The Truth About Michigan Teacher Retirement
If you're a teacher in Michigan who is planning to retire, there are some things that you need to know. First, you need to know that Michigan teacher retirement accounts are managed by Michigan's Municipal Employee Retirement System (MERS).
Teachers and other municipal employees in Michigan can invest in a portfolio that MERS manages. They can take part in a health care plan that was designed to reduce the health care costs for current Michigan employees as well as retirees.
But the important thing for Michigan teachers who are reaching retirement is that MERS offers educational sessions. During these sessions, you can meet with other teachers and municipal employees who are also in a similar situation to learn about the benefits programs, to get information about the benefit estimates, to learn when you will need to apply for retirement and what you can expect after you've retired.
However, not all Michigan teachers who are approaching retirement have investments with MERS. And therefore, when they attend these MERS sessions, they may not get all of the information they need -information that is specific to their own situation.
That's why if you are a Michigan teacher who is approaching retirement you may benefit from downloading our free retirement calculator. With it, you can evaluate not only your MERS investments, but also your other retirement savings.
You'll be able, with our retirement calculator, to see how all of your retirement savings and investment accounts have performed over time. You'll also be able to see how they are projected to perform in the future.
In addition, you'll be able to see the way that changes to the federal interest rates and inflation will affect your retirement income. You'll be able to see which changes you can make to your savings and investment strategies that will allow you to have more money when you retire.
But we also want you to use our retirement calculator to determine whether or not you can afford an early retirement, or to borrow against your retirement savings to make purchases that you need to make now.
And we want to be sure that all of your questions are answered -whether they involve your account as a Michigan teacher through MERS or accounts that you have outside of work. That's why we've made it possible for you to have a free consultation with a financial advisor.
That retirement counselor can answer your questions about your savings and retirement. He or she can help you to better understand how all of your savings and investment accounts work together to help you reach your retirement goals -financial and otherwise.
Sometimes, even the teacher needs a bit of guidance. Take advantage of the guidance that you can get from a MERS seminar, but also take advantage of our free retirement calculator. You've done great work as a teacher; let us help you to do great work as an investor.
Click the blue button below. Download our free retirement calculator. Talk with one of our financial advisors. Learn what you can do to reach all of your retirement goals.