Retirement
Congratulations! You made it to one of the most rewarding stages of your life. With the right preparation, you can spend your post-career years exactly as you like relaxing, traveling, spending time with loved ones or cultivating new interests. One of the keys to a happy retirement is laying the groundwork now for meeting your financial needs later. As you start the retirement planning process, your primary objective should be to live off the interest on your retirement savings. This section is designed to help you reach this goal and eliminate the age-old concern about outliving your resources.
Checklist
- Participate in Retirement Savings Plan
When it comes to accumulating dollars for your retirement or other long-term needs, it doesn't get much better than a plan that allow your dollars to go in on a tax-advantaged basis -- which means Uncle Sam is encouraging you to contribute to your retirement plan. No taxes are paid until funds are withdrawn. Be sure to participate in the Sana 401(k) Plan offered by Vanguard. You can access Vanguard via you’re your Okta homepage.
- Obtain an Estimate of Social Security Income
There is a lot of information you can request from the Social Security office. To find out what information is available, see:
- Medicare
Separation or Divorce
When your relationship reaches a point where it seems necessary to part ways, this section can help you make more informed decisions that can minimize the stress on everybody involved - you, your spouse, and your children and family members. Separation and divorce no matter how amicable can still be very emotional. Remember Sana provides support in the form of EAP counseling along with access to therapy through the medical plans.
Checklist
- Remove Spouse from Benefit Plans
Your spouse becomes ineligible effective the date of the divorce decree. If your spouse is no longer eligible for coverage, contact totalrewards@sana.com to assist you with removing him or her from the benefit plans. Any stepchildren who are no longer eligible will also need to be removed from the plans. You may also obtain information on COBRA for your ex-spouse to continue their coverage.
Conversely if you and/or your children were covered by your spouse's plan, be sure to enroll yourself or your child(ren) in the appropriate plan(s). This is considered a qualified life event and enroll using the ADP portal also accessible via your Okta homepage.
- Review/Change Beneficiaries
Review and/or make any changes to your beneficiary information for all your plans. This information is stored in ADP and you can make changes any time.
- Change Emergency Contact Information
Be sure to review this information in BambooHR and update if needed.
- Apply for a Social Security Card
If you legally change your name due to a divorce, be sure to apply for a corrected Social Security card with your changed name. Failure to do so could delay a tax refund coming to you or prevent some of your pay from being credited properly to your Social Security record, which could cause your future Social Security benefits to be less than they should be.
Be prepared to provide a recently issued document as proof of your legal name change. If the document you provide does not give the Social Security Administration enough information to identify you in its records, you will be asked for an identity document showing your old name and another in your new name providing evidence of your identity.
Fill out an Application for a Social Security Card (SS-5) form and submit it to the Social Security Administration. You can download a copy of the SS-5 form and instructions in an electronic format from here and print it out at your leisure. The instructions include details on acceptable evidence of your identity.
Also, you can visit Social Security or call 1-800-772-1213 at any hour of the day toll-free. If you wish to speak to a service representative, call between the hours of 7 a.m. and 7 p.m. Eastern time on business days. If you are hearing-impaired, call 1-800-325-0778 instead. Note: Social Security telephone lines are busiest early in the week and early in the month, so if possible, avoid those times.
Social Security treats all information as confidential.
Important! If you are planning on changing your name, be sure to provide a copy of your new SSN card to peopleops@sana.com.