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Countdown to Retirement

Countdown to Retirement

Apply for Retirement Prepare for retirement by using miAccount. A pension estimate - your most important pension planning tool - can be run from miAccount using the very numbers your employer reports to the Michigan Office of Retirement Services (ORS). Log in and run your estimate today.

Are you considering your options for retirement? Below are some things to think about as you count down to retirement.

24 months to retirement
Check mark Log in to miAccount to review your service credit totals for accuracy and consider whether any credit for military service or other service is available.
Check mark Use the Estimate Pension feature in miAccount to estimate your pension.
Check mark Review your current living expenses and project what these will be at retirement. Will your income from all sources cover your projected expenses? Review Ready to Retire for financial things to consider.
Check mark Anticipate new or recurring expenses (car, medical, home repairs) and perhaps take care of some of these before you retire.
Check mark Evaluate your other investments. When will these funds be available? Voya Financial can provide you with payout options and tax ramifications if you have State of Michigan 401(k) and/or 457 account(s).
Check mark Will you be eligible to receive Social Security benefits from a spouse or previous employment? If so, request an estimate from the Social Security Administration.
Check mark Consider your tax situation. How much will you be required to pay in income taxes? Are there any special tax breaks on retirement income where you live?
Check mark Time your retirement to fit your goals. Consider these items:
  • The time from your last paycheck to your first retirement check.
  • The date of your first post-retirement increase.
  • If you participate in a flexible benefits payment program, consider how your date of retirement will affect this account.
18 months to retirement
Check mark Research medical insurance for your family and investigate the following:
Check mark Will you need individual disability coverage? Ask your insurance provider if there is an offset provision for other income received.
Check mark Evaluate your life insurance needs in comparison to your coverage and consider any conversion rights.
Check mark Review your estate plan and make sure your will, trust, and powers of attorney are up to date. Understand how your assets pass to others under Michigan law.
12 months to retirement
Check mark If you are purchasing service credit, plan it so your purchase will be paid in full while you are an active (working) member of the retirement system.
Check mark Put the finishing touches on your financial plans.
Check mark Check the ORS website for the most recent version of Your Retirement Overview (R0159H).
6 months to retirement
Check mark Review the Apply for Retirement section in miAccount, or download or request a retirement application packet from ORS.
Check mark Review your personal account details using miAccount.
Check mark Read through the medical, dental, and vision plan information to learn what benefits are available to you and your dependents in retirement.
Check mark If you have any questions after you've reviewed our materials, ask an ORS representative by using the secure Message Board in miAccount.
Check mark If you divorced while an active or deferred member and the court ordered a portion of your pension be paid to an alternate payee, you must have an Eligible Domestic Relations Order (EDRO) on file with ORS before your retirement effective date. ORS has developed an online fillable EDRO form to allow members of the Michigan State Police Retirement System to create accurate and complete EDROs that can be administered under the retirement statutes. It is the preferred document to file with ORS. Background information and instructions are provided separately in Eligible Domestic Relations Orders: Background and Instructions (R0911X).
Check mark Gather any proofs and supporting documents needed to apply as described in How to Apply. Do not mail in original documents; they will not be returned.
3 months to retirement
Check mark Review the health insurance plans offered and decide on a plan.
Check mark Verify all service credit purchases are paid in full before terminating employment.
Check mark Review the Deferred Retirement Option Plan to determine if you want to pursue that program.
Check mark Apply for retirement online with miAccount or file your paper application (included in your application packet) with ORS. Include photocopies of your proofs and any other required proofs. Do not mail in original documents because they will not be returned.
Retired at last!
Check mark ORS will send you an award letter. It details your pension and insurance benefits and explains what happens next.
Check mark Watch for your pension payments on the 25th of each month.
Check mark Enjoy reading Connections, a quarterly newsletter we send to our retirees so we stay connected.
Check mark Relax and enjoy your retirement!