{"id":279,"date":"2016-04-18T22:40:15","date_gmt":"2016-04-19T05:40:15","guid":{"rendered":"http:\/\/hr.uw.edu\/benefits\/?page_id=279"},"modified":"2025-12-30T12:14:52","modified_gmt":"2025-12-30T20:14:52","slug":"uwrp-preparing-to-retire","status":"publish","type":"page","link":"https:\/\/hr.uw.edu\/benefits\/retirement-plans\/nearing-retirement\/uwrp-preparing-to-retire\/","title":{"rendered":"UWRP: Preparing to retire"},"content":{"rendered":"<p>You\u2019ve worked, you\u2019ve saved, and you\u2019ve envisioned your life in the years to come. Now as you near retirement, it\u2019s time to make a plan for ending your service here at UW. The more you plan the smoother your transition will go &#8212; you may even realize you can retire sooner than you thought.<\/p>\n<p>For help planning, use the resources on this page. Once you&#8217;re ready to retire, you&#8217;ll need\u00a0to submit\u00a0a UW Retirement Plan (UWRP) retirement application. You can find more information about the plan on the <a href=\"http:\/\/hr.uw.edu\/benefits\/retirement-plans\/uw-retirement-plan\/\">main page for UWRP<\/a>.<\/p>\n<h4>When can I retire?<\/h4>\n<p>If you\u2019ve participated in UWRP for at least 10 years without a break in service, you can apply for retirement once you turn 55. You can apply for retirement starting at age 62 regardless of how many years you\u2019ve participated in UWRP.<\/p>\n<h4>Plan as you near retirement<\/h4>\n<p>There\u2019s lots to consider as you approach retirement. Among other things, you\u2019ll need to:<\/p>\n<ul>\n<li>Set a target retirement date<\/li>\n<li><a href=\"http:\/\/hr.uw.edu\/benefits\/retirement-plans\/nearing-retirement\/workshops-prepare-to-retire-from-uw\/\">Attend a UW retirement workshop<\/a><\/li>\n<li>Complete the <a href=\"https:\/\/uw.service-now.com\/uwc.do?sysparm_direct=true#\/catalog_order\/b1557dc90f6a7e006cad419ce1050e73\">UW Retirement Application<\/a><\/li>\n<li>Plan for health <a href=\"http:\/\/hr.uw.edu\/benefits\/retirement-and-savings\/nearing-retirement\/insurance-during-retirement\/\">insurance during retirement<\/a><\/li>\n<li>Determine the impact taxes have on your income<\/li>\n<li>Estimate your Social Security using their <a href=\"https:\/\/www.ssa.gov\/retire\/estimator.html\" target=\"_blank\" rel=\"noopener noreferrer\">retirement estimator<\/a><\/li>\n<\/ul>\n<p>It\u2019s a good idea to create your own retirement planning calendar. It\u2019ll help you keep track of your plan and avoid missing any steps.\u00a0Beginning at least one year before your target date for retirement, use\u00a0the\u00a0<a class=\"uwhr-form  \" target=\"_blank\" href=\"https:\/\/hr.uw.edu\/benefits\/wp-content\/uploads\/sites\/3\/2016\/07\/hr-retirement-checklist-2026-a11y.pdf\">Retirement - UW Retirement Checklist (PDF)<\/a>\u00a0to help plan your retirement and make sure you take all the necessary steps.<\/p>\n<p>You can also <a href=\"http:\/\/tiaa.org\/schedulenow\">meet with a TIAA representative <\/a>if you\u2019d like in-person guidance.<\/p>\n<h4>Submit your application to retire<\/h4>\n<p>To be considered for retirement from active service, <a href=\"https:\/\/uw.service-now.com\/uwc.do?sysparm_direct=true#\/catalog_order\/b1557dc90f6a7e006cad419ce1050e73\">you\u00a0must\u00a0submit a retirement application<\/a> within 6 months prior and no later than 60 days from the separation date. Contact <a href=\"mailto:benefits@uw.edu\">UW Benefits<\/a>\u00a0if you need assistance completing the application.<\/p>\n<p>UWRP participants preparing to retire are strongly encouraged to attend a <a href=\"http:\/\/hr.uw.edu\/benefits\/retirement-plans\/nearing-retirement\/workshops-prepare-to-retire-from-uw\/\">UW retirement workshop<\/a>\u00a0to learn about retirement benefits.<\/p>\n<h4>Your retirement income<\/h4>\n<p>Your retirement income is based on the amount of money you and the UW contributed to your retirement account as well as the performance of the funds in your account. How much money you receive each month during retirement depends on the withdrawal option\u00a0you choose.<\/p>\n<p>You can access funds from the UWRP after your final UWRP payroll contribution has been deposited in your account.<\/p>\n<p>You don\u2019t have to start receiving income from UWRP at the same time you retire, though the Internal Revenue Service (IRS) does require that you take a required minimum distribution (RMD).<\/p>\n<ul>\n<li>For those that reached age 72 in 2022 or earlier, you are required to take a 2022 tax year RMD, unless you are still actively employed. If you are actively employed you can delay your RMD until after retirement.<\/li>\n<li>For those that reach age 73 in 2023, you are required to take an RMD for the 2023 tax year, unless you are still actively employed. If you are actively employed you can delay your RMD until after retirement.<\/li>\n<li>The RMD age remains at age 73 for 2023-2032. Those that reach age 73 in those tax years will be required to take their RMD, unless actively employed at UW and not retired.<\/li>\n<li>Beginning in 2033 the RMD age will increase to age 75.<\/li>\n<\/ul>\n<p>As a 403(b) plan, the money you withdraw from your UWRP account is subject to ordinary income tax. The IRS imposes an additional <a href=\"https:\/\/www.irs.gov\/Retirement-Plans\/Plan-Participant,-Employee\/Retirement-Topics-Tax-on-Early-Distributions\" target=\"_blank\" rel=\"noopener noreferrer\">tax on early distributions<\/a> if you withdraw your money before age 59 \u00bd while you\u2019re still working. Consult with a tax adviser to understand the tax implications associated with taking any distribution from your UWRP retirement plan account.<\/p>\n<h4>Supplemental retirement benefit<\/h4>\n<p>Were you a member of UWRP on February 28, 2011? If so, you may be eligible for a calculation of the <a href=\"http:\/\/hr.uw.edu\/benefits\/retirement-plans\/plans-closed-to-new-members\/uw-supplemental-retirement-plan\/\">UW Supplemental Retirement Plan<\/a> benefit.<\/p>\n<h4>Retire due to a health condition<\/h4>\n<p>If due to a health condition you can no longer work, UWRP allows you to retire before age 55 by using the <a href=\"http:\/\/hr.uw.edu\/benefits\/retirement-plans\/nearing-retirement\/uwrp-disability-retirement\/\">UWRP disability retirement<\/a> provision.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For UWRP members, learn when you&#8217;re eligible to retire and how to begin making a plan<\/p>\n","protected":false},"author":9,"featured_media":0,"parent":254,"menu_order":90,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"class_list":["post-279","page","type-page","status-publish","format-standard","hentry","search_bucket-contact-benefits","search_bucket-page","search_bucket-retirement"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UWRP: Preparing to retire - Benefits<\/title>\n<meta name=\"description\" content=\"Submitting a UW Retirement Plan (UWRP) retirement application is one of the steps you need to take when you&#039;re ready to retire. 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