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Ready to Retire

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Michigan Office of Retirement Services

Ready to Retire

Ready to Retire

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

Countdown to Retirement

 2 to 5 years to retirement

checkmark icon Log in to miAccount and review your service credit totals for accuracy, and consider whether any credit for refunded service, military service credit, or other service credit is available.
checkmark icon Name a beneficiary in miAccount.
checkmark icon Use the Estimate Pension function in miAccount to estimate your retirement pension and explore the various payment options.
checkmark icon Get an estimate of your retirement benefits from the Social Security Administration website based on your planned retirement effective date.
checkmark icon Watch a Planning Your Retirement online presentation.
checkmark icon Check out the E-Learning Modules section on our website.
checkmark icon Review your current living expenses and project what these will be at retirement. Will your income from all sources cover your projected expenses?
checkmark icon Anticipate new or recurring expenses (car, home repairs, healthcare costs), and perhaps take care of some of these before you retire.
checkmark icon Evaluate your other investments. When will these funds be available? What are the withdrawal options: lump sum or recurring payments? If you're in the Defined Contribution (DC) Plan or have the Personal Healthcare Fund, Voya Financial can provide you with payout options and tax information.
checkmark icon 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?
checkmark icon 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.
checkmark icon Begin studying the pension payment options available.

18 months to retirement

checkmark icon Research medical insurance for your family and verify your post-retirement eligibility.
  • Insurance carrier options.
  • Go to the Medicare website for information.
  • Spouse's employment. Will you be able to continue coverage in the event of your spouse's retirement or death?
checkmark icon Will you need individual disability coverage or long-term care insurance? Ask your insurance provider if there is an offset provision for other income received.
checkmark icon Evaluate your life insurance needs in comparison to your coverage and consider any conversion rights.
checkmark icon 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 state law.
checkmark icon If you're purchasing service credit, plan it so your purchase will be paid in full while you are still an active (working) member of the retirement system.

12 months to retirement

checkmark icon Get another estimate from the Social Security Administration website.
checkmark icon Review our website to be aware of any updates or changes to retirement information.
checkmark icon Check the ORS website for the most current version of Planning Your Retirement (R0613C) workbook.
checkmark icon 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. You can download a fillable Eligible Domestic Relations Orders: Background and Instructions (R0911X) form. This publication will help you create an accurate and complete EDRO that can be administered under the retirement statute. It is the preferred document to file with ORS.

6 months to retirement

checkmark icon Review your personal account details using miAccount.
checkmark icon Read through the health, dental, prescription drug, and vision plan information to learn what benefits are available to you and your dependents in retirement.
checkmark icon If you have any questions after you've reviewed our materials, ask an ORS representative by using the secure miAccount Message Board.
checkmark icon If you plan to work after you retire, make sure you understand how post-retirement earnings affect your pension and Social Security benefits.
checkmark icon Gather any proofs and supporting documents needed to apply as described in the How to Apply section. Do not mail in original documents because they will not be returned.

3 months to retirement

checkmark icon Will you or your spouse be eligible for Medicare at the time of your retirement? You must contact Medicare to enroll in Part A and Part B three months before your retirement effective date.
checkmark icon Carefully review the pension payment options. Decide which fits your needs and that of your family before you apply in miAccount and send in your signed documents.
checkmark icon Review the insurance carrier options ORS offers and decide on a plan.
checkmark icon Notify your personnel office of your intention to retire.
checkmark icon Verify all service credit purchases are paid before terminating employment.
checkmark icon Apply for retirement online with miAccount. Mail in your insurance enrollment, photocopies of your proofs of age, and any other required proofs. Do not mail in original documents because they will not be returned.

Retired at last!

checkmark icon ORS will send After Retirement (R0614C) along with your award letter. It explains what happens next and things that you should report.
checkmark icon Watch for your pension payments on the 25th of each month.
checkmark icon Enjoy reading Connections, a quarterly newsletter we send to our retirees so we stay connected.
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. You can download a fillable Eligible Domestic Relations Orders: Background and Instructions (R0911X) form. This publication will help you create an accurate and complete EDRO that can be administered under the retirement statute. It is the preferred document to file with ORS.