Category: Retirement Matters

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