I'm Retiring Soon

As you prepare for your retirement, you should discuss your plans with your leader as far in advance as possible, and review the Benefits Guide for Retirement to understand the impact on your benefits and actions you need to take.

Consult with an Ayco financial coach to get a retirement checkup to determine how long your savings will last, the best way to invest your savings and other considerations. Contact Ayco at 866-325-0099 or online at ayco.com/login/amex.

After your retirement date is processed, you have up to 60 days to decide if you want to continue your health coverage through COBRA or through retiree medical (if you choose COBRA, you can switch to retiree medical at the end of COBRA). Refer to the Benefits Guide for Retirement for further details.

If you are over 65 and covered under one of the Amex medical plans, you can delay Medicare enrollment until your retirement date. The Colleague Service Center can complete a Medicare form to verify you were covered as an active colleague over age 65 so that you won’t owe a penalty when you are ready to enroll in Medicare.

If you are an active colleague and enroll in Medicare while covered under Amex’s medical plan, Amex’s coverage will be primary. You can no longer contribute to an HSA if you enroll in any part of Medicare, including Medicare A only. Refer to the Benefits Guide for Retirement or visit Medicare’s website for more information.

Every state offers an insurance assistance program that provides free personalized assistance in choosing a Medicare plan. Click here to find a location near you.

HSA — Your HSA and the funds in it are always yours. You can use the funds to pay your COBRA or Medicare premiums. After age 65, you can withdraw the funds for any reason and pay regular income tax on the withdrawals.

FSA — You can use your FSA to reimburse eligible health care expenses incurred through your last day with Amex. You can continue to submit claims through June 30 of the following calendar year. Visit Health Equity to manage your account and submit claims.

Retirement is exciting, but it can also be overwhelming. It’s OK not to be OK. Healthy Minds offers free confidential counseling to you and your household members onsite or virtually – 24/7. Call 855-369-2639 or schedule an appointment at wellnessappointment.aexp.com. Learn more about Amex mental health resources on the Mental Health page.

You will receive paperwork from Principal three to four weeks after your retirement date with details about your distribution options. Be sure to consult a tax or financial professional to understand the tax implications of any withdrawal.