Category: Retirement Matters

By Joanne Bump Lower Drug Prices, a Historic Victory for Seniors The Inflation Reduction Act (HR 5376) — This bill has faced a tough challenge in the U.S. Senate as Republicans unanimously oppose the legislation even though the bill is popular with American voters. That means all 50 of the Senate Democrats are needed to pass… Read more

By Joanne Bump Read about new developments to address the Medicare deficit and lower prescription drug prices, and the market environment impacting global investments. Medicare’s Deficit — Medicare is expected to run out of funds to pay full benefits by 2028. About 47 million retired workers receive Medicare to pay for higher priced medical expenses. The… Read more

By Joanne Bump Count your blessings, including the improved pre-funding trends for pensions and health benefits; the solvency of Social Security and Medicare; and a lower Medicare Premium. Retirement Board Meets — The State of Michigan Retirement Board (SMRB) provides oversight of the State Employees’ Retirement System (SERS) defined benefit plan. The board met on May… Read more

By Joanne Bump Hold on to your pocket book as challenges are coming your way. Read: key plans to sunset Social Security and Medicare, Medicare Advantage benefit denials, and rising cost. Sunset Benefits — U.S. Senator Scott (R-FL) is calling for all federal legislation to end in five years if Congress does not reauthorize them. This… Read more

By Joanne Bump Key developments on divesting Michigan investments in Russia, the invasion’s impact on inflation, and Social Security proposals boosting benefits. Inflation Update — Before the Russian invasion of Ukraine, the forecast of the national economy was looking up. For example, hiring sped up as employers added 678,000 jobs in February amid declines in COVID… Read more

By Joanne Bump Key developments on inflation, cost-efficient pensions, and seniors’ contribution to economic growth. 2021 Inflation — Are you concerned about how inflation has impacted your buying power? Nationwide, much of the rise in inflation in 2021 has been due to price increases for shelter and used cars and trucks, according to the Bureau of… Read more

By Joanne Bump Outstanding news for your pension investments, utility savings, and Medicaid long-term home care. Investments Reviewed — The State of Michigan Investment Board (SMIB) met virtually on December 9 for its quarterly review of the most recent period ending on September 30, 2021. The SMIB is housed in the Department of Treasury and, as… Read more

By Joanne Bump We’re rounding the corner with Social Security solvency, double-digit investment returns, and successful defined contribution plans. Retirement Investing — Three major themes will impact your retirement investments and savings plan next year, according to T. Rowe Price, an investment management firm. They advise you to pay attention to your retirement access and adequacy,… Read more

By Joanne Bump Found Money? — Are you aware of how federal income tax credits may add to your refund? You may qualify if you have earned income and are also taking care of grandchildren or a disabled adult. Several provisions lift taxpayers out of poverty, but also help the middle class, especially retirees who were… Read more

By Joanne Bump INFRASTRUCTURE BILLS — Congress is considering two bills to improve the nation’s infrastructure. The first bipartisan infrastructure bill, costing $1 trillion dollars, provides for “hard” infrastructure or physical improvements to roads, bridges, rail, and rural broadband. It has already been approved by the U.S. Senate. The second bill costs about $3.5 trillion and… Read more