Category: Retirement Matters

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

By Joanne Bump Social Security — This August, the Social Security program will celebrate its 86th anniversary of ensuring basic financial security to retirees and their families in their senior years. However, baseline Social Security benefits have not been expanded in the last fifty years. At the same time, senior living costs have climbed without adequate… Read more

By Joanne Bump Unexpected Revenue — Michigan is flush with unanticipated State revenues as the federal relief funds boost consumer spending, which increase sales tax revenues on goods purchased. More federal aid and State revenues provide significant resources to solve existing State problems in a way not seen in recent times. At the May 2021 Consensus… Read more

By Joanne Bump Stay informed on federal issues impacting Michigan retirees including Social Security, Earned Income Tax Credit, and Paid Family Leave. SOCIAL SECURITY AND MEDICARE Senator Mitt Romney (R-UT) reintroduced the “Trust Act” bill on April 15, 2021. This bill makes it easier to cut earned Social Security and Medicare benefits by establishing congressional… Read more

By Joanne Bump Pension Trends — The State of Michigan Investment Board (SMIB) met in March for its Quarterly Investment Review of the State of Michigan Retirement System. The management of Michigan state pension investments is housed in the Department of Treasury. This work is important because nearly two thirds of State retirees’ pension payments come… Read more