ORS State Employees DB - Ready to Retire

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

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 orientation through the Michigan Civil Service Commission.
	Put the finishing touches on your financial plans. Use the Pension Estimate function in miAccount to estimate your retirement pension and explore the various payment options, or request an estimate from ORS.
	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 pension payment. 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. State-sponsored plan. 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.
	Consider long-term care insurancecoverage.
	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 Michigan law.
	If you are 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.
	Put the finishing touches on your financial plans. Use our online calculator to estimate your retirement benefit and explore the various payment options, or request an estimate from ORS.
	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

	Request a retirement application packet from ORS.
	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 divorce 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.
	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.

3 months to retirement

	Carefully review the pension payment options. Decide which fits your needs and that of your family. Remember-you can't change the option or your survivor pension beneficiary after your retirement effective date.
	Review the health insurance plans offered and decide on a plan.
	Notify your human resource office of your intention to retire.
	Verify all service credit purchases are paid before terminating employment.
	File your application and any other forms included in your retirement packet with ORS. Include proof of your age, your survivor pension beneficiary's age, and any other required proofs.

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 that we stay connected.