No matter your retirement plans, most experts agree that replacing 70-100% of pre-retirement earnings is essential to living the retirement you envision for yourself. That means saving enough during your working years to cover all your wants and needs after retiring – an intimidating prospect but achievable with just a few simple tips! You’ll soon be on your way towards building up retirement funds while taking full advantage of all available options!
Michigan state workers have multiple options available to them when it comes to saving for retirement. You can either contribute to their 401k, 457 plan or invest in the Michigan state retirement fund; all three offer tax benefits and low fees. Alternatively, Self-Directed Brokerage options allow them to hire their own financial advisor and manage all State of Michigan investments themselves.
Michigan state workers who are saving for retirement may not feel confident enough in their ability to enjoy an independent and comfortable retirement lifestyle. According to one poll conducted, almost half of workers earning less than $50K say they do not feel very or somewhat assured they have enough income in retirement, with that percentage increasing significantly for those earning $100,000+ a year.
Lack of retirement confidence was particularly acute among Michigan state employees without a bachelor’s degree, while most who do have one reported feeling very or somewhat confident they will have enough savings for comfortable retirement living arrangements.
According to a survey by The Pew Charitable Trusts, Michigan state employees are failing to save enough for retirement. If current trends continue, the insufficient savings will necessitate billions more in increased state spending through 2040 – something which can be prevented if residents make it a priority to set aside even small portions of their salary for this goal.
Michigan, known for its Great Lakes region and lower living costs than many states in Florida and California, provides an appealing place for retirees looking for affordable living arrangements. Natural landscapes, vibrant small towns, and strong local cultures only add to its appeal. But Michigan can still present challenges, with high medical costs and relatively slow economic growth often troubling retirees; one lawmaker in Michigan has proposed a plan designed to assist his residents save for retirement.