Retirement is finally in sight. With one year remaining, your focus should shift from planning to execution. This is the time to complete paperwork, finalize income sources, and ensure everything is ready for your transition out of the workforce.
Step 1: Finalize Your Retirement Date
Confirm:
- Planned retirement date
- Last day worked
- PTO payout details
- Transition requirements with your department
Having a firm date allows you to coordinate all remaining retirement decisions.
Step 2: Apply for Your Pension
One of the most important retirement tasks is initiating your pension benefits.
Generally:
- Contact Kaiser HR
- Request retirement paperwork
- Review benefit elections
- Submit documents 60–90 days before retirement
Delays can postpone pension payments, so early action is important.
Step 3: Finalize Your Retirement Income Plan
Confirm:
- Pension start date
- Social Security strategy
- Retirement account withdrawals
- Tax withholding elections
Your income plan should be ready before your final paycheck arrives.
Step 4: Build Cash Reserves
Many retirees benefit from maintaining cash reserves for near-term expenses.
Consider setting aside enough liquid funds to cover:
- Unexpected expenses
- Market volatility
- Delays in retirement income processing
Step 5: Prepare Your Retirement Accounts
Review retirement accounts held through Fidelity, Vanguard, or other providers.
Confirm:
- Account access
- Direct deposit instructions
- Withdrawal procedures
- Beneficiary information
Taking care of these details ahead of time can prevent unnecessary delays.
Step 6: Coordinate Healthcare Benefits
If retiring before age 65:
- Review retiree health coverage options
- Understand premium costs
- Plan for Medicare eligibility
If age 65 or older:
- Enroll in Medicare Part A and Part B
- Coordinate benefits with Kaiser coverage
Step 7: Create Your First-Year Retirement Plan
Retirement is about more than finances.
Create goals for:
- Travel
- Family time
- Volunteer work
- Hobbies
- Personal development
Having a plan can make the transition more fulfilling.
Common Mistakes to Avoid
- Waiting too long to submit pension paperwork
- Failing to coordinate Medicare enrollment
- Not establishing cash reserves
- Delaying retirement account setup
- Overlooking tax-withholding decisions
Final Thoughts
The final year before retirement is all about execution. By completing key financial, healthcare, and administrative tasks early, you can enter retirement with confidence and clarity.
Need Help Planning Your Kaiser Retirement?
A coordinated strategy that integrates your pension, retirement accounts, tax planning, and healthcare decisions can help work toward ensuring a smoother transition into retirement and support your long-term financial goals.
Approaching Retirement? Let's Make Sure Everything Is Ready.
The final year before retirement is often filled with important deadlines and decisions. From pension elections and healthcare enrollment to retirement income planning, having a clear strategy can help work toward ensuring a smooth transition.
At Bridgetown Wealth Management, we help Kaiser employees coordinate their pension, retirement accounts, tax strategy, and retirement income plan so they can focus on enjoying their next chapter.
If you're planning to retire within the next year, schedule a complimentary retirement planning meeting to review your benefits and create a roadmap for retirement.
Kaiser Permanente is not affiliated with or endorsed by LPL Financial or Bridgetown Wealth Management.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.