Human Resources & Workforce Diversity
Retirement
Are you thinking of retiring?
This page lists some basic resources to help you make your plans. For a checklist of items to consider before retirement, please review the Roadmap to Retirement Planning.
Effect of retirement on your employee benefits
You should know. . .
- Unless your work at the UW was very brief or consisted of student appointments only, you have coverage under the Wisconsin Retirement System (WRS).
- You can begin a retirement benefit from the WRS as early as age 55 (age 50 for protective occupation employees). Full benefits are available at age 65 (age 62 for executives), or when you have 30 years of WRS service and are at least age 57. (Protectives receive full benefits at age 54, or age 53 with 25 years of service.) If you retire before you reach the threshold for full benefits, you receive a reduced benefit.
- You must terminate all WRS-covered employment in order to begin your retirement benefit.
- WRS retirement benefits are payable to you for your lifetime. The WRS offers several annuity options that also provide a death benefit. For example, you can opt for an annuity that would continue to be paid as long as either you or your spouse (or other joint survivor) is alive.
- Your UW career is covered under Social Security. You can begin a Social Security benefit as early as age 62, although full benefits are not available until age 65 or later.
What to do. . .
Review the document Employee Benefits at Retirement to see options about continuing or converting your benefits at retirement. This document also addresses how to apply for a WRS benefit and payout of accrued leave.
Review ETF's video library for information pertaining to retirement.
Review the U.S. Department of Labor publication, Taking the Mystery Out of Retirement Planning, to learn how to plan for retirement. The publication includes interactive worksheets to help you meet your retirement goals.
Read about retiring early.
Read about returning to UW employment after you retire.
Estimate your WRS benefit under various scenarios using the calculator on the Department of Employee Trust Funds website.
Estimate your Social Security benefit using the calculator on the Social Security Administration web-site.
Read a comprehensive description of WRS retirement benefits, "Calculating your Retirement Benefits."
For more information on the Wisconsin Retirement System and supplemental retirement savings plans available through the UW, visit Retirement and Savings.
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This document was last revised on April 7, 2011
