September 2021 ProActive newsletter

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In this issue:

September 2021 – Messages from your retirement system

Anthony Estell

From Anthony's desk

Notes from ORS Director Anthony Estell

Welcome to the September 2021 issue of the Proactive newsletter.

Whenever it comes to making plans, the more information you have the easier it is and the more confident you feel in your decisions. The past year and a half has made that difficult though, never being quite sure what was ahead. Still, planning for the future is important.

Since March 2020, most of the Michigan Office of Retirement Services (ORS) staff have been working remotely. At first, we planned to be away from our office for a month. Which turned into three months. Then six months. Then a year. Only now are we seeing staff reenter the office. But all that time, we continued to make plans while remaining flexible.

Retirement planning is very similar. You may set your goals and pick a date, but things outside of your control may change them. It’s important to retain a level of flexibility to adapt if necessary. As the old proverb goes, the only constant in life is change.

Understanding that retirement planning is rarely a set-it-and-forget-it affair is the reason that ORS and Voya Financial look forward to October, National Retirement Security Month. As we’ve done in previous years, ORS has teamed up with Voya to offer resources to enhance your retirement planning. Available online, these resources include presentations that discuss what should be included in a solid retirement plan that can stand up to change. Together with the other available resources, you’ll be started on or continuing down the path toward achieving a secure retirement.

We hope you enjoy this issue of Proactive.

Anthony Estell

Anthony Estell, director
Michigan Office of Retirement Services

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Coming in November: New login process for miAccount

The Michigan Office of Retirement Services is adopting the state of Michigan single sign-on standard, MILogin, for miAccount. This will provide stronger security for your personal information, including multi-factor authentication (MFA). MFA is a security method that requires a person to provide two or more credentials to authenticate their identity when logging in to their account.

Starting in November you’ll log in to miAccount on a MILogin page with your password, and a code will be sent to your email address or phone number to authenticate the login. After you complete the MFA, your account summary screen in miAccount will appear. To prepare for the transition to MILogin and MFA, log in to miAccount today and verify your email address and phone number are correct.

Small Steps campaign

Save for retirement

In our June issue of the Connections retiree newsletter, we asked retirees about advice they could give to actively working readers of the Proactive employee newsletter.

The common theme in the advice provided advocated for saving money as early as possible and keeping with that savings plan for the duration of your career. The easiest way for employees to save money is to participate in a tax-deferred savings plan offered by your employer.

Joy, a Michigan Office of Retirement Services (ORS) employee, said, “To this day I still vividly recall my first day of work as a state employee. Two of my co-workers pulled me aside and talked me into contributing to the State of Michigan 457 deferred compensation plan. I’m so glad I listened and took their advice. Now, over 30 years later, with personal savings in both the 457 and 401(k) accounts and future Social Security benefits, I feel confident about being on track for a secure retirement.”

One of our retirees Cindi said, “Put as much as you can in your 457 or 401(k) and make your contribution a percentage [of your pay] so when you receive a raise, the contribution will automatically go up.”

Saving early and developing good savings habits pays off when it comes to money. The sooner you start saving, the better financial shape you’ll be in and the more time you’ll have to take advantage of compound interest which makes it easier to accrue assets and enjoy the retirement you’ve worked so hard for. ORS provides the information, tools, and services to help you along your retirement journey.

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Review your retirement planning during October

October is National Retirement Security Month, which is a great opportunity to review your retirement plan and make sure you’re on the right track to meet your retirement goals. You could schedule some time in October for an annual review of your retirement plan and check your road to retirement. It would also be a good time to talk with your family members and consult a tax or financial advisor about your retirement plan.

How do you keep going or get started toward retirement planning? You can become more familiar with your retirement plan, visit our website, and Voya Financial’s website for information about your retirement and investment accounts.

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