From Phil's Desk

Notes from ORS Director Phil Stoddard

Next week is National Retirement Planning Week®. I think that’s a great idea and a good reason to check in with your retirement plan. While retirement may not always be forefront in your mind, we all know it’s important. Certainly, all of us at ORS want you to have a successful and secure retirement. Your work has advanced our great state and we want you to be well-served when it’s time take a step back from your career in public service.

For most of us, this means setting a goal, making a plan, checking in periodically, and adjusting the plan as needed. We have great resources to help you. First, check in with the website for your system, which is listed under your name above. You can read about the features of your plan and run retirement estimates. Second, be sure to follow us on social media. See you online!

National Retirement Planning Week April 13-17

National Retirement Planning Week® is coming soon! Its purpose is to show that, despite developing trends that have made planning for and funding retirement more difficult, it is still possible to “Retire On Your Terms” if you plan ahead. We will be sharing tools and information on social media to help guide you on your way, using the hashtag #NRPW.  You can also follow @RetireOnUrTerms or visit their website for more information -  www.RetireOnYourTerms.org.

Retirement Planning: the three (or four)-legged stool

Retirement readiness involves more than just the money. What do you want your life to look like after you retire? Do you imagine yourself on a boat, sailing with the breeze on Lake Michigan? Will you stay where you are, or relocate to a warmer climate? Take a road trip across the country? Maybe you'll volunteer for a local organization, start your own business, or immerse yourself in your favorite hobby.

Think about all of the things that will give your life meaning after you retire, and then estimate your financial needs to make them happen. Experts recommend having at least three sources of retirement funding. Some refer to this as a three-legged stool. Some retirees choose to add a fourth leg by working part-time in retirement.