Where to begin with retirement planning

A few years from retiring and not sure where to start? Follow these six steps in order. Each one tells you where to get your official numbers.

Checked October 17, 2026, against oregon.gov/pers, opm.gov, ssa.gov and medicare.gov

1. Find out which retirement system you're in

   Your pension comes from the system your job pays into. Most public employees also pay into Social Security. Check your pay stub for "Social Security" or "OASDI".

   • Oregon state, school, city or county job: Oregon PERS. Your plan (Tier One, Tier Two or OPSRP) depends on the year you started. Oregon PERS explained
   • Federal civilian job, hired in 1984 or later: FERS, which includes the TSP. FERS explained
   • Everyone who paid Social Security tax: Social Security explained

2. Get your official records

   Every estimate is only as good as the numbers you start with. Gather these before anything else:

   • Oregon PERS: sign in to Online Member Services on oregon.gov/pers to check your years of service and request a pension estimate.
   • FERS: ask your agency's benefits or HR office for an annuity estimate, and check your TSP balance at tsp.gov.
   • Social Security: open your statement at ssa.gov/myaccount. Look for missing years in your earnings record. They are easier to fix now than after you retire.

3. Pick two or three possible retirement dates

   Most people compare their earliest possible date with the first date they get a full pension. Some ages matter more than others:

   • Your plan's full-benefit age, when the early-retirement cut goes away. See PERS ages or FERS ages.
   • 62, when Social Security can start. Under FERS it's also when the 1.1% multiplier can begin.
   • 65, when Medicare starts. Retiring earlier means paying for health insurance on your own.

4. Estimate your income at each date

   Add up your pension, your savings account (the IAP or TSP) and Social Security for each date, then compare the total with what you spend each month. Pensions are taxed as income, so plan for taxes too.

   Compare my retirement dates

5. Plan your health insurance until 65

   If you retire before 65, you need coverage until Medicare starts. Federal retirees can usually keep FEHB. PERS retirees can buy a PERS retiree plan. Compare your health insurance choices.

6. Apply on time

   • Oregon PERS: turn in your retirement application within the 90 days before your retirement date, and tell your employer you're retiring (PERS: steps to retire).
   • FERS: give your application (form SF 3107) to your agency's HR office, which sends it to OPM. Ask HR how much notice they need. You apply for the TSP and Social Security separately (OPM: SF 3107 instructions).
   • Social Security: you can apply up to 4 months before you want payments to start (SSA).
   • Medicare: sign up during the 7 months around your 65th birthday to avoid a lifelong penalty.

   The retirement countdown checklist puts every deadline in order, starting three years out.

Mistakes to avoid

• Leaving a few months before a key birthday. Retiring just before your full-benefit age can cost you for life. Check the exact date.
• Rushing the survivor choice. If you're married, how your pension is paid after your death is usually a one-time choice. Talk it over with your spouse first.
• Missing the Medicare window. A retiree plan or COBRA doesn't let you put off Medicare Part B without a penalty.
• Assuming everything starts the same day. Your pension, savings account and Social Security can each start at different times. Plan the gaps.

General information, not advice. Rules change, and only your retirement system can give you an official estimate. Ask them before you choose a date.