Fall 2017 Proactive Newsletter

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Hello Friend

Your Plan:

ORS

www.michigan.gov/ors

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In this issue

Fall 2017 - Messages from your Retirement System

Director Kerrie Vanden Bosch

From Kerrie's Desk

Notes from ORS Director Kerrie Vanden Bosch

While retirement may not always be forefront in your mind, we all know it’s important. Taking some small steps now can help you improve your financial security in retirement.  All of us at ORS want you to be well prepared when you decide it’s time to retire.

 

For most of us, these small steps include setting a goal, making  and following a plan, reviewing it periodically, and adjusting it as needed. ORS and Voya Financial® have valuable resources to help you plan for retirement. Check in with the website for your system, which is listed above under your name. You can read about your retirement plan’s features. Take a few minutes to read the articles below containing tips on retirement planning. Be sure to follow us on social media. We look forward to having a conversation with you online.

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Keep Your Momentum Going

More than 600 people attended open houses hosted by ORS and Voya® during National Retirement Security Week (NRSW).  

 

NRSW, which was October 15-21, is a national effort to raise awareness about the importance of retirement planning. From Marquette to Detroit, hundreds of people attended presentations and spoke to ORS and Voya representatives about retirement planning. During that week, ORS’ Twitter and Facebook posts reached more than 16,000 people, providing insight and helpful resources for retirement readiness.

 

If you attended a NRSW open house, keep your momentum going. This was a good exercise in preparing for a secure retirement, but a one-time activity isn’t enough. It’s important to keep moving along your road to retirement.  If you didn’t attend an open house, don’t put off planning for retirement.

 

How do you keep going or get started toward retirement planning? Read, watch, and plan! You can find free retirement planning materials from a variety of sources, including online, in publications, or from news organizations. Visit the ORS website and become familiar with your retirement plan. You can also visit Voya’s website for information about retirement investment accounts

 

Talk about your retirement plan with your family members and consult a tax or financial advisor.  Sit down and write out your main plan and one or more backup plans. Revisit your plan at least once a year and make sure you’re still on track to meet your retirement goals.

 

You can also like ORS on Facebook or follow ORS on Twitter to get helpful information about retirement planning, links to free resources, and news updates.

Prepare for Life After Retirement

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Saving and investing now is the way to ensure secure income for retirement.  In addition to financial planning, your social connections and physical well-being are a few things you should consider before you take the leap to your post-working life.

 

On average, you spend 90,000 hours of your life at your job, according to data in the book Happiness at Work. Social connections make up a huge portion of those working hours. What will life be like when you don’t have daily contact with the same people? Develop a wider social network outside of work before you retire by exploring new activities and volunteer opportunities that will provide reasons to meet people.

 

If you’ve neglected your health while working, the leisurely retirement you anticipated can be quickly sidelined by emerging health concerns. In a recent Harris Poll conducted on behalf of the Nationwide Retirement Institute, one third of retirees say health problems are interfering with their retirement.  Take time now to address chronic health issues and establish routines that support exercise and healthy eating.

 

Talk with friends and family members who already are retired and ask them about the first few years of retirement. Finding out how others handled the transition can help you prepare for the next phase of your life.