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Your plan:

ORS

http://www.Michigan.gov/ORS

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In this issue:

• From Anthony's Desk
• Start with where you are
• New MILogin functionality
• Pause on federal student loan interest and payments ends in September

From Anthony's Desk

Notes from ORS Director Anthony Estell

Summer is a great time to get outdoors more, be healthier, and recharge.

It’s also an excellent time to focus on your finances so you can truly enjoy this wondrous season. 

Some ways you can take stock and improve your finances and financial situation:

• Revisit your short- and long-term goals.
• Take time to fine-tune your budget. Or maybe it’s time to make a budget if you don’t have one.
• Talk with someone you trust about money. Family or friends can help. Sit down with your significant other and get on the same page. Make an appointment with a financial professional or a Voya Financial representative.
• Take advantage of the longer days. Use the extra daylight to tackle a financial task; increase productivity; or dedicate time to your favorite hobby or wellness habit.

As we always say, big plans, small steps. A little planning goes a long way toward a more successful and more secure retirement.

We hope your summer is both restful and productive. Read the story “Start with where you are” to gain insight about things you might want to do to kickstart your retirement planning.

Anthony Estell, director
Michigan Office of Retirement Services

Start with where you are

Planning for retirement can seem daunting, but not if you start early and keep at it.

The easiest way to begin planning for your retirement is to start where you are. Most of us already have something in place such as a pension, a 401(k) plan, or Personal Healthcare Fund.

Summer is a great time to begin lining up all the things you already have and planning for the retirement you want.

Here are some action steps you may want to complete this summer:

• Envision your retirement future. Where do you want to be and how will you get there? Engage in thinking about both the best- and worst-case scenarios. Gather information for your journey ahead.
• Run income estimates. Run pension estimates in miAccount to get an idea of what your pension might be when you choose to retire. Contact Voya Financial to learn more about the ways your State of Michigan 401(k) and 457 Plan pays out.
• Run estimates for Social Security. It’s also a good idea to estimate Social Security income so that you will have a comprehensive idea of what your overall retirement income will be.
• Develop goals and a written plan for life after retirement. Gather information and develop plans to achieve the retirement you want. Then, follow up and monitor your plan. Keep this in a file on your computer or in a three-ring binder. Schedule time on your calendar to regularly review your plan.

Pick one thing from the list above and add it to your plan this summer. Look for more information about ideas about what should go in your plan from Michigan Office of Retirement Services in future issues of Proactive.

New MILogin functionality

The Michigan Office of Retirement Services’ miAccount uses MILogin, the state of Michigan’s single sign-on standard, which also requires multifactor authentication to enhance security. This two-part process requires you to receive and then enter a code for access to your miAccount.

Previously, you could only receive the code through email or text message. You can now receive your code by an automated call to a landline. You will need this code if you are registering for the first time, updating your profile, asking for a forgotten password or username, or reactivating your account.

Pause on federal student loan interest and payments ends in September

The U.S. Department of Education has extended the pause on federal student loan repayment, interest, and collections through Aug. 31, 2022.

The extension, made in spring 2022 because of the ongoing COVID-19 pandemic, has meant 0% interest rates, suspended loan payments, and halted collections on defaulted loans since spring 2020.

For anyone enrolled in the Public Service Loan Forgiveness program as a federal, state, local, or tribal government or non-profit organization employee, each month during the pause has counted as a payment.

There are more than 1.4 million Michigan residents who owe for student loans, a collective debt of $51 billion, according to the Education Data Initiative. The average Michigan student leaves college with $36,000 in student loans.

More information can be found at StudentAid.gov. Contact your student loan servicer about applying for income-driven repayment plans, loan forgiveness, and more.