Preparing for Retirement

Timeline

At age 50, you are eligible to make catch-up contributions to the GW Supplemental Retirement Plan (403(b) Plan). A catch up is also available for the Health Savings Account (HSA) if you are participating in the GW Health Savings Plan

At age 59½, you are eligible for in-service withdrawals from your 403(b) Plan account and from any matching contributions in your 401(a) Plan account.
 
At age 62, you are eligible for in-service withdrawals from any base contributions in your 401(a) Plan account.
 
At age 64 and 8 months, you will be eligible to apply for Medicare. If you are still working for GW and covered under a GW medical plan, you do not have to enroll in Medicare until you plan to retire.
 
ONCE YOU DECIDE TO RETIRE, PLEASE CONTACT GW BENEFITS AT BENEFITS@GWU.EDU OR 571-553-8283 SO THAT WE CAN ASSIST YOU AND ENSURE YOU ARE ENROLLED IN ALL BENEFITS FOR WHICH YOU ARE ELIGIBLE
 
Approximately 90 days prior to retirement, contact local Social Security and Medicare office if retiring at age 62 or older. This is the time to arrange for the start of your Social Security Retirement Income. You can call for an appointment at 1-800-772-1213. You can find booklets as well as a local office locator at the Social Security Administration home page, located at www.ssa.gov.
 
Approximately 90 days prior to retirement make an appointment with your retirement investment representative. The purpose of this meeting should be to clarify any questions you may have about your accounts including current fund allocation, accumulated balances, and distribution options.
 
Approximately 60 days prior to retirement, make an appointment with GW Benefits at (571) 553-8382, or email benefits@gwu.edu. This appointment will help you to evaluate your benefit options and complete required paperwork for certain benefits that you are eligible to continue during retirement.
 
If you are a Staff member, inform your supervisor of your retirement approximately 90 days in advance. If you are a Faculty member, please contact Faculty Personnel or your Department Chair to discuss your approaching retirement.
 
At age 70½, if you are no longer working for GW you must begin taking Required Minimum Distributions (RMDs) from your 403(b) and 401(a) accounts.