Tuesday, October 1, 2013

Retirement Planning TimeLine MPSERS Retirement Plan Participant

Retirement Planning TimeLine MPSERS Retirement Plan ParticipantRetirement Planning TimeLine MPSERS Retirement Plan Participant Retirement planning is essential early in your career! Your MPSERS retirement pension is based on your best 3 years (MIP plan) or 5 years (Basic plan) of salary and your years of service credit earned at one of Michigan’s seven universities (Michigan Tech, Northern Michigan University, Lake Superior State University, Central Michigan University, Eastern Michigan University, Ferris State University and Western Michigan University), also you can earn service credit if you worked in a Michigan public school. Learn all you can about your MPSERS plan - it is never too early to plan for your retirement! • Know what plan you are in - MIP or Basic. • Review your MPSERS account statements

sent to you yearly – make sure the years of service and your beneficiary information are correct. • Attend MPSERS meetings when they are held in the Houghton area. • View your MPSERS account and information on-line by accessing the MPSERS website at http://www.michigan.gov/orsschools and setting up your own on-line account (mi-account). By setting up a MPSERS on-line account (mi-account), you can work on different retirement scenarios and view if you are on track to funding your future retirement plans. Your specific retirement plans can affect your income needs in retirement. In general you will need 85% of your current income which you will receive from your savings, Social Security, MPSERS pension, SRA/IRA accounts and possible employment. It’s all about being prepared! Are You Ready to Retire? The following are some helpful hints and information you should consider before you decide on a retirement date. If you take the time to think about your retirement plans in advance, you will not feel rushed into making a decision. So let’s begin! • What kind of income will you need in retirement? Begin a retirement budget and review your personal spending and savings. • Check with MPSERS regarding your retirement status, eligibility (years of service credit and eligibility) before you pick a retirement date. o You can call MPSERS at 1-800-381-5111. o Or you can go on-line to http://www.michigan.gov/orsschools and set up your own on-line account (mi-account). • Check your most current statement, sent to you yearly, from MPSERS for accuracy. • Review your yearly Social Security statement. Visit the Social Security office in Houghton or go on-line to http://www.ssa.gov/ . 1 • Check with the Benefits office regarding your eligibility to participant in Michigan Tech’s Retirement Severance Voluntary Program (RSVP). • Begin thinking about paying off your debts – credit cards, car loans and/or mortgage. • Review your investment strategy if you have a TIAA-CREF/Fidelity account – less riskier investments as you age. • Begin to build up your emergency fund to cover at least six months or more of your current salary. • Now add up your sources of retirement income –MPSERS pension, Social Security income, savings and possible employment. • How will you spend your time in retirement? – traveling, working on a hobby, or other employment. This will affect your retirement spending. • Where will you live? Think about property taxes, homeowners insurance, heating/cooling costs, snow/sun, medical care,...

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