Articles on "Financial Planning"
CEO Predicts Retirement Age Will Increase to 80
American International Group Inc. Chief Executive Officer Robert Benmosche said Europe’s debt crisis shows governments worldwide must accept that people will have to work more years as life expectancies increase. “Retirement ages will have to move to 70, 80 years old,” Benmosche, who turned 68 last week, said during a weekend interview at his seaside villa in Dubrovnik, Croatia. “That would make pensions, medical services more affordable. They will keep people working longer and will take that burden off of [...]
Protecting Aging Parents from Financial Predators
Estimates from the Aging, Demographics, and Memory Study at Duke University show that 13.9 percent of Americans over age 71 have dementia, millions of caregivers trying to protect parents from financial predators and help them manage their money. Of course, even those who don’t have a dementia diagnosis may find it more challenging to pay bills or stay on top of finances as they age. US News and World Report presents some strategies to get started, click here for more [...]
Economy Creates Retirement Community Deals
Wall Street Journal article reports that through negotiation and a birds eye view of finances there are ways to get a deal of retirement communities and senior living options. The article reports that financial planners—especially those who serve a number of elderly clients—are starting to help clients evaluate local retirement-living options and their costs. Read article
Older Workers Fear Health Care Costs
“Americans — even those who have diligently saved for their golden years — are not prepared for the reality of health care costs in retirement and don’t really understand how Medicare works,” says John Carter, president of Nationwide Financial Distributors. Nearly half of affluent Americans, who have at least $250,000 in household assets, say they are scared that rising health care costs will deplete their retirement savings, according to a Harris Poll released today by Nationwide Financial. Read article
Social Security and Medicare Trustees Release Reports
The trustees who oversee Social Security and Medicare release their annual financial reports today. An aging population and an economy that has been slow to rebound are straining the long-term finances of Social Security and Medicare, the government’s two largest benefit programs. Medicare is in worse shape than Social Security because of rising health care costs. But both programs are on a path to become insolvent in the coming decades, unless Congress acts, according to the trustees. Last year, the [...]
STUDY FINDS CONTRARY TO PREDICTION, BOOMERS ARE RETIRING
More Than 60% of 65-Year-Olds Already Collecting Social Security Despite the popular belief that Baby Boomers will continue to work well past the traditional retirement age of 65, those born in 1946 are retiring in droves, according to Transitioning into Retirement: The MetLife Study of Baby Boomers at 65. This study is a follow-up to the 2008 MetLife Mature Market Institute study, Boomer Bookends: Insights into the Oldest and Youngest Boomers (released in 2009), which looked at the same segment [...]
Seniors are saddled with student loan debt?
The Washington Post reports with some interesting data regarding student loans and seniors. The article reports that new research from the Federal Reserve Bank of New York shows that Americans 60 and older still owe about $36 billion in student loans, providing a rare window into the dynamics of student debt. More than 10 percent of those loans are delinquent. As a result, consumer advocates say, it is not uncommon for Social Security checks to be garnished or for debt [...]
FINANCIAL EXPLOITATION OF SENIORS – Fact Sheet
What is it? Elder financial abuse is a crime involving the wrongful taking of money or property, whether through fraud, scams, predatory caretakers or family, or others. It is committed by a person knowingly and willfully obtaining by deception, intimidation, or undue influence, the property of a vulnerable senior with the intent to deprive him or her of that property. How prevalent is it? In a variety of studies on this issue, it is estimated that somewhere between $3 and [...]
A Daily Money Manager Acts as an Alter Ego
Boston native Vera Berne worked in different mental health settings inWashington,D.C. after moving to the nation’s capital in 1943. As a respected diagnostician, teacher and mentor to a number of mental health professionals, she helped several individuals throughout her career that spanned over 50 years. Now, at the age of 90, Vera has been needing assistance herself and is glad to have found a trusted daily money manger. Over the course of her career, Vera never emphasized private practice feeling [...]
Wells Fargo and Bank of America Get Out of Reverse Mortgage Business
The New York Times reports that two of the largest banks are getting out of the reverse mortgage business due to financial pressures. Read the article The following response to the news from the industry trade group, The National Reverse Mortgage Lenders Association Statement from Peter Bell, President of the National Reverse Mortgage Lenders Association, regarding the Wells Fargo Home Mortgage announcement to discontinue reverse mortgage lending: “Reverse mortgages and HECM loans are readily available to seniors as an [...]
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