Steps to Retirement Timeline
Planning ahead is key to a smooth transition into retirement. That’s why the retirement process can begin as far as 10-12 months before your planned retirement date.
While this timeline is a general guide and may vary for each individual, it’s always beneficial to begin exploring the necessary steps and available resources early to achieve your well-deserved retirement milestone.
Don't Delay!
Keep in mind, TRS experiences a high volume of retirements from May through August, so it’s best not to delay!
- Use the retirement calculator in MyTRS
- Submit form TRS 18 – Request for Estimate of Retirement Benefits to TRS
- If you have a MyTRS account, log in and click Request Retirement Estimate or Packet to submit your request.
- If you do not have a MyTRS account, mail or fax a completed TRS 18 to TRS.
- TRS will process your request and mail a retirement packet to you within 60 days.
- Watch Member Education Videos and Financial Awareness Videos
- Review retirement options
- Attend benefits presentation
- TRS counselor will provide information you need to know about your benefits.
- Purchase service credit or transfer credit
- TRS will provide a service credit purchase statement for eligible purchases.
- If needed, schedule an appointment with a Benefits Counselor
- TRS counselor will meet with you one-on-one to review your retirement estimate and guide you through the paperwork.
- Submit Form TRS 30 – Application for Service Retirement
- TRS processes application for retirement within 31 days of receipt. You will receive a Retirement Application Acknowledgment (Form TRS 32).
- Submit driver’s license or birth certificate for age verification
- Submit IRS Form W-4P–Withholding Certificate for Periodic Pension or Annuity Payments
- TRS will use this to determine annuity payment Federal Income Tax Withholding.
- Submit Form TRS 278 –Direct Deposit Request
- TRS processes request to ensure your annuity payment is delivered directly to your account.
- If you are currently employed by a TRS-covered entity, notify your employer of your intent to retire/terminate all employment with TRS-covered entities
- Certification of Employment Termination
- TRS will contact your employer(s) near your retirement date to confirm your termination date and final salary information.
- Review and consider available health benefit options
- Sign up for a 'Retire Healthy with TRS-Care' webinar to learn about enrolling in TRS-Care and getting acquainted with your health care benefits after retirement.