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Retirement Timeline Overview (Ages 40-70)
Age 40-44: Solidify Your Foundation : Insurance Needs rise
Age 45-49: Increase Contributions
Age 50-54: Catch-up Contributions & Debt-Free Goals
Age 55-59: Visualize Retirement
Age 60-62: Honing in on your Goals- moving? downsizing?
Age 63-65: Prepare for Medicare and Retirement Launch
Age 66-69: Final Phase Pre-70: Prepare a Retirement Income Plan
Age 70 +: Enter Retirement with Confidence
Last Stage of Life: Final Tips for Success��

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Table of Contents

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Max out 401(k), Roth IRA or traditional IRA
Create or revisit retirement goals
Build 3-6 months of emergency savings
Eliminate high-interest debt
Life and disability insurance coverage

Age 40-44 | Solidify Your Foundation

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Target saving 3-5x your annual income by age 50
Review asset allocation (growth vs. risk): create a long term investment plan.
Begin considering long-term care options
Estate planning: create a will and health directives��

Age 45-49 | Increase Contributions

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Take advantage of catch-up contributions (401 (k): +7,500 in 2025)
Aggressively pay off mortgage or other large debts

3. Consider consulting a financial advisor

4. Begin planning for potential retirement healthcare costs ��

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Age 50-54 | Catch-Up Contributions & Debt-Free Goals

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Estimate Retirement Expenses: Housing, Travel, Healthcare
Identify income sources: social security, pensions, investments, real estate
Consider downsizing or relocating
Start building a detailed retirement budget. Create a Retirement Income Plan��

Age 55-59: Visualize Retirement

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Review Social Security Benefits and Strategies for Claiming
Consider minimizing investment risk
Think about semi-retirement or part-time work options

Age 60-62: Transition Begins

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Enroll in Medicare A at age 65
Lock in your retirement date
Choose pension options (if applicable)
Ensure all legal and financial documents are updated

Ages 63- 65: Medicare A and behond

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Delay Social Security for higher benefits (up to 8%/year increase)
Recheck income plan: guaranteed vs. variable
Review required minimum distributions (RMDs start at 73)
Update beneficiaries and legacy plans

Age 66-69 | Final Phase Pre -70

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Begin social security (if not already)
Focus on withdrawing from retirement accounts tax-efficiently
Enjoy the lifestyle you planned for: travel, hobbies, family
Stay active and monitor your financial health annually

Age 70+ | Enter Retirement with Confidence

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USC Faculty Retirement

Debbie Jones

Director Faculty Retirement Navigation

Director, USC Emeriti Center

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Faculty Retirement

Faculty retirement is discussed in �Chapter 9 of the USC Faculty Handbook
Immediate Retirement versus phased retirement:
Immediate Retirement refers to the picking a particular date and retiring outright on one given day, such as May 15, June 30, or January 5.
Phased Retirement allows full-time faculty to reduce their percentage of effort for two years with a corresponding reduction in pay and then retire. A third year may be requested and approved by the Provost.^�

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Phased Retirement can be a gradual step down in effort such as 80% to 50% or it may be one semester on and one semester off.

The caveat of phased retirement is that once one signs a phased retirement agreement, it is a permanent agreement.

Faculty request and negotiate responsibilities and the reduced effort with the school.
Faculty may choose to leave earlier than the agreed upon retirement date, but not later.
Phased Retirement is discussed in Section 9-B of the Faculty Handbook.

Phased Retirement

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When do you request Phased Retirement or submit a Phased Retirement request?

This is the faculty member’s personal decision, but we suggest one to two semesters before you initiate your phased agreement. Depending on your school, you would advise your Dean or your Chair. This timeline allows the school to initiate coverage for you prior to your reduction in effort.

How do I request my optimal or “dream” Phased Retirement?

I suggest writing out your desired Phased Retirement plan. Meet with your chair or dean and share your goal to retire and your design of how you would like to work during your phased retirement. It will be between you and the Dean to negotiate the optimal schedule.

FAQs on Phased Retirement

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Continued University Involvement

Recall to Service: retired faculty may serve by invitation on a year-to-year basis or other fixed-term (without tenure) for services, compensation, and a percentage of effort agreed upon with the approval of the school and the Provost. �

Faculty may continue to advise, research, �supervise graduate students, teach, �or work on grants.�

The primary caveat is that the recall to service �must be at less than 50% effort.�

Please refer to Section 9-C of the Faculty Handbook; this opportunity is at the discretion �of both the Dean and the Provost.

Recall to Service

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Emeritus Status

The Emerita or Emeritus Status is an honorary title given by the President of the University upon the recommendation of the faculty member’s department and dean.

The honor may be awarded to tenured, tenure track, or full-time RTPC faculty on or after retirement or can be pre-approved in contemplation of retirement.

Please refer to Section 9-A of the Faculty Handbook for additional details.

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Research and publication grants
Programs and Events
Newsletters
Distinguished lectures
Wellness and aging well workshops
Retirement Planning
Medicare D consultations
Caldwell Scholars – first generation students
Mentorship (current students, graduate students, and faculty)

How We Support Students, Faculty, & Staff

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The term Emeriti is used as “Honor for Service”

We serve all USC retired faculty, staff, and �pre-retirees.

Emeriti College: Educational arm of Emeriti Center

Enrichment Classes
Funded Research
Community Involvement (lectures, social gatherings)
Special Initiatives (book clubs, theatre groups)
Mentoring Students and Faculty

Center supports both retiree membership organizations:

Staff Retirement Association (SRA)
Retired Faculty Association (RFA)

USC Emeriti Center

Staff �Retirement Association

SRA

Emeriti �College

Retired �Faculty Association

RFA

Retired or not, you can attend Emeriti Center programs & join the SRA/RFA. Many join these associations years before retirement to stay connected to friends, events and volunteer opportunities.

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Emeriti Center Activities

Advocate for retired faculty concerns and interests as vital members of the Trojan Family.

Offer the Caldwell Scholarship funding for neighborhood high school students who attend USC.

Sponsor the Distinguished Lectures and Intellectual Journeys RFA speaker series.

Offer volunteer opportunities for RFA and SRA board committees.

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If you have questions on your timeline, on how to navigate the transition within your school or you need a sounding board, please do not hesitate to email or call. All questions and queries are confidential.

Debbie Jones

EMAIL�jonesdeb@usc.edu

PHONE�213-740-7641

Retirement Consultation

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USC �Gold Card

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Gold Card Eligibility and Privileges

Applying for/obtaining a Gold Card �is FREE of costs or fees.

Eligibility	Privileges
At least 55 years of age or older at time of retirement At least 10 years of benefits-eligible employment at the University and in good standing or eligible for rehire You may request a separate card for your spouse or domestic partner by attaching a color headshot of your partner	USC email account Courtesy parking 10% Bookstore discount Ticket office discount for �sports, theatre, music, events On campus library access Discount for �USC dental services Access to USC counseling services at the WorkWell Center