For plenty of school employees, retirement planning seems complicated and even intimidating. It doesn’t have to be. At its simplest, retirement planning is setting aside dollars today so you’ll have them when you retire. Keeping things simple, you want to put aside enough money now so that you’ll have enough money when you retire.
Where will the money come from?
Here in Michigan, your retirement income will likely be a mix of Social Security, pension benefits, and individual retirement savings. Social Security is a safety net, not a retirement plan, and pensions typically provide a fixed benefit. MRIC provides a simple way for school employees to create and fund a supplemental plan for retirement.
How much will I need?
Retirement is not a “one-size-fits-all” situation. Most members want to maintain a similar quality of life, so retirement savings should provide supplemental income that helps approach their current income. There are some useful online tools for calculating this amount, but an even better approach is to discuss your goals with a retirement professional from one of MRIC’s providers.
Where do I begin?
Right here. When you work for a school in the MRIC, retirement planning is a straightforward and simple process. Gather your personal information, choose a provider from a list of MRIC providers, and then choose from the available investment options.