As Soon As Possible

It's never too early to start reviewing your objectives and exploring your retirement options. We recommend scheduling a consultation at least six months before your intended retirement date, and even years earlier if you're interested in creating a personalized retirement plan. Begin by contacting our office. If we determine that we're a good fit for each other, we'll meet with you to begin planning for the retirement lifestyle you imagine.

6 Months Before You Retire

At this point, you will want to take a serious look at your pension, 401(k) and healthcare options. We will schedule a time for you to come in and log in to the Campbell's Benefit Center and review your pension and 401(k) options. We will begin to help you develop a budget for retirement to ensure that your available income and financial resources can help address those needs. We will also review the basics of the Campbell's Retiree Medical Account (RMA) and how this can best be utilized to help cover healthcare costs in retirement.

3 Months Before Your Last Day of Work

Approximately three months before your final day, you will need to contact Campbell's Benefit Center to "start the process". We can help you make this phone call, providing another set of ears and the expertise of having gone through the process with other retirees. On this call, you will indicate your planned retirement date and the benefits representative will prepare a retirement packet to be mailed to your home. Generally, it will take two to three weeks to receive this packet. The packet must be returned by the 5th of month preceding your retirement commencement date. Your retirement commencement date is the first day of the month following the month in which you retired.

2 Months Before Retirement

Once you receive your retirement packet in the mail, contact our office to schedule a full review of the packet. By this time, we will have helped you determine whether your situation would benefit more from a monthly pension income or a lump sum payout. Depending on that election, we will help you filter through the paperwork and complete only those documents that pertain to your election - making sure that nothing is missed. We will then scan the completed forms into our document management system and mail them off for you.

1 Month Before Retirement

By this time, we will have finalized the investment and retirement income strategy that gives you a good opportunity to address your needs. We will review the specific investment products and solutions and prepare any necessary paperwork in preparation for retirement.

Retirement Day

Congratulations! It's time to celebrate achievements, reflect on your journey, and embrace the freedom to pursue passions and hobbies. You've earned it!

2 Weeks After Retirement

If you have a 401(k) plan, you have four options to consider:

1. Leave the money in the Campbell's plan

2. Cash out the plan assets and pay income taxes and any applicable penalties

3. Rollover the money to a new employer's retirement plan, if you will still be working

4. Rollover the assets into and Individual Retirement Arrangement (IRA) account

If you have elected to rollover or distribute your balance, this can normally be accomplished approximately two weeks after retirement. We will meet and have you login to the Campbell's Benefit Center or 401(k) site and can guide you through the process of properly distributing and/or rolling over your account. Depending on whether you take the monthly pension income or a lump sum payout, the timing of your payments will be different. If you elect monthly income, those will begin in the month of your retirement commencement date. Lump sum payouts are normally made two months after your benefit commencement date, after all final calculations have been run. We will review the timing of your payouts as we proceed through the process.