Preparing to Retire
Your roadmap to life after work.
The key steps, decisions, and benefits to consider as you shape your retirement journey.
Retirement planning is easier when you know what to expect. Discover the benefits and actions that can support you in the years before retirement, the decisions you’ll make as you transition, and the coverage available to you afterward.
Maximizing Your Retirement Savings
Your Caltech Voluntary Retirement Plan gives you tools to grow your savings and make the most of your final working years.
How You’re Supported
- Catch-up contributions allow you to save more money as you approach retirement:
- Age 50–59: additional $8,000
- Age 60–63: additional $11,250
- Age 64 or older: additional $8,000
- NOTE: If your 2025 Institute compensation was greater than $150,000, your catch-up contributions must be made on a Roth after-tax basis.
- Receive investment guidance to align your strategy with your goals by meeting with a TIAA financial consultant.
Life Insurance
Supplemental life insurance coverage can help protect you and your family as your financial needs evolve.
How You’re Supported
- Review your current life insurance policy and consider adjusting coverage.
- Understand options for continuing or converting coverage when you retire.
TIAA Services and Resources
Through our retirement provider, TIAA, you have access to a range of resources, enabling you to plan your future with confidence.
How You’re Supported
- Receive personalized financial guidance for your retirement.
- Attend live and on-demand webinars on a variety of topics.
- Use tools and tips to help you plan for retirement.
Health Savings Account
If you are enrolled in the Anthem High Deductible PPO Plan, you have access to a Health Savings Account (HSA). Maximize your savings now to use later in retirement.
How You’re Supported
- Save pre-tax dollars now to reduce out-of-pocket costs as you approach retirement.
- Carry your HSA with you into retirement – your balance never expires and stays yours.
- Adjust contributions to ensure you are saving the max, plus additional catch-up, to make the most of this account.
- Benefit from tax-free funds from this account in retirement for eligible expenses, including Medicare premiums and deductibles.
- Please note: You cannot be enrolled in any part of Medicare and contribute to the HSA. You must stop your HSA contributions 6 months before you enroll in Part A or Social Security.
Medical
Your retiree medical options help you stay covered as you transition out of active employment and into the next stage of your life.
How You’re Supported
- Gives you the ability to choose from multiple plan options for both Medicare eligible and non-Medicare eligible retirees.
- Provides information on how your retiree coverage works alongside Medicare.
Dental
Retiree dental coverage helps you maintain consistent oral care and manage ongoing dental needs once you leave active employment.
How You’re Supported
- Participate in a stand-alone dental plan or if you elect a Caltech Kaiser Senior Advantage Plan (for Medicare eligible members only), you receive the DeltaCare Dental HMO as a plan benefit.
- Option to elect coverage for the standalone plan is available to both Medicare eligible and non-Medicare eligible members.
- Ability to enroll in the dental plan even if you don’t enroll in a medical plan.
Vision
Retiree vision coverage helps you manage vision needs as they change in retirement.
How You’re Supported
- Participate in a stand-alone vision plan or if you elect a Caltech Kaiser medical plan, you have vision benefits included with your plan.
- Option to elect coverage for the standalone plan is available to both Medicare eligible and non-Medicare eligible members.
- Ability to enroll in the vision plan even if you don’t enroll in a medical plan.
Life
Medicare and non-Medicare eligible retirees are given a life insurance policy from Caltech, at no cost to them.
How You’re Supported
- Provides you a $5,000 life insurance policy.
Defined Dollar Credit
This monthly amount helps you pay for the cost of your healthcare coverage, while giving you more flexibility and options for choosing coverage that fits you best.
How You’re Supported
- Take advantage of credits that are based on your years of service (up to a maximum of 25+ years) and Medicare eligibility.
- Your spouse/domestic partner you have at the time you depart from the Institute also earns a Defined Dollar Credit.
- Options to use the credit:
- Participate in a Caltech-sponsored plan and you will pay the monthly plan premium(s) less your Defined Dollar Credit.
- Have your entire Defined Dollar Credit available to you through a Health Reimbursement Account if you purchase a plan outside of the Caltech-sponsored plans.
Medical Plans for Pre-Medicare Retirees
If you retire before you’re eligible for Medicare, Caltech provides medical plans to help you stay covered until you reach age 65. When you become eligible for Medicare, your Defined Dollar Credit will automatically change to the Medicare level, but you must actively enroll in a Medicare plan.
How You’re Supported
- Review the medical plan options available to you before Medicare begins.
- Understand premiums, coverage levels, and how these plans differ from active employee coverage.
- Compare plans to find the right balance of cost and protection for your needs.
Medical Plans for Medicare Eligible Retirees
Once you’re eligible for Medicare, retiree medical plans are available to support your long-term health needs.
How You’re Supported
- Review plan options designed specifically for Medicare eligible retirees.
- Understand premiums, deductibles, and out-of-pocket costs.
- Acceptance into a Caltech Medicare Plan is guaranteed regardless of your health status.
- Plans require you to be enrolled, and remain enrolled, in both Medicare Part A and Part B.
- Please note: You do not need to actively enroll in Medicare Part D. The Caltech Medicare plans included a Part D component. If you actively enroll in a Medicare Part D plan, you may jeopardize your enrollment in the Caltech sponsored plans.
Choosing Your Health Coverage
As you approach retirement, you’ll make important decisions about which medical coverage best supports your needs.
How You’re Supported
- Compare your options.
- Receive support from the Caltech Retiree Service Center.
Using Your Retirement Plans
Your retirement savings plans give you flexible options for managing your savings and income once you leave Caltech.
How You’re Supported
- Explore your distribution options for your retirement accounts.
- Understand how to keep your savings invested.
- Access financial professionals on long-term guidance planning.
- Learn how taxes may apply to withdrawals so you can plan ahead.
Future Retiree Guide
This guide provides detailed information about how to plan for retirement, information on your benefit options, and more.
How You’re Supported
- Contains everything you need to know as you plan for and move into retirement.
- Helps you understand your Medicare eligibility and how that impacts your benefits.
- Covers the various plans available to you.
Frequently Asked Questions
The retiree website provides access to FAQs to help you gain further understanding into your benefits and how they work.
How You’re Supported
- Offers quick, clear answers to some of the common questions about retiree benefits.
Additional Resources
Helpful information designed to make your retiree benefits easier to manage, from billing to coverage questions.
How You’re Supported
- Steps and information about how to manage your retiree account and billing.
- Learn when to contact the Caltech Retiree Service Center.
Plan Summaries
The Summary Plan Descriptions (SPD) are the first place you should turn with questions about your Caltech Retiree Health and Life Benefits Program.
How You’re Supported
- Includes information about your eligibility for Caltech retiree benefits.
- Highlights medical plan options for those who are Medicare eligible, as well as those who are not Medicare eligible.
- Offers details about dental and vision plan options and life insurance.
Resources and Contact Information
One location that contains contact information and additional resources to make it easy to get help when you need it.
How You’re Supported
- Connect with the Caltech Retiree Service Center for enrollment and additional information.
- Find all of the relevant phone numbers in one place.
Mental Wellness Support
Your mental well-being resources are here to support you through the emotional and life changes that come with preparing for retirement.
How You’re Supported
- Access confidential counseling and short-term support through the Employee Assistance Program.
- Explore tools that help you manage stress, build resilience, and stay grounded.
- Use mindfulness, meditation, and other resources to support your emotional health.
- In the years leading up to retirement, make sure you’re saving the maximum amount for your retirement via the health savings account, if you have one, and evaluate your life insurance options.
- When you’re ready to start the retirement process, inform your manager of your intent to retire (in writing) as soon as possible.
- Contact TIAA at (800) 732-8353 regarding your retirement savings accounts to schedule an appointment with a financial consultant.
- Request a planning meeting with your benefits office 90 days before you plan to retire. Contact the Caltech Benefits Office at [email protected], or for JPL, call (818) 354-4447, or submit a retirement notification at jpl.nasa.gov.
- Learn about your Aetna and Kaiser medical plan options to decide if a Caltech sponsored plan is right for you.
- If you and/or your spouse/registered domestic partner are Medicare eligible, enroll in Medicare Parts A and B.
- Call the Caltech Retiree Service Center at (855) 251-0910, option 2, to enroll in medical, dental, vision, and/or the Health Reimbursement Account (HRA). They will also assist you with setting up your beneficiary for the Caltech Life Insurance Plan.
Important reminder: Enrollment in the Caltech Retiree Medical Program is not automatic. If you do not call the Caltech Retiree Service Center, you will not receive your Defined Dollar Credits.