2014 - Senior citizens whose finances fall
IN THE MIDDLE -- not rich, not poor -- can
find themselves in a real bind if they need
home care. And their loved ones can find
themselves caught in the middle as well.
CBS News by Rita Braver
Study highlights how different people across the
world experience varying life-satisfaction levels and emotions as they
Nov. 6, 2014 - In the U.S., Canada, the U.K.,
Ireland, Australia and New Zealand researchers looking at life
satisfaction scores found middle-age residents report the lowest levels
of life satisfaction, which eventually bounces back up after age 54.
This "U-shaped curve" that bottoms out between the ages of 45 and 54 was
consistent in high-income, English speaking countries, but not other
regions of the world.
was not designed to cover all health care expenses; seniors have to pay
deductibles for services, uninsured costs of prescription drugs
Nov. 3, 2014 – The amount of money senior citizens need
to have available in retirement, just to cover health care costs, is in
decline, says a new study by the nonpartisan Employee Benefit Research
Institute (EBRI). The reason they found is the enhanced prescription drug
coverage provided by the Patient Protection and Affordable Care Act (PPACA),
often called “Obamacare.”
Most are concerned but few are taking any financial
action to do anything about it
16, 2014 – The overwhelming majority (86%) of baby boomers express concern
about the affordability of health care in retirement, but very few
pre-retirees admit they have taken financial steps to prepare for health
care costs in retirement, according to a study released today by Ameriprise
Reverse mortgage group tracking shows seniors paying off
more of home equity
30, 2014 - Americans 62 years old and older now have more equity in their
homes than at any time since early 2008, according to a quarterly
measurement by the National Reverse Mortgage Lenders Association (NRMLA).
The NRMLA’s quarterly measure that analyzes trends in home values, home
equity, and mortgage debt of homeowners 62 and older, has reached 178.91,
its highest level since Q4 2007.
Older investors have much more confidence
in getting their Social Security than those under 50
24, 2014 - The latest quarterly survey by Wells Fargo/Gallup on investor
confidence has uncovered a surprising focus on the importance of Social
Security in the retirement plans of U.S. investors. Most think that with
Social Security they will be able to maintain their desired lifestyle
throughout retirement. But older investors are much more confident than
younger ones in Social Security and their adequate retirement resources.
2014 - Advertised as a path to an affordable
retirement, federally insured reverse
mortgages are showing signs of a rebound,
drawing the scrutiny of regulators seeking
to reduce historically high default rates
that have cost the government
2014 - Pension funds should be performing
better by now. Five and a half years into a
powerful stock-market rally that has created
nearly $17 trillion in overall wealth,
pension funds run by local and state
governments haven't improved their funding
levels. In fact, they've gone backward… Russ
Wiles, The Republic
2014 - Your medical information is worth 10
times more than your credit card number on
the black market. Last month, the FBI warned
healthcare providers to guard against cyber
attacks after one of the largest U.S.
hospital operators said Chinese hackers had
broken into its computer network. Caroline
Humer, Jim Finkle - Reuters
Health care cost is number two for older Americans,
reports new study
September 18, 2014 - Although health expenses increase
steadily with age, and remain a cause of concern, home and home-related
expenses are the largest spending category for older Americans, according to
a new report by the nonpartisan Employee Benefit Research Institute (EBRI).
Study by Harvard center and AARP
expresses special concern about baby boomers with lower incomes, wealth,
homeownership rates and more debt than generations before
4, 2014 - America’s older population is in the midst of unprecedented
growth, but the country is not prepared to meet the housing needs of this
aging group, concludes a new report released today by the Harvard Joint
Center for Housing Studies and AARP Foundation.
Many seniors don't realize long-term care is not a
regular service of Medicare
By Steve Tripoli, NPR News,
NPR’s Shots blog.
May 29, 2014 - One of the toughest
money decisions Americans face as they age is whether to buy long-term
care insurance. Many people don't realize that Medicare usually doesn't
cover long-term care, yet lengthy assisted-living or nursing home stays
can decimate even the best-laid retirement plan.
Senior citizens more likely to withdraw from savings,
most do it to cover living expenses finds new survey
April 24, 2014 – More than half of retired
Americans (53%) are concerned about running out of money and 52% have
also been drawing money from their retirement savings – 59% to cover
everyday living expenses, according to the Perspectives of Retirement
survey conducted twice a year by PNC Financial Services Group. It also
finds older senior citizens are more likely to withdraw from savings.
Senators Bill Nelson and Susan Collins present
Retirement Security Act of 2014
Jan. 29, 2014 – The two ranking members of the
Senate Special Committee on Aging – Sen. Bill Nelson(D-FL), chairman, and Sen. Susan Collins (R-ME), ranking
Republican – joined forces to introduce legislation today that would
encourage small employers to offer retirement plans, encourage employees
to save more for retirement, and ensure that low- and middle-income
taxpayers are able to claim tax benefits for retirement savings already
authorized in law. The goals of the bill seem to answer the plea by
President Barack Obama in the State of the Union last night, where he
said, Let’s do more to help Americans save for
Free site by National Council on
Aging helped seniors save $250 a month in test run
Dec. 12, 2013 - The National Council on Aging (NCOA) has launched a new
online tool, EconomicCheckUp, to assist America’s senior citizens with
budgeting, saving money, employment, and achieving greater financial
third of Americans close to retirement age have taken
steps to save for major expense of health care
25, 2013 - Today, AARP launched a free online
Health Care Costs Calculator, which it describes as a major addition to
their Ready for Retirement suite of planning tools. In a survey
accompanying the release of the calculator, AARP found that just one
third (36%) of older Americans have taken any steps to save for
out-of-pocket health care expenses...
According to a recent survey, many older Americans
are struggling with student loans, along with their younger counterparts
- boomers owe over $112 billion
Oct. 23, 2013 - The financial strain that student loans can
cause has been a popular topic in the media. We all have heard stories
about graduates, who cannot find jobs due to the poor economy, finding
it difficult or impossible to pay back their loans. However, a recent
story that looked at student loan data found that they are not just the
bane of the young. According to student loan data, compiled by the New
York Federal Reserve, people in their fifties now owe $112 billion in
outstanding loans. This is a significant jump from 2005, when this group
only held $34 billion in loans.
FHA says it strengthens program that allows 62 and older to
tap home equity without making loan payments
By Tara Siegel Bernard, New York Times
Sept. 9, 2013 - The spigot on reverse mortgages has been
slowly tightened over the last several years. Borrowers can no longer tap as
much of their home equity as they could before the housing crisis. Now the rules
are about to change again. As a result, some people with heavy debt who were
hoping a reverse mortgage would solve their financial problems may find that it
is no longer a viable option. “The changes really put the product on track as a
long-term financial planning tool as opposed to a crisis management tool,” said
Ramsey Alwin, senior director of economic security at the National Council on
Aging. More Published in
N.Y. Times Sept. 6, 2013
Boomers need to be aware of key to successful
retirement found in working as a couple
Sept. 4, 2013 - As Baby Boomers begin entering
retirement, some may find themselves unprepared for the transition. New
research from the University of Missouri indicates that spouses tend to
have similar levels of planning for retirement. This planning can lead
to more success and less stress when they leave the workforce.
Researchers says governments should
begin to teach senior citizens how to manage their time – managing free
time more critical than the amount available
Aug. 22, 2013 – Retirement may not
be the relaxing, leisurely lifestyle you expected. Remember your
struggle back in the work-world to manage your time? Well, you shouldn’t
forget those skills too quickly. A new study says retirees should be
masters of their own destiny, and actively manage and plan their free
time to enjoy a happy and fulfilling retirement.
Highest HLE during 2007-2009 for senior citizens at age 65 living in
Hawaii; lowest in Mississippi
July 25, 2013 - People living in the South,
regardless of race, and blacks throughout the United States, have lower
healthy life expectancy at age 65, according to a report in the
Mortality Weekly Report released this month by the Centers
for Disease Control and Prevention. And, not surprisingly, senior women
have higher HLE than do senior men.
USAToday says offers for upfront cash might sound
tempting when budgets are tight. But think carefully before trying to get a
settlement out of a regular pension and do lots of research.
June 24, 2013 - Retirees shouldn't be surprised to hear
that a pension check is so valuable that now regulators are warning about
the risks of schemes that promise a lump sum, if you sell off that income
stream. Ever hear of something called a "mirrored pension" that touts robust
returns? If you're not careful, you could be looking at a smoke-and-mirrors
kind of a deal.
More at USA Today
Average family has $3,000 retirement fund says new
study by National Institute on Retirement Security; Sen. Harking
wants ‘secure source of income for life’
Tucker Sutherland, editor, SeniorJournal.com
June 21, 2013 – With millions of retired senior
citizens struggling to make ends meet, there appears to be millions more
that will soon join them in battling to stay out of poverty in their
final years. A report released yesterday showing the average family has
just $3,000 in retirement savings prompted Senator Tom Harking (D-IA) to
announce he will offer a bill “to give every American access to a
retirement fund that will give people a secure source of income for
Consumer protection group in Federal Deposit
Insurance Group offers help to seniors on reverse mortgage decision
June 13, 2013 - A barrage of advertising and
contemporary discussion keeps the topic of reverse mortgages a frequent
one among senior citizens and their children. One of the government
agencies most active in the monitoring of these special home loans for
seniors in recent years has been the Consumer Financial Protection
Bureau. The CFPB has published a brief explaining the reverse mortgage
and has added plenty of warnings - things seniors need to know.
Seniors’ mortgage debt at lowest point since 2007:
Reverse Mortgage Market Index
June 13, 2013 – Americans 62 and older – that is the
age group eligible for reverse mortgages - now have more equity in
their homes than at any time in the last four years, according to data
released today by the National Reverse Mortgage Lenders Association.
Taxpayers with earnings of $57,000 or less can
visit IRS.gov for free software for preparing, filing tax return
April 8, 2013 – With Americans experiencing the
shortest tax season on record, the
Free File Alliance, a
nonprofit coalition of industry-leading tax software companies partnered
with the IRS, today reminded taxpayers that free, brand-name tax
software is available at
the IRS website.
The Pope is too pooped to Pope but may join AARP - the
Almighty Alliance of Retired Popes
By Bill Kalmar, Retiree
4, 2013 - Those of us who are retired, or those approaching retirement,
have probably prepared a list of “to dos”. Retirement is a time to
enjoy all those activities that we have dreamed about but did not have
time to experience. Perhaps it is a personal “bucket list” of things to
be accomplished as we move into the twilight years of our life.
Whatever the case, it is a time for new adventures.
NCOA updates free booklet on reverse
mortgages approved by HUD, required reading for seniors
Jan. 22, 2013 – The National Council on
Aging (NCOA) today announces the availability of the 2013
version of Use Your Home to Stay at Home, the official
reverse mortgage consumer booklet approved by the U.S.
Department of Housing & Urban Development (HUD).
Estimates reverse mortgages could play a role in
saving as much as $5 to $30 billion per year in Medicaid
By Michael G. Branson, All
Dec. 26, 2012 -
Reverse mortgages were designed to help senior homeowners age in
place. While they accomplish that goal for thousands of people today,
there’s also a big picture benefit to the reverse mortgage program as a
whole - it saves government money on entitlement programs such
as Supplemental Security income and Medicaid.
Q&A with industry representative about financial hole at FHA by HECM
Nov. 29, 2012 – Just before Thanksgiving, the Federal Housing
Administration released its annual report to Congress that caused
concern among many senior citizens – it shows the Reverse Mortgage
Program $2.8 billion in debt. The FHA also requests
additional authority to manage the reverse mortgage program so that
consumers are better protected and able to sustain their program. Below
is a Q&A with representatives of All Reverse Mortgage on the industry
view of the situation.
Half collecting or planning to collect benefit before
full retirement age; more than half not knowledgeable about maximizing
benefits; 83% concerned about program
Oct. 31, 2012 – Many older retired Americans do not
understand key issues surrounding Social Security, says the BMO
Retirement Institute. Consequently, they are losing out on a significant
amount of money that could be used to fund their retirement.
Anxious seniors or their caregivers often sign every
document that's put in front of them, perhaps only glancing at the
By Michelle Andrews
Sept. 18, 2012 - When Paul Ormond signed John
Mitchell into a nursing home in Dennis, Mass., in June, he was handed a
few dozen pages of admission papers. Ormond, Mitchell's legal guardian
and an old friend, signed wherever the director of admissions told him
insurance companies are slow to pay and have been known to deny payments
Foden-Vencil, Oregon Public Broadcasting
Oct. 17, 2012 - Long-term care insurance is the financial
equivalent of doing push-ups -- it's good for you, but not too much fun. As a
result, not many people buy long-term care insurance, which pays for care when
they get too old or sick to take care of their basic needs like cooking or
Most seniors have thought of these loans as a way to get the equity out of their home and live payment
free - see reverse mortgage options below news story
By Mike Branson, All Reverse Mortgage
2, 2012 - A reverse mortgage can be used in the purchase of a new home in what is called a Home Equity Conversion Mortgage
Purchase. Basically, a new home is bought at the same time a reverse mortgage is taken, and the transaction is rolled into one.
Online program linked with professional job site, Linkedin
Aug. 1, 2012 – A new online effort to connect older workers with employers seeking
these experienced workers was announced
today by AARP. Work Reimagined will work in coordination with the professional networking site, LinkedIn, to emphasize assistance for older
professional seeking a new or more satisfying job opportunity. Read more...
July 25, 2012 - Many Baby
Boomers head to work each day and wonder, "So what's the number?" How many more years do they need to keep working? It turns out that if many of
us could just keep working until age 70, we could be OK in retirement, according to a new study.
Read more at USAToday
NRMLA announces new 'Borrow with Confidence' campaign
June 27, 2012 - A new national public education campaign called "Borrow with Confidence," that is designed to provide
consumers with a set of tools to guide them through the reverse mortgage borrowing process and establish an enhanced level of product
transparency, was announced last week by the National Reverse Mortgage Lenders Association (NRMLA).
Stratford Retirement is making the new guide free to help people make informed decisions about the costs of senior living
26, 2012 - Caregivers and the elderly searching for assisted living facilities in the United States now have a
new resource to help guide them through the maze of payment options associated with care facilities.
Consumer group says lenders mounting PR campaign for CFPB hearing this week
June 25, 2012 - Consumers Union, the policy and advocacy division of Consumer Reports, called on the Consumer Financial
Protection Bureau (CFPB) today to protect vulnerable seniors from reverse mortgage abuses. The consumer group is renewing its call for
stricter oversight of reverse mortgages just as the industry launches a public relations campaign to repair its image and the CFPB prepares to
hold a field hearing on the topic on Wednesday, June 27, in Tampa.
‘Not having enough money’ is the biggest surprise for retirees; retirement different than expected, 'shocked' by financial
7, 2012 - If America's retirees were in younger people's shoes, it's clear that they would put a priority on saving more and saving
early for retirement. In a recent survey of older Americans, 39 percent said saving for the future was the most important piece of advice they
would give younger people. Read more...
Columnist Scott Burns: ‘Their time has come” – referring to home equity loans for senior citizens
1, 2012 - The reverse mortgage has gained new respectability – well-known newspaper columnist Scott Burns, a highly respected guru on
financial matters concerning senior citizens, has just released an article with the title, “Reverse Mortgages: Their Time Has Come.” And, he
refers to another new article in the Journal of Financial Planning, “Reversing the Conventional Wisdom: Using Home Equity to Supplement
Retirement Income.” Read more...
Senior citizens relying on Social Security to pay medical bills will have only 39% of payment left for other expenses
May 10, 2012 - A 65-year-old senior couple retiring this year is estimated to need $240,000 to cover medical expenses
throughout retirement, according to the latest retiree health care costs estimate calculated by Fidelity Investments. And, if the health care
reform bill – “Obamacare” – is overturned by the Supreme Court, seniors can add another $20,000 to their costs, according to a report by
Bloomberg.com. Read more...
People who decided to postpone retirement also expect to leave less for their heirs, study finds
May 2, 2012 - New research on the retirement plans of a nationally representative sample of Americans age 50 and older
shows that 40 percent of older Americans postponed retirement in the wake of the Great Recession.
in the reverse mortgage industry debunks myths and criticisms of the
government program for older Americans
By Michael Branson, All Reverse Mortgage Company
April 17, 2012 - Reverse mortgages are a financial
product that has received a lot of bad press over the years, leaving
many people who could potentially benefit from this type of loan with
negative associations and a bad taste in their mouth.
To teach the basics about how Social Security can impact individual income taxes
Feb. 29, 2012 - With the April 17 tax filing deadline just around the corner, AARP is providing tips for seniors looking
to protect their financial assets through better retirement planning. It will provide a free online webinar focusing on how Social Security
can impact your income tax bill. Read more...
Senior citizens may see help in plans for Medicare Advantage, prescription drugs, supplemental health and
special needs outside Medicare
Feb. 9, 2012 - People in the market for health insurance will soon have clear, understandable and straightforward information
on what health plans will cover, what limitations or conditions will apply, and what they will pay for services thanks to the Affordable Care
Act – the “Obamacare” health reform law – according to final regulations published today.
Boomers nor retirees on Medicare have good understanding of the program
Feb. 7, 2012 – A significant number of retirees on Medicare lack a solid understanding of the health insurance program’s
coverage and costs. Two out of three, for example, did not know if Medicare covers long-term care. This lack of knowledge results in
unexpected financial surprises, according to research by the Bankers Life and Casualty Company Center for a Secure Retirement.
“Retirement Age” fades as people plan to work until reaching savings goal; Middle class below age 50 more open to Social
Security and Medicare cuts to help budget, while 50+ say “Hands off!”
26, 2011 - The concept of a “retirement age” is going the way of the typewriter, another 20th-century relic that has been made irrelevant by
changing circumstances. Middle class Americans now expect to work until they have saved enough to afford to retire, according to results from
the seventh annual Retirement Survey from Wells Fargo & Company. Read
More retirees reporting they have already cut back
on spending and moved assets to increasingly conservative investments
May 16, 2011 – Senior citizens are living longer
and spending more time in retirement than every before, but this is
causing many to worry they will out last their savings. About 40 percent
of retirees and half of those about to retire, say this anxiety has
grown worse with the sluggish economy. The good news is many are taking
action to protect what they have, says a new report from the Society of
Private room in nursing home now averages $85,775
per year; home health aide cost shows smallest increase
April 20, 2011 – Senior citizens and baby boomers
are facing a continued increase in the cost of long-term care (LTC) in
the U.S., although the increase this year is less than cost increases
for other goods and services. Still, the John Hancock survey says
the annual cost of a private room in a nursing home has climbed to
Two-Thirds of Boomers Call Social Security an
"Extremely" or "Very" Important Source of Retirement Income
April 6, 2011 – Nearly half of
today’s baby boomers – now pouring into the senior citizen ranks – do
not feel confident they will have the financial resources to live
comfortably during their retirement, according to a new poll from The
Associated Press and LifeGoesStrong.com.