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. Additionally, 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.
- Make a plan for the non-financial side of retirement and finding meaning in the next phase of your life.
12 Months Before
- Log into the NetBenefits® website or call Fidelity at (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. Review helpful tips.
- Explore the Bridge to Medicare plan if you’re looking to extend your health care coverage until you turn 65 or become Medicare-eligible, whichever comes first.
- Learn the ins and outs of Medicare through this Medicare Overview video, the U.S. Government’s Medicare & You handbook, and UnitedHealthcare’s Medicare Made Clear guide.
- For more personalized guidance, call Health Advocate at (866) 695-8622 to talk to a Medicare Specialist about your Medicare options and enrollment timing.
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.