ORSSCHOOLS - Ready to Retire

Ready to Retire > Countdown to 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 ORS. Login and run your estimate today!

24 months to retirement

	Login to miAccount and review your service credit totals for accuracy, and consider whether any credit for refunded service, military service, or other service is available.
	Request an estimate of your retirement benefits from the Social Security Administration.
	Attend a preretirement information meeting.
	Check out the Tutorials, Webinars, and Seminars section on our website.
	Use the Estimate Pension function in miAccount to estimate your retirement pension and explore the various payment options.
	Review your current living expenses and project what these will be at retirement. Will your income from all sources cover your projected expenses?
	Anticipate new or recurring expenses (car, medical, home repairs), and perhaps take care of some of these before you retire.
	Evaluate your other investments. When will these funds be available? What are the withdrawal options: lump sum or recurring payments?
	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?
	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 postretirement increase. If you participate in a flexible benefits payment program, consider how your date of retirement will affect this account.
	Begin studying the pension payment options available.

18 months to retirement

	Research medical insurance for your family and verify your postretirement eligibility. Plan-sponsored insurances. Medicare. Go to www.medicare.gov for information. Medicare supplement (if you or a dependent are over age 65). Spouse's employment. Will you be able to continue coverage in the event of your spouse's retirement or death?
	Will you still need individual disability coverage? Ask your insurance provider if there is an offset provision for other income received.
	Evaluate your life insurance needs in comparison to your coverage and consider any conversion rights.
	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.
	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

	Request another estimate from the Social Security Administration.
	Check the ORS website for the most current version of Retirement Readiness: A Two-Year Countdown or request a copy from ORS.

6 months to retirement

	Review your personal account details using miAccount.
	Read through the medical, dental, and vision plan information to learn what benefits are available to you and your dependents in retirement.
	If you have any questions after you've reviewed our materials, ask an ORS representative by using the secure message board in miAccount.
	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 Public School Employees 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).
	If you plan to work after you retire, make sure you understand how postretirement earnings affect your pension and social security benefits.
	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

	Carefully review the pension payment options. Decide which fits your needs and that of your family before you sign the papers.
	Review the health insurance plans offered and decide on a plan.
	Notify your personnel office of your intention to retire.
	Verify all service credit purchases are paid before terminating employment.
	Apply for retirement online with miAccount. Mail in 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!

	ORS will send After You Retire: What Every Pension Recipient Should Know along with your award letter. It explains what happens next and things that you should report.
	Watch for your pension payments on the 25th of each month.
	Enjoy reading Connections, a semiannual newsletter we send to our retirees so we stay connected.