Getting closer to retirement and want to make sure you’re on the right track financially? The resources on this page can help you check if your finances are in a good place, learn about Medicare, and understand what you need to do in the months leading up to actually retiring.

Financial Planning Resources

Do you have enough money saved for retirement? Fidelity can help you figure that out.

Fidelity’s financial wellness checkup can help you understand what’s going well and what else you can do to work toward your money goals. Take a few minutes to answer some questions (think: saving and spending, debt management, and more). From there, you’ll get a look into how you’re doing and find tips that can help you move forward.

According to the Fidelity Retiree Health Care Cost Estimate, a single person age 65 in 2024 may need approximately $165,000 saved (after tax) to cover health care expenses in retirement. An average retired couple age 65 in 2024 may need approximately $330,000 saved. Don’t get caught unprepared for expenses in retirement!

You can check the status of your 401(k) at any time by going to www.netbenefits.com.

All About Medicare

Starting to think about Medicare, but don’t know where to start? You’re not alone. The Medicare process can be complicated and confusing. This brief overview can help you understand some Medicare basics.

Try ALEX Medicare!

Medicare is confusing and complicated. ALEX makes it simple! Try ALEX Medicare to get help with the whole Medicare process, whether you’re ready to sign up now or just looking to understand your options for the future. ALEX Medicare can help you learn about your Medicare eligibility and enrollment dates, how Medicare works with your existing insurance, and your Medicare coverage options and costs.

Get started now.

Frequently Asked Questions

Medicare is health insurance offered through the government for people age 65 or older. Some people may be eligible for Medicare earlier if they have a disability or certain medical condition.

Medicare has several different parts.

Medicare Part A covers hospital care, including skilled nursing facilities, hospice, and home care.

Medicare Part B covers doctor care, including lab tests, specialists, and outpatient hospital care.

Medicare Part C, often known as Medicare Advantage, is another way to get Medicare Part A and Part B coverage. Medicare Advantage plans are run by approved private companies that must follow rules set by Medicare.

Medicare Part D covers prescription drugs.

Medicare Parts A, B, and D (or a Medicare Advantage plan and Part D) work together to provide you with the health coverage you need.

Generally, you are eligible for Medicare when you turn 65, unless you have a disability or specific health condition. You can sign up for Medicare starting during your initial enrollment period, which is 7 months, starting 3 months before you turn 65.

If you elect to take Social Security benefits before you turn 65, you will automatically be enrolled in Medicare Part A and Part B when you turn 65.

You may have heard that if you do not sign up for Medicare during your initial enrollment period, you will be subject to a late enrollment penalty fee. This is true, but only if you do not have other health coverage that is similar in value to Medicare, such as an employer-sponsored health plan like the health coverage available through Albertsons Companies. If you are over age 65 and still have coverage through Albertsons or a spouse’s employer, you can delay your enrollment in Medicare until your other coverage ends.

Visit Medicare.gov and answer a few questions to get started signing up for Medicare.

The best place to start is www.medicare.gov or https://www.medicare.gov/basics/get-started-with-medicare. Another great option is to take advantage of ALEX Medicare – a resource provided to you by Albertsons that can walk you through the whole Medicare process.

Leading Up to Retirement Timeline

Here’s a sample timeline of the things you might want to do in the year leading up to your retirement.

 One year before retirement…

  • Make sure your finances are in order. If you’ve decided to pull the retirement trigger, now is the time to make sure your savings will match up to your expected retirement expenses. Calculate your Social Security income along with any other income sources, such as a pension or annuity, and figure out how much income you can expect each month. You can get an estimate of your Social Security benefit at ssa.gov. If you have a pension through Albertsons Companies, you can visit myACI > Retirement to see your benefit. There, you can run estimates of your benefits and start to think about whether you want to take a lump sum or some type of annuity.Fidelity’s financial wellness checkup can also help you analyze your financial readiness.

Three months before retirement…

  • Meet with HR to discuss the date of your last day, your transition plan, and any contact information you’ll need for questions you may have after you retire.
  • Decide on a Social Security start date. It’s best to apply 3-4 months before you want your benefit to begin. Be sure to specify the month you want your benefits to start when you apply so you don’t accidentally start taking benefits before you mean to, i.e. before you turn 65, which could reduce your benefit.
  • If you have a pension, contact the Pension Service Center at 866-225-0594, or 888-255-2269, Option 2 then Option 6 to start the process of starting your pension. Give the Pension Service Center your planned date of retirement and they can mail you a benefit commencement package so you can make your pension benefit election.

One month before retirement…

  • Enroll in Medicare. Medicare.gov recommends enrolling in Medicare about a month before your current employer coverage ends to avoid any gap in coverage.