"Raising the retirement age would inflict further hardship among a group of workers who are likely to face health and economic problems in their 60s." –Doug Hart, President, Arizona Alliance for Retired Americans
Retirees are facing frightening new threats this week in two major U.S. cities - Detroit and Cincinnati. The first involves the city of Detroit’s bankruptcy filing, the largest filing by a local government in U.S. history. Because Michigan's constitution says that public pensions “shall not be diminished or impaired,” Ingham County Circuit Court Judge Rosemarie Aquilina had ruled last week that the bankruptcy filing violates the state constitution by jeopardizing the pensions of Detroit retirees.