Articles on "Money & Legal"
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
107 charged in seven cities with Medicare fraud
(AP) — Federal authorities charged 107 doctors, nurses and social workers in seven cities with Medicare fraud Wednesday in a nationwide crackdown on unrelated scams that allegedly billed the taxpayer-funded program of $452 million — the highest dollar amount in a single Medicare bust in U.S. history. It was the latest in a string of major arrests in the past two years as authorities have targeted fraud that’s believed to cost the government between $60 billion and $90 billion each [...]
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
Met Life Exits Reverse Mortgage Business
Reuters reports that MetLife Inc, the largest U.S. life insurer and reverse mortgage lender, made a surprise shift on Thursday with the sale its reverse mortgage business as part of its exit from banking-related activities. Nationstar Mortgage LLC will buy its reverse mortgage servicing portfolio, and MetLife Bank would not accept any new applications, the company said. Read article Will Product Mix Struggle with Loss of Large Reverse Mortgage Lenders? Reverse Mortgage Daily reports most reverse mortgage competitors agree that [...]
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 [...]
STUDY ON REVERSE MORTGAGES SHOWS INCREASED DEMAND
A comprehensive new study from the MetLife Mature Market Institute shows the age of those seeking Home Equity Conversion Mortgages (HECM), popularly known as reverse mortgages, has plummeted in the four years since the collapse of the housing market in the U.S. It also reports that these mortgages, special types of home loans that allow people to draw on home equity without monthly mortgage repayments, have evolved into a way for many older Baby Boomers to help manage urgent financial [...]
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 [...]
People on the Move – Sheri R. Abrams
Sheri R. Abrams has been named a partner in the Falls Church Virginia Law Firm of Needham Mitnick & Pollack. Ms. Abrams joined Needham Mitnick & Pollack in January 2010 as “of counsel” after practicing law as a solo practitioner for 16 years. Ms. Abrams’ practice focuses on Social Security Disability Law and her book, “Don’t Gamble with Your Social Security Disability Benefits,” was published in 2010. Ms. Abrams graduated Cum Laude from Boston University’s School of Management with a [...]
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