Tagged: retirement

Michigan Radio and Changing Gears are collecting stories about how people are planning ahead in a tough economy, and we’d like your help. What’s on your mind as you plan for what comes next?

You can follow this link to share your thoughts.

We want to hear from you – whether you’re planning for retirement, saving for a home, sending kids to college, or just starting a career. If you’re retired, have you had to make some adjustments?

Romantic love, crazy love, puppy love -- there are all kinds of loves. But there's another kind of love some people experience, and that's love late in their lives.

That's what happened with 70-year-old Judith Narrol and 71-year-old Ed Storement.

They grew up in the same neighborhood in Salem, Ill., but went on to marry different people and raise separate families.

The two have recently reconnected 56 years later.

"He was the guy who sat on my stoop," says Judith, who explains that the couple's religious differences — she is Jewish and he is a Southern Baptist — caused their families to forbid their courtship.

265 Kalamazoo City employees are eligible for the early retirement incentive. According to the city’s Human Resources Director Jerome Post, 191 of them have already signed up. “I have to admit I’m a little surprised at the number of people,” Post said the number is higher than he expected.

 “It’s been a little bit anxiety ridden for us but at the same time we’ve been very excited about the opportunity this presents for us to restructure virtually every department in the city,” Post said.

LANSING, Mich. (AP) - Organizations representing retiree groups say they want the Michigan Legislature to repeal an unpopular tax on pensions, or lawmakers will pay the political price in the 2012 election.

The AARP and groups representing public employee retirees called for a repeal Friday before the new tax plan takes effect in January.

The groups say they haven't ruled out filing suit in federal court to try and block the changes, but they are focused on getting lawmakers to take action.

It's highly doubtful the Republican-led Legislature would consider repealing the income tax that will be instituted on some forms of retirement income. The Michigan Supreme Court ruled last month that key aspects of the pension tax law approved this year are legal.

Michigan state workers may soon be required to contribute four percent of their salaries into their retirement benefit plans, or choose to convert their retirement benefits to a 401-K plan.

That’s according to a bill approved by the state House.

Democratic state Representative Brandon Dillon said the proposal puts the health and wellness of future retirees at risk.

"We should be looking at ways to expand access to health care, whether in the public or private sector, and the reality is this bill is going to make people’s health care and the ability to get treatment essentially based on the stock market, which we know in the past 10 years has been pretty tough, and I just don’t think that’s the right direction to go," said Dillon.

State employees currently contribute three percent of their salaries to their retirement benefits plans.

Republicans say the current retirement plan is not financially sustainable with too many retirement obligations going into the future.