Articles on "Financial Planning"
Research – Debt of the Elderly Increases
American families headed by individuals age 75 or older had increases in the incidence of debt, the average amount of debt held, and debt as a percentage of assets in 2010, according to research by the nonpartisan Employee Benefit Research Institute (EBRI). The EBRI analysis notes that the driver of debt for families with a head age 55 or older was housing debt: Almost three-fourths of debt payments go to pay for housing debt among these families; among those age [...]
New Study: Simple and Low Costways for Communities to Assess Their Livability and “Aging
Communities in the U.S. can follow a relatively simple and low cost initial set of indicators to determine if their services meet the needs of an aging population. These indicators can be measured using information that is readily available and adaptable to local governments, providing a low-cost way for local governments to begin to examine the specific needs of their aging populations. According to the study, Livable Community Indicators for Sustainable Aging in Place, from the MetLife Mature Market Institute [...]
Debt Levels Spike for Oldest Americans
American families headed by individuals age 75 or older had increases in the incidence of debt, the average amount of debt held, and the percentage with debt payments greater than 40 percent of their income in 2010, according to new research by the nonpartisan Employee Benefit Research Institute (EBRI). In contrast, families headed by those with ages just before normal retirement age (55–64) and just after (65–74) had very small changes in these debt measures and in some cases improvements. [...]
Study Reveals Most Expect to Outlive Retirement Savings
On average, people across the world expect retirement to last 18 years — but they expect savings to run out after 10. The findings are based on a survey of 15,000 working and retired people in 15 countries. Respondents were asked for their expectations of length of retirement, and to estimate savings based on their own definition. That could mean total income after retirement, or savings excluding state and occupational pensions. Of those who say they haven’t saved for retirement, [...]
Aging Family Dynamic May Lead to Tax Relief
Members of the sandwich generation — caught between supporting elderly parents whose assets are nearly exhausted and adult children without jobs — might find some relief come tax time. The bottom line is, who’s a dependent? Your kindergarten-age son, your adult daughter, her grandparents, or maybe an elderly uncle or aunt? “There’s a changing family dynamic because of the economy,” said Bob Meighan, vice president of TurboTax, an online tax preparation service. More people are living longer. According to the [...]
Eldercare Locator Announces Holiday Campaign to Help Prevent Financial Exploitation of Older Adults
10th Annual Home for the Holidays Campaign Encourages Families to Spend Time Discussing Strategies to Address Financial Exploitation With Older Family Members As financial exploitation targeting older adults continues to become more prevalent in the United States, the national Eldercare Locator announced today that it has launched a campaign to encourage older adults and their families to address this critical issue and to get informed about the warning signs and resources available to help prevent exploitation. Research shows that as [...]
Boomer Women Feeling More Financially Insecure than Men
Boomer women are more uncomfortable, worried, or concerned than boomer men about their current financial situation and what the future may hold for them, according to an AARP Public Policy Institute survey of nearly 4,000 boomers aged 50-64 with current or recent labor market experience. This fact sheet focuses on the responses to 16 questions in the survey that were designed to get at feelings of worry or concern; they do not include specific events or situations that might cause [...]
Report Details Cost Of Elderly Care is Challenging Military
First Command Financial Behavior Index® reveals that half of middle-class servicemembers who care for an elderly family member say costs are higher than they expected At a time when men and women in uniform are dealing with the twin uncertainties of a global economic turmoil and defense downsizing, many military households are facing an extra financial challenge: caring for an elderly family member. The First Command Financial Behaviors Index® reveals that 36 percent of middle-class military families (senior NCOs and [...]
Report questions if Senior Checking Accounts are a good “deal” at all
In its report, Still Risky: An Update on the Safety and Transparency of Checking Accounts, the Pew Safe Checking in the Electronic Age Project examined checking accounts offered by the 12 largest U.S. banks and 12 largest credit unions. Five of these financial institutions (four banks and one credit union) marketed special checking accounts tailored for seniors. To understand the costs and benefits of these accounts, Pew compared each senior account to its bank’s or credit union’s most basic checking [...]
AARP Survey Reveals Boomers Don’t Expect to Retire
The AARP survey uses these five factors to compile a unique new feature among election-year polls: an “Anxiety Index.” Non-retired boomer voters, defined as non-retired 50- to 64-year-olds by the pollsters, scored 70 percent on the Anxiety Index, significantly higher than both the 59 percent scored by 18- to 49-year-olds and the 46 percent scored by those 65 and older. The results belie a common stereotype of boomers as “comfortable and living high on the hog compared to everyone else,” [...]
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