Retirement Resources: Basic and Social Science Quad-based Faculty

At HMS, HBE faculty are welcome to seek opportunities to stay engaged in professional and service activities after retirement. HMS provides resources for faculty who continue such activities post-retirement, transition to a lifestyle outside the university, or a combination of both. As we know, retirement may look different for everyone, so creating a path you feel most comfortable with is important.

Our webpage is designed to provide you with comprehensive information on retirement plans, tax-deferred annuities, and other resources to help you make informed decisions about your future. Whether you're a new faculty member just starting to think about retirement or a seasoned professor looking to optimize your retirement plan, we have the resources and expertise to help you every step of the way.

Take a look around and see how we can help you plan for a fulfilling and financially secure retirement.

Choosing a Retirement Plan - The Faculty Plan
Harvard University offers a retirement plan for teaching faculty known as the 1973 Retirement Income Plan, with automatic enrollment after a six-month waiting period and retroactive contributions. The University contributes a percentage of an employee's salary based on their age and earnings, with higher percentages for those over 40. Employees can also opt for a supplemental tax-deferred annuity (TDA) with two investment options available. New faculty are automatically enrolled in a TDA with Traditional option contributions after 60 days of employment. For more information, please review the Faculty Retirement Plan information sheet and view the recorded Faculty Retirement Plan overview.

Pre-retirement Planning Tools and Calculators
Faculty can utilize these tools to evaluate their savings and spending habits and forecast their future income based on their current financial practices.

• TIAA Tools and Calculators – include a budget sheet that can be helpful in gaining a clearer understanding of essential and discretionary expenses. Retirees may discover that essential spending consumes a more significant portion of their income than anticipated, which can leave less room for discretionary spending. By utilizing this budget sheet, individuals can better manage their expenses and better understand their financial situation during retirement.
• Think about getting a financial planner if you don’t already have one. The Certified Financial Planner Board of Standards website, https://www.cfp.net/,  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.

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 meet with your retirement plan and savings plan representatives to discuss your investment portfolio, risk level, projected totals at retirement, and designated beneficiaries. Consider increasing your savings, contributing the maximum to your retirement plan, and taking advantage of catch-up provisions. Contact your provider's representatives at Fidelity (1-800-343-0860) or TIAA (1-800-842-2252) for specific information on your projected retirement income and distribution options
2. Review your Harvard University Retirement Center (HURC) as it offers a wealth of information and resources for retirement planning, such as details on current retirement plans and contributions, the ability to schedule changes, and a contribution history overview.
3. Think about getting a financial planner if you don’t already have one. The Certified Financial Planner Board of Standards website, https://www.cfp.net/, 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.
4. 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.
5. Periodically reviewing life insurance levels is important since your needs may change over time. You can access an overview of employee life insurance and plan-specific resources on the Harvard benefits webpage at https://hr.harvard.edu/disability.
6. Review and update your beneficiaries periodically. Your initial beneficiaries' designation may no longer be current, so it is important to confirm that you have the most recent beneficiaries on file. Check the beneficiaries for your retirement plan, life insurance, any properties you own, as well as other financials.
7. 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.
8. 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 / Preserving Scholarship
  • If you are a faculty member planning to retire, it is important to consider archiving your research data for future use. Harvard Medical School provides resources to help you with this process, including Research Data Management Offboarding Checklist and Research Data Management Knowledge Transfer File. It is recommended to review these websites and contact the Manager and Archivist, Meghan Kerr, for guidance on what data should be archived and when. Don't let your valuable research go to waste - take the necessary steps to preserve it for future generations.
  • Meghan Kerr - meghan_kerr@hms.harvard.edu
     
• Badge
  • After retiring from Harvard, your ID card becomes your retiree card automatically. Your ID number, Harvard Key, and two-step authentication stay the same, and you can continue to use your Crimson Cash account. You do not need to register separately, except in the libraries. If your ID card shows an expiration date, you can replace it at the Campus Service Center. The latest version of the ID card has two magnetic strips and an embedded computer chip and antenna, so please do not punch holes in it.
     
• Benefits
  • Harvard Benefits
    • Faculty nearing retirement are strongly encouraged to contact Harvard University Benefits to discuss detailed information affecting retirement, such as postretirement health and dental insurance options.
    • The ideal time for this outreach is six months in advance of the anticipated retirement date, although the Benefits Office welcomes inquiries at any time.
    • Contact - Joseph Antony | 617-496-1996 | Joseph_Antony@harvard.edu
    • Benefits - 2023 Retirement Checklist
    • Benefits - WHW_Retire
    • Benefits - WHW_Turn_Age_65
  • 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 – 2024 - 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 2023
       
• Closing of Accounts and Sponsored Awards
  • We encourage you to work closely with your grants manager and reach out to the Harvard Office of Sponsored Programs (OSP) to discuss the transition of your funding. The OSP can provide guidance on how to manage your sponsored awards, including transferring them to a new principal investigator or closing out your awards. 
     
• Closing of Laboratories, Transitioning of Equipment, Transitioning Work
  • We encourage you to work closely with your chair, BSAG, and/or lab manager to discuss any ongoing research projects and how they will be managed after you retire. This will help to ensure that your research legacy is preserved and that your colleagues can continue to build on your work.
     
• Corporate Card/PCard
  • When retiring, it's important to take the following steps with your PCard/Corporate Card:
    • Citibank Customer Service, at 1-800-248-4553 (call collect 1-904-954-7314 when dialing from outside the U.S.)
    • Reimbursements and Card Services at fad_corporatecard@harvard.edu
    • Return your Corporate Card and outstanding receipts to your department manager or your School's Finance office
    • Cancel all standing orders or recurring transactions with vendors and transfer any necessary payments to another valid payment source.
       
• Email Address
  • Upon retirement from HMS, staff and faculty are generally not eligible for an HMS email account, except for HMS-paid faculty with a primary academic appointment in a Basic or Social Science department who become Emeritus. These faculty will transition to a new email account with the address of "emeritus.hms.harvard.edu," managed by the Office for Faculty Affairs.
  • HMS Information Technology Email Account Eligibility 
     
• Harvard Housing Office
  • If you're thinking about downsizing, relocating to warmer climates, or moving closer to family, now is the time to learn how to sell your home and purchase a new one. As retirees of Harvard University, you have access to the Coldwell Banker Real Estate Advantage Program, a national real estate assistance program with over 30 years of experience. This benefit for the Harvard community offers exceptional advice and service for both buying and selling a home. More information can be found on the Harvard University Housing website.
  • Housing - CB REAP Harvard Retiree Services.Feb2023
     
• Parking
  • Emeritus Parking:
    • Harvard Longwood Campus Emeritus faculty may retain their monthly parking space in an assigned garage on campus. They do not have the option of retaining a surface lot parking space. Emeritus faculty retaining their parking spaces are expected to pay the current monthly parking rate.
  • Retiree Parking
    • Retired faculty have the option of purchasing day parking permits for either the quad or NRB Garage on the HLC. The link to purchase a daily parking permit is: https://hopps.vpcs.harvard.edu
• Office Space/ Facilities
  • Discuss with your chair, lab manager, and/or BSAG member if you will continue to have lab and office space needs after retirement. This will ensure a smooth transition and help you to tie up any loose ends before you leave. Ongoing use of these resources should be re-evaluated periodically.

Once you have considered the information above, please contact your chair, and/or executive director to discuss your plan and proposed timeline. After that conversation, the next step is to contact the Office for Faculty Affairs (OFA) for a discussion surrounding your timeline and formalizing the process. The OFA will help you navigate the next steps.

• Office of Faculty Affairs Contact Details
  • Bethany Westlund, Ph.D., Associate Dean for Faculty Affairs, bethany_westlund@hms.harvard.edu

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 University Retiree Association (HURA) - HURA is an organization that supports the well-being of retired faculty and staff from Harvard University, offering resources such as social events, educational programs, and advocacy on issues affecting seniors. HURA has created a helpful pdf of Resources for Harvard Retirees.
• Harvard Tuition Assistance Plan (TAP) - offers retirees the opportunity to use TAP for up to eight credits per term at participating Harvard schools or two courses per term at Harvard Extension, the Summer School, or Office for the Arts (OFA). To be considered a retiree, individuals must be at least 55 years old with a minimum of 10 years of participation service at the time of separation from the University, and are only eligible for TAP. The TAP booklet provides further information about TAP benefits, including specific school-by-school details.
• 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.