I think it all depends on how cold sensitive you are. I'm a weather weenie so I put on all the warm stuff I have when temps dip into the upper 40's (I don't ride when it is below 45 degrees or so). When it is "cold" out I put on a base t-shirt, arm warmers, a long sleeved winter jersey, a wind jacket, ear muffs, bike shorts, leger warmers, wind tights, wool tights if needed, wool socks, shoe covers, glove liners, wind proof gloves and I add hand and feet warmers to my gloves and shoes as well. Like I said I'm a weather weenie.

My BF on the other hand wears his jersey, a wind jacket, shorts, knee warmers (maybe wool tights if the wind is pulling the temps down), wool socks and his shoes - seems so unfair to me.

Think about how you dress if you skate on local ponds in Michigan - how do you handle the cold while skating or ice fishing? Watch for sales as the the bike shops try to reduce winter inventories you should be able to pick up a few things pretty cheap this time of year. I started purchasing stuff a couple of years ago and add to my winter collection in the spring (this year it was a new winter jersey and wool socks).