LEXINGTON, Ky. (Aug. 30, 2019) — University of Kentucky Human Resources will host its annual Retirement Planning Conference on Oct. 25 in the Gatton Student Center, offering employees insights into planning for the next phase of life, along with information about UK benefits available to retirees.
“Retirement is a major step filled with uncertainty,” said Gordon Garrett, associate state director for the Kentucky Small Business Development Center and an attendee at the 2018 conference. “Last year’s conference expanded my horizons by exposing options and opportunities for retirees.”
This full-day event provides an overview of everything to consider, from income and insurance to health and well-being.
As the baby boomer generation retires, many in this generation seek greater financial security and a continued sense of purpose and connection through encore careers.
This year, Marci Alboher, vice president at Encore.org and one of the nation’s leading authorities on career issues and workplace trends, delivers the keynote address. Alboher will help attendees think about their encore, which she describes as “the intersection of purpose, passion (and maybe a paycheck) in the next phase of life.”
In addition to Social Security, retirees from UK typically have another income source: their savings including a 200% employer match in their 403(b) account with Fidelity and/or TIAA.
The conference features presentations by a local Social Security representative, Fidelity and TIAA — plus UK’s Todd Macaulay, a certified financial planner and accredited investment fiduciary. Macaulay’s presentation on planning for retirement income will cover strategies for withdrawing funds and budgeting. Employees have an opportunity to consult with Macaulay for free as part of their UK benefits.
UK also offers health insurance to retirees. Medicare covers 80% of total medical bills. This leaves many to pay the remaining 20% out-of-pocket, but UK offers a Medicare Advantage plan that delivers all the benefits of original Medicare while also helping to close that 20% gap.
“Health insurance is an important topic to those retiring, and the plan UK offers to retirees is incredibly popular,” said Terri Kanatzar, a UK retirement officer who works one-on-one with employees preparing to retire and organizes the conference. “The conference covers health insurance, related timing considerations, and a unique service available to UK employees and retirees to ensure they’re getting the best deal on prescription medications and experience a smooth transition with insurance changes,” Kanatzar said.
For more information about the annual conference and planning resources, visit the HR website for retirement planning.
The University of Kentucky is increasingly the first choice for students, faculty and staff to pursue their passions and their professional goals. In the last two years, Forbes has named UK among the best employers for diversity and INSIGHT into Diversity recognized us as a Diversity Champion two years running. UK is ranked among the top 30 campuses in the nation for LGBTQ* inclusion and safety. The Chronicle of Higher Education judged us a “Great College to Work for,” and UK is among only 22 universities in the country on Forbes' list of "America's Best Employers." We are ranked among the top 10 percent of public institutions for research expenditures — a tangible symbol of our breadth and depth as a university focused on discovery that changes lives and communities. And our patients know and appreciate the fact that UK HealthCare has been named the state’s top hospital for three straight years. Accolades and honors are great. But they are more important for what they represent: the idea that creating a community of belonging and commitment to excellence is how we honor our mission to be not simply the University of Kentucky, but the University for Kentucky.