Retirement Resources: Affiliate-based Faculty

At HMS, we encourage faculty to explore opportunities for staying engaged in professional and service activities after retirement. We provide resources to support faculty members who choose to continue such activities, transition to a lifestyle outside the university, or find a combination of both options. We recognize that retirement can look different for everyone, so creating a path that aligns with your comfort and preferences is essential.

Feel free to explore the resources available on this webpage and discover how we can assist you in planning for a fulfilling and financially secure retirement.

Choosing a Retirement Plan

When it comes to securing your future, your hospital employer is there to help. Collaborate with them to explore and select from a range of retirement plans tailored to your needs. Benefit from their expertise and make an informed decision that aligns with your financial goals.

Retirement planning is an ongoing process that requires regular attention and review. It's important to take proactive steps to ensure that you're on track to meet your retirement goals, such as regularly reviewing your retirement plan and making adjustments as necessary.

1. To ensure a comfortable retirement, it's important to periodically check on your retirement plan through your hospital employer. 
2. Think about getting a financial planner if you don’t already have one. The Certified Financial Planner Board of Standards website, is an excellent resource for anyone seeking professional financial planning advice. As a nonprofit organization, the CFP Board is dedicated to promoting the highest standards of ethics, education, and professional excellence in the field of financial planning. Their website provides a searchable database of Certified Financial Planners (CFP®) professionals, as well as educational resources and tools to help individuals achieve their financial goals.
3. Check your annual Personal Earning and Benefit estimate from the Social Security Administration (SSA) and request one online if you haven't received it yet. You can also use the SSA’s Retirement Estimator tool to calculate the future value of your Social Security benefits. Creating an online account on the SSA's account creation page allows you to access these resources.
4. Periodically reviewing life insurance levels is important since your needs may change over time. You should check available options with your hospital employer
5. Review and update your beneficiaries periodically. You should check in with your hospital employer to see the best way to confirm this information.
6. Consider designating a power of attorney or setting up a trust. A power of attorney can be financial or health-related, granting someone you trust to act on your behalf in certain legal matters. A trust can be a living or testamentary plan, with a trustee managing your transferred assets according to a written agreement. Seek advice from an attorney or trust officer at your bank to determine the best options and costs.
7. The Employee Benefits Security Administration (EBSA) is part of the U.S. Department of Labor. EBSA’s site provides a wealth of consumer information about health and retirement plans, including laws and regulations, technical guidance, FAQs, and the ability to sign up for a bi-weekly consumer update. Check these EBSA links to learn more about specific topics:
   • Consumer Information on Retirement Saving – This site is arranged by career stage, from new entrants to mid-career, and for those nearing retirement. It includes links to many of the documents listed below and other pages within the EBSA site. 
   • Retirement Toolkit – This resource is jointly produced by the Department of Labor’s Employee Benefits Security Administration, the Social Security Administration, and the Centers for Medicare and Medicaid Services. This is an indispensable guide to navigating the retirement process. The toolkit includes four links to additional information and covers Women and Retirement Savings and A Look at 401K Plan Fees. 
   • Taking the Mystery Out of Retirement Planning – You can read this colorful 62-page booklet online, download it, or order it through the mail. It includes multiple links to calculators, money magazines, and federal agencies.
   • Top Ten Ways to Prepare for Retirement – An online publication offering simple steps to encourage retirement savings.

The following section outlines important factors to consider when planning for retirement. It includes financial planning, healthcare, social security benefits, housing, etc.

This is broad list and you may have to think about your personal situation if there are any other areas which you may need to research.

• Archiving
  • If you are a faculty member considering retirement, it is crucial to prioritize the archiving of your research data for future reference and use. To ensure the proper archiving of Harvard Medical School data, we recommend visiting the following websites and contacting Meghan Kerr, the Manager and Archivist. She can provide guidance on which data should be archived and when. Preserving your valuable research is essential, so please take the necessary actions to safeguard it for future generations. Here are some resources you may find helpful: meghan_kerr@hms.harvard.edu
    • Research Data Management Offboarding Checklist
    • Research Data Management Knowledge Transfer File
    • For any inquiries or assistance, please reach out to Meghan Kerr at
  • If you have hospital data, we kindly request that you contact your hospital employer to determine the appropriate steps to take regarding your data.
     
• Badge
  • As you embark on a new chapter after retiring from Harvard, it's important to note that your Harvard ID card will become deactivated.
     
• Benefits
  • Faculty members who are approaching retirement are advised to reach out to their employing hospital for detailed information concerning their benefits.
  • Medicare
    • Medicare – is the official U.S. government website for Medicare, where you can find information about Medicare coverage, benefits, and costs. It's a valuable resource for those who are eligible for Medicare or are currently enrolled in the program. As for when to sign up for Medicare, it's important to enroll during your Initial Enrollment Period (IEP), which is a seven-month window that begins three months before your 65th birthday and ends three months after. If you miss this initial enrollment period, you may face a late enrollment penalty, and there may be a gap in your health care coverage.
    • Medicare and You – 2025 - The official U.S. government Medicare handbook
       
  • Social Security
    • Social Security Administration  – The Social Security Administration (SSA) is a government agency that administers Social Security programs, including retirement, disability, and survivor benefits. You can apply for benefits, manage your account, and find information on their website, https://www.ssa.gov/. The timing to sign up for benefits depends on individual circumstances, such as full retirement age and disability status.
    • Social Security Fact Sheet 2024
       
• Closing of Accounts and Sponsored Awards
  • HMS Awards
    • If you have received any awards from HMS or have any awards managed by HMS, we strongly advise you to collaborate closely with your grants manager and contact the Harvard Office of Sponsored Programs (OSP) to discuss the smooth transition of your funding. The OSP is equipped to provide guidance on managing your sponsored awards, whether it involves transferring them to a new principal investigator or properly closing out the awards. 
  • Hospital Awards
    • For any awards received from hospitals or managed by the hospitals, we kindly request that you reach out to your hospital employer to determine the appropriate steps to take concerning your awards. They will be able to provide you with the necessary guidance and instructions specific to your situation.
       
• Closing of Laboratories, Transitioning of Equipment, Transitioning Work
  • HMS Space
    • If you have HMS space allocated for your research, we strongly recommend engaging in close communication with your chair, BSAG, and/or lab manager to address any ongoing research projects and their management post-retirement.
  • Hospital Space
    • For any hospital space you occupy, we kindly request that you contact your hospital employer for guidance on determining the appropriate steps to take. They possess the necessary knowledge to provide you with specific instructions and guidance tailored to your situation.
       
• Email Address
  • Upon retirement from HMS, staff and faculty are generally not eligible for an HMS email account.
  • HMS Information Technology Email Account Eligibility 
     
• Office Space/ Facilities
  • HMS Space
    • If you have HMS space allocated for your research, we strongly recommend engaging in close communication with your chair, BSAG, and/or lab manager to address any ongoing research projects and their management post-retirement.
  • Hospital Space
    • For any hospital space you occupy, we kindly request that you contact your hospital employer for guidance on determining the appropriate steps to take. They possess the necessary knowledge to provide you with specific instructions and guidance tailored to your situation.

Depending on the title and rank from which a faculty member retires, they may be eligible for status as an Emeritus/a Professor or Corresponding Member of the Faculty.

See:

• Handbook section 13 on Retiring Faculty

The internet is filled with an overwhelming amount of retirement information, making it challenging to find resources tailored to your needs. To help, we've compiled a list of some of the most useful websites offering relevant retirement information.

• American Association of Retired Persons - AARP is a nonpartisan nonprofit organization that strives to enhance the quality of life for individuals aged 50 and over.
• Eldercare Locator - The U.S. Health and Human Services Administration on Aging provides a website that helps older adults and their families locate services. Users can search for resources by zip code or topic, and the homepage offers links to federal websites, long-term care insurance information, factsheets, brochures, benefits, and caregiver resources.
• Harvard Neighbors - fosters community and diversity by connecting Harvard residents with each other and the wider community through social events, interest groups, volunteer activities, and resources for newcomers.
• Harvard Volunteering Opportunities - The Harvard University Human Resources website offers a comprehensive directory of campus volunteer opportunities for students, faculty, and staff. These opportunities range from mentoring programs to community service initiatives, allowing individuals to get involved and make a positive impact on the Harvard community and beyond.
• Long-term Care Insurance - The Administration for Community Living (ACL) offers a wealth of information on long-term care services and support for older adults and people with disabilities. The site provides resources on planning for long-term care, understanding the various options available, and finding local service providers. Additionally, the ACL offers programs and initiatives to improve the quality of long-term care and support for those in need.
• Senior Corps - Discover the power of senior service with AmeriCorps Seniors. This program engages individuals aged 55 and older in impactful volunteer opportunities nationwide. Join a community of experienced individuals, contribute to vital causes, and leave a lasting legacy of positive change. Embrace the spirit of giving back and make a difference in your community with AmeriCorps Seniors.
• SOAR 55 - is a nonprofit organization that connects older adults with meaningful volunteer opportunities, empowering them to use their skills and make a positive impact in their communities.
• Tufts Osher Lifelong Learning - offers a wide range of lifelong learning programs designed to help learners at all stages of life pursue their interests and further their education. With flexible online and in-person options, learners can choose from a variety of courses, certificates, and degree programs to fit their needs and goals.