Synopsys.

1 Month Before

• Confirm your departure date with your manager.
• Start packing! If you need boxes, submit a request with Facilities.

Lastly, stay active and engaged! Exercise, social connection, and a sense of purpose will help you get the most from this next phase of your life.