You’ve worked hard and made a significant contribution to making Hess a special company. And now you’re thinking about retiring. Hess provides the information, tools and resources to help you make a smooth transition to retirement when you’re ready. Here’s a quick look at the eight steps to retirement.
- Start Planning
You’ll want to start planning at least six months in advance of the day you wish to retire.
- Share Your Plan
At least three months before your retirement date, share your plan with your manager, your HR representative and the Hess Benefits Center.
- Request Your Benefit Commencement Package
You’ll need to complete some paperwork to start the retirement process.
- Continue Your Medical Coverage
Understand your options for medical and dental coverage in retirement.
- Consider Applying for Social Security
You can begin receiving your full Social Security benefits at age 65, 66 or 67, or opt for a reduced benefit as early as age 62.
- Sign Up for Medicare
You may want to sign up to receive Medicare beginning at age 65.
- Understand How Your Benefits Change
Be sure you get the full picture well in advance.
- Decide When to Receive Your Savings Plan Balance
You can request a lump-sum payment from your Savings Plan account right away, move your money to another account or leave it in the account until age 70½ (when minimum distributions must begin).
For more information, review Making the Transition to Retirement.