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Federal civilian pensions were offered under the Civil Service Retirement System (CSRS), formed in 1920. CSRS provided retirement, disability and survivor benefits for most civilian employees in the federal government, until the creation of a new federal agency, the Federal Employees Retirement System (FERS), in 1987.
The Michigan Office of Retirement Services (ORS) administers retirement programs for Michigan's state employees, public school employees, judges, state police, and National Guard. ORS also provides various retiree healthcare benefits, including traditional insurance plans, Personal Healthcare Funds, and Health Reimbursement Accounts.
MTA employees also suffered due to the budget issues. By mid-July 2010, MTA layoffs had reached over 1,000, and many of those affected were low-level employees who made less than $55,000 annually. As of 2015, the MTA was running a $15 billion deficit in its $32 billion 2015–2019 Capital Plan.
The average retired-worker benefit at age 70 is $2,038 per month, which is $740 higher than the average benefit at age 62. Social Security benefits depend on several variables.
See our editor's picks for best savings, checking and hybrid accounts for active agers, seniors and retirees, updated for June 2024.
Social Security is the most common source of retirement income, but nearly 80% of retirees also had one or more sources of private income in 2022, according to the Federal Reserve.
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