Commencing your retirement from Verizon is perhaps once of the most exciting events a Verizon employee can experience – it means you’re only a few short steps away from enjoying your retirement! At the same time, the process can be somewhat daunting and even intimidating due to coordinating the commencement of all your benefits including your Pension, 401(k) and medical benefits, making sure all the paperwork is submitted correctly, and actually getting your retirement money to you to start taking income. The resources below will help guide you through this process so that retiring from Verizon doesn’t feel like a second job to you.
For many Verizon employees, the pension is an important component of your retirement income plan. To elect and initiate your pension you will need to complete the Pension Election and Authorization Form. You can request this form by either calling the Verizon Benefits Center or accessing it on the Verizon Net Benefits Site. This form must be properly completed and signed to be accepted by Verizon. Any errors, mistakes, or missing information will delay receipt of your pension benefits, sometimes by months.
Verizon retirees have several options regarding their 401(k). The choice you make depends on the retirement income plan. Your choices at retirement are:
Many Verizon retirees will have health care benefits that continue into retirement, sometimes with similar coverage and at about the same cost as when employed. A Verizon Benefits Specialist can review your retiree health care benefits and their costs. The election of these health care benefits should be made before your termination date from Verizon.
The continuation of your life insurance benefits is an option for many Verizon retirees. You should contact the Verizon Benefits Center to review your life insurance options and the costs to continue them in retirement.
You’re about ready to put into action your retirement income and investment plan that you’ve likely been working on for quite some time now. We recommend doing one more review of your plan making sure all components of your finances are in line to support your retirement. The resources on this page have helped hundreds of Verizon employees with their retirement.
You can request a check (make sure it’s made payable to the institution at which your individual retirement account is at so that you don’t have to withhold taxes) and can then deposit that check into your retirement account. You can also request a direct rollover from your 401(k) to your retirement account without receiving a check first. 401(k) rollover initiation requests can be done by calling Fidelity at 1-888-457-9333.
Additional options include:
You must initiate your pension benefit commencement through the Pension Election and Authorization form. This will be provided to you by the Verizon Benefits Center. You can request this paperwork by calling them at 1-855-489-2367.
There are a lot of moving parts to the pension benefit commencement process, and it’s important to carry them out correctly so that you are maximizing your benefit and receiving that benefit in a timely manner. This is, therefore, usually a part of the retirement process that we assist our clients with. Please do reach out to us if you would like a partner in this process.
Not outliving your money in retirement is one of the biggest concerns and focuses when planning for retirement. We recommend if you haven’t already, take inventory of your expense components and income resources in retirement and project your monthly and annual cash flows. This will help determine a withdrawal game plan for your investments throughout your retirement.
In this Verizon retirement video, we will cover some related questions submitted to us, as well as the top considerations we encourage you to keep in mind when retiring from Verizon or retiring in general, such as:
If you are beginning the process of planning for your retirement, there are steps to take now to ensure your healthcare coverage continues after you retire. The most important step is to learn about the types and costs of retiree coverage available.
As we are early in 2022 it’s a good time to reflect on the guiding principles which govern our investment advice philosophy. H&A’s overall basis of investment advice is goal-focused
As we are early in 2022 it’s a good time to reflect on the guiding principles which govern our investment advice philosophy. H&A’s overall basis of investment advice is goal-focused and planning-driven
An in-depth look at how Verizon associates can properly make a pension election when retiring.
Learn how one client properly allocated his 401(K) between stocks and bonds, as well as diversified his plan across all asset classes and market sectors.
Pension-eligible Verizon employees should understand the pros and cons of the annuity option and the lump-sum payout. Learn more.
We help Verizon employees considering or taking EISP offers plan for a financially secure retirement. Learn how to get the most out of your EISP.
Follow fictional Jane Miller as she decides between the Lump Sum option or the Annuity option with the guidance of H&A.
The paperwork process to retire needs to be handled with care. Learn how the H&A team helped one client through the overwhelming retirement paperwork process and ensured she made the decisions that were right for her and her family.
Learn how the H&A team helped one client save $30,000 in pension benefits by identifying an error in his retirement commencement date.
Contact information for the Verizon Benefits Center and other important contacts.
A helpful guide to help ensure you have everything you need for comprehensive estate planning.
We’re only a phone call or email away. Whether you have a question about building and managing your wealth or planning for your future, or if you just want to get to know us better, we would love to hear from you.