If you’re sitting back and counting the days, weeks, months or even years before you can retire, you may find yourself waiting a little while longer.
That’s because a number of states are looking tot push the retirement age back even further than it already is. State officials are so hard up for cash that they are desparately trying to hold onto your hard-earned money just as long as they can.
A weak economy, bad investments and, in some cases, a mismanagement of money has resulted in this current financial crisis.
According to the Wall Street Journal, here are some of the states who are making changes to their employees retirement plans:
- Arizona: Increased the ‘retirement rule’—worker’s age plus years of service before retirement—to 85 from 80.
- Colorado: Increased the ‘retirement rule’ to 88 from 85 as of 2011, and to 90 as of 2017.
- Illinois: Increased retirement age to 67 from 60.
- Michigan: Minimum retirement age of 60; before, workers needed 30 years of service at any age.
- Minnesota: Increased penalty for early retirement for state patrol and correctional workers.
- Missouri: Increased retirement age to 67 with 10 years of service up from age 62 with 5 years of service; some very long-term workers may be able to retire earlier.
- Utah: Increased total service years before retirement for fire and public-safety employees to 25 from 20; for most other state workers to 35 from 30.
And if that news wasn’t bad enough, an announcement was made last week that as many as a half million state government employees will be fired in the coming year.
You can work until your 85—or get fired and collect whatever money is in your pension fund. Choose your poison.