Getting ready to retire? We've prepared a checklist especially for you, and organized essential information on medical benefits, retirement plan income, and other resources that support MIT retirees.
Already retired?
See ourretiree health plans and other programs.
Getting Ready to Retire: Print Our Checklist
We've developed a Retirement Checklist, available as a PDF you can review online or print out. It helps you organize your plans from 6 months prior to your desired retirement date, through your retirement, and includes information about continuing coverage after your retirement.
MIT Retirement Checklist
Retirement Plan Income
At least six months before you retire, you should meet with an MIT retirement benefits counselor to clarify your understanding of all your benefits options.
In particular, you'll want to review the income you can expect to access at retirement, which might include
- Social Security
- MIT Pension Plan (also known as a Basic Retirement Plan)
- MIT Supplemental 401(k) Plan
Social Security
As you approach retirement, find out what you can expect to receive from Social Security. Review your benefits at Social Security Online, by calling (800) 772-1213, or by visiting your local Social Security office.
MIT Pension Plan
Your benefit payments may begin at any time after your employment at MIT ends. Federal law requires that payments begin by April 1 following the year you attain age 70½ or April 1 following the year your MIT employment ends — whichever is later.
The payments from your retirement plan are generally taxable as regular income, so consider having income taxes withheld.
Your benefit is paid monthly for as long as you live.
Pension payment options
- Single Life Annuity
Payments are made to you for as long as you live. After your death, no payments are made to your survivors. Since no payments are made to your survivors, this option provides the largest monthly lifetime income. If you are married when benefit payments begin, your spouse must consent in writing to your election of this option.
- Joint Life Annuity
Payments are made to you for as long as you live. Upon your death, payments continue to the survivor you designated when payments began. (This designated survivor is also known as your contingent annuitant.) You decide how much will be paid to your designated survivor and those payments continue for as long as that person lives. If you are married when benefit payments begin, you must elect a joint life annuity with at least 50% of your benefit to be continued to your spouse, unless your spouse consents in writing to another option. This will reduce the amount of your monthly lifetime annuity payment.
- Period Certain
You may specify that payments from the Single Life Annuity or, if you were hired before July 2, 2012, the Joint Life Annuity be made for a minimum number of years. This minimum payment period, known as a period certain, may not exceed your life expectancy (or the joint life expectancy of you and your joint annuitant). This option will reduce the amount of your monthly lifetime annuity payment. If you are married when benefit payments begin, your spouse must consent in writing to your election of the period certain option.
Amount of your benefit
Use the pension modeler in PensionConnect to determine the amount you can expect to receive from your Pension Plan.
See your pension information at PensionConnect
PensionConnect: Current Employees
PensionConnect: Former Employees / Retirees
Help with PensionConnect
Current employees may access PensionConnect using Touchstone. Former employees and retirees who have an existing PensionConnect account may access it here. If you are a new user or you need assistance accessing your pension account, please contact the MIT Pension Service Center at 855-464-8736.
If you are rehired after starting your pension
If you started your pension benefit and then return to work at MIT, your pension payments will continue while you are working and any new accruals you receive while re-employed in a benefits-eligible position may be subject to an actuarial offset that reduces the value of your future accruals.
Members of collective bargaining units
All plan provisions are subject to the terms of your collective bargaining agreement.
Learn more about the MIT Pension Plan
MIT Supplemental 401(k) Plan
Payments from your MIT 401(k) Plan may begin at any time after your employment at MIT ends (subject to any applicable penalties) or you reach age 59½ and work 50% or less of the normal full-time work schedule. Federal law requires that payments begin by April 1 following the year you reach age 70½ or April 1 following the year your MIT employment ends — whichever is later.
Taxes on payments from your retirement plan vary, depending on the type of contribution you make. If you make pre-tax contributions, your contributions are not taxed, but the payments from your retirement plan are generally taxable as regular income upon receipt. You may also opt to have income taxes withheld.
If you make Roth post-tax contributions, the payments from your retirement plan will not be taxed, so long as your payments begin after age 59½ and five years after your first Roth contribution.
Annuity payment options
- Single Lump Sum
You may receive your withdrawal as one cash payment or you may roll over the withdrawal amount to either a traditional IRA or to another qualifying retirement plan. - Systematic Withdrawal Plan
The Systematic Withdrawal Plan is a series of scheduled payments. You may opt to receive a specific dollar amount over a set time period, such as over 10 or 20 years. Payments are sent automatically, based on the frequency you select. Generally, you are able to change the amount and frequency of payments. - Monthly Lifetime Income Annuity
You can withdraw all or a portion of your account to purchase an annuity.
Learn more about the MIT 401(k) or access your MIT 401(k) from Fidelity Investments.
What Else You Should Know
In addition to the benefits described on this site, retirees continue to have access to benefits like the Children's Scholarship Plan, long-term care insurance, and thehome and auto insurance discount.
Childrens' scholarship plan
Your dependent children will continue to be eligible for the same tuition privileges under the Children's Scholarship Program after you retire. The amount of tuition your child can receive, however, is subject to the maximum limits in effect at the time your child is attending school. Additional factors that may affect eligibility include your employment status, when you were hired, and where your child attends school. Learn more.
Educational loan plan
When you retire from MIT, you may either remit payment for the full remaining balance or retain the continued benefit of making your monthly payments towards the loan balance until paid in full. Please reach out to getaloan@mit.edu for next steps.
Long-term care insurance
Find information on long-term care insurance.
HSAs and Medicare
Individuals enrolled in the High Deductible Health Plan may receive MIT seed money and contribute to their Health Savings Account (HSA) until they retire as long as they defer enrollment in all parts of Medicare. Individuals who enroll in Medicare while funding an HSA may incur an excess contribution tax penalty.
Related Documents & Forms
Forms
401(k) Plan Beneficiary Designation and Rollover Forms
On PensionConnect
Publications
401(k) Plan Distribution Options Brochure
MIT Retirement Checklist
Retiree/Former Staff Change of Address
You may also be interested in...
How Do I?
From the HR Knowledge Base
How do I receive personal assistance through MIT MyLife Services?
MyLife Servicesis a free, confidential MIT benefit. One call puts you in touch with a network of experts who can provide emotional and behavioral counseling, work-life consultations, and personalized referrals.
You can visit MIT MyLife Services, call the MyLife Services office at 844-405-LIFE (844-405-5433) or (TTY) 866-892-7162 or email info@mitmylifeservices.com.
How do I update my life insurance and retirement plans to include my spouse or domestic partner?
Visit Atlas to evaluate your participation in the MIT OptionalLife Insurance Plan. Spouse or partner life insurance coverage can be added within 31 days from the date of your marriage or domestic partnership or during Open Enrollment.
Review and update your beneficiaries under the MIT Optional Life Insurance Plan, the MIT Basic Retirement Plan and the MIT Supplemental 401(k) Plan to ensure they are current. If you are married and your most recent beneficiary designation on file for the MIT Retirement Plan does not designate your spouse as the sole primary beneficiary, and does not have spousal consent for this designation, your spouse will be beneficiary of 100% of your account balance. More on beneficiaries.
How do I find out what health and medical benefits are available to me when I retire?
Visit our Retirees section to learn about the specific MIT Benefits available to you when you retire, including your eligibility and how to enroll.
Visit the HR Knowledge Base
Have you recently married, had a child, or had another life event?
If you've recently experienced a life event such as abirth, marriage, divorce, or retirement, let us help you with the exact forms and other information you need.
Life Events
Exceptional MIT
Employee Resource Groups
MIT is pleased to support employee-led groups formed around common interests or a shared bond or background. Connect with your colleagues today.
Community News and Spotlights
Recreation Options for MIT Employees
MIT Recreation offers a variety of ways for MIT employees to play, swim, run, dance, stretch, and move. Virtual options include free live and on-demand group exercise classes and fee-based personal training by appointment. In-person DAPER memberships are available to MIT staff and faculty. Let's get moving!
