For members of the Michigan State Police Retirement System
   
  ACCOUNT ACCESS TOOLS
  PENSION ACCOUNT LOGIN    |    INVESTMENT ACCOUNT LOGIN VOYA ADVISORY SERVICE     |    VOYA COMPARE ME     |    myOrangeMoney®    |    KEY TERMS
 

Ready to Retire

Answering these questions may provide some insight into how well prepared you are to retire.

yes   |    no Do you own your home free and clear? If not, will you have enough income to pay for it?
yes   |    no Have you planned for the future of your children or others financially dependent on you?
yes   |    no Have you estimated how much retirement income you will receive from all sources? Is your estimate between 60-80 percent of your preretirement income?
yes   |    no Have you included a realistic inflation factor in estimating the income you will need throughout retirement?
yes   |    no Have you considered your future health care costs when projecting your income needs in retirement?
yes   |    no Have you saved for or planned for major expenses such as home repairs or an automobile purchase you expect to make during retirement?
yes   |    no Do you plan to maintain cash in reserve for a family emergency?
yes   |    no Have you considered that at a time of increasing life expectancies, greater demand is placed on your personal savings and investments since they must last for a longer period of time?
yes   |    no Do you already have a fulfilling leisure time activity or hobby you plan to devote more time to in retirement?

The more "yes" answers you have, the more adequate your retirement preparation and the more likely you'll be able to preserve your standard of living.

 

 
Home       |      About Us       |       Contact Us       |       Site Map       |       michigan.gov