Senate Aging Committee: Seniors urged to prepare for making financial decisions – Herb Weiss

Published in RINewsToday on January 31, 2022

Over two weeks ago, U.S. Senators Bob Casey (D-PA) and Tim Scott (R-SC), Chairman and Ranking Member of the U.S. Senate Special Committee on Aging, urged seniors and people with disabilities to make a New Year’s resolution to prepare for anticipated financial decisions.

The hearing highlighted the importance of President Joseph Biden’s Dec. 2021 executive order to enhance customer experiences across federal agencies and align services to support people at critical decision points in their lives, like turning 65. This executive order expands retirees’ ability to claim Social Security benefits online, receive updates on their application status and access personalized online tools for Medicare enrollment and coverage options.

At this Senate Aging Committee hearing held on Jan. 13, the Senators released a bipartisan report entitled, “Financial Literacy in Retirement: Providing Just-in-Time Information and Assistance to Older Americans and People with Disabilities” along with a brochure for consumers to help them navigate these decisions.

This Senate Aging Committee report examines the real-time information and help older Americans and people with disabilities need as they face changes in their lives, known as “just-in-time” financial literacy.

“This year, more than 10,000 Americans will turn 65 every day. Around kitchen tables all across the country, retirees and seniors are asking: ‘Should I take my Social Security or should I wait?’ and ‘Do I need to sign up for Medicare, or can I wait?’ These are not simple decisions,” said Casey. “As we begin 2022, I urge seniors to make a New Year’s resolution: take stock of your finances and get prepared for these upcoming decisions, says the Pennsylvania Senator in a statement.

Adds Scott, “Financial literacy is key to making the most out of the financial opportunities our country has to offer. And much like education, it never loses its power — no matter your stage of life,” noting that the report will empower seniors to make wise financial decisions, laying the groundwork for security and peace of mind in their golden years.

The 26-page report identifies the six common decisions that require, and can benefit from, this kind of financial literacy: claiming Social Security, enrolling in Medicare, annuitizing a 401(k), giving to charity, downsizing a home, and responding to a natural disaster.

Putting the spotlight on Financial Literacy in Retirement

Four witnesses testified at the one hour and 18-minute hearing.

In her testimony, Gerri Walsh, President of the Washington, DC-based Financial Industry Regulatory Authority, applauded the timeliness of the hearing because “financial literacy in America is low and has declined over time.”  She cited a 2009 study that found 42 percent of American adults demonstrated high levels of financial literacy, this figure deceasing to 34 percent in 2018. “Despite increasing low levels of financial literacy, 71 precent of Americans believe they have a high level of financial knowledge, suggesting widespread over confidence,” she told the attending Senators.

According to Cindy Hounsell, JD, President of the Washington, DC-based Women’s Institute for a Secure Retirement, many workers are not knowledgeable about issues they will face during their retirement.  The impact of future inflation and taxes is not known by most and is not included in financial planning for retirement. This can have an impact on retirement income. Individuals also are oftentimes confused about how much income they will need to cover their expenses in retirement.  Many retirees struggle to plan how they will draw down assets.  Longevity risk is poorly understood and not widely planning for.  Finally, women assume they will keep working beyond age 65 but will end up retiring earlier than expected due to job loss due to health issues, or caregiving.

“As a nation with an aging population, we need to educate the public on strengthening existing retirement programs wherever possible,” said Hounsell, “That means focusing especially on the links to both Social Security and Medicare, employer-sponsored retirement programs and emergency saving initiatives, and educating average workers about how these systems work to prevent penalties and loss of benefits,” she added.

Workers Not Knowledgeable About Retirement Issues

According to Hounsell, many workers are not knowledgeable about issues they will face during their retirement.  The impact of future inflation and taxes is not known by most and is not included in financial planning for retirement.  This can have an impact on retirement income. Individuals also are oftentimes confused about how much income they will need to cover their expenses in retirement. Many retirees struggle to plan how they will draw down assets.  Longevity risk is poorly understood and not widely planning for. Finally, women assume they will keep working beyond age 65 but will end up retiring earlier than expected due to job loss, health issues, or caregiving.

Dorothea Bernique, founder and executive director of North Charleston, South Carolina-based Increasing H.O.P.E. a financial training center, reported that 14.9 percent of the South Carolina households have income below the federal poverty threshold and have a lack of basic financial knowledge, this resulting in a very low well-being score of 18 percent in the state.

Bernique noted that lack of basic financial knowledge can result in seniors not having the ability to make choices during retirement. “Hence this is how our seniors end up as greeters at the nearest Walmart when they should be enjoying the golden years of their lives,” she said.

Finally,  Patti Szarowicz, a certified Aging and Disability Resource Connection (ADRC) Counselor at the Atlanta Regional Commission Area on Aging,  stated that she plays a critical role in assisting seniors navigate complex systems.  She helps callers to locate the nearest senior center and to find rides to medical appointments, to identify financial assistance in paying bills, securing home and community-based services and respite support groups for caregivers.

“I can hear the pain and despair in the voices of callers, who say things like, ‘I’m in trouble, and I don’t know what to do. Please call me back, I’m going to be homeless,’” she says.

Szarowicz called on Congress to support ADRCs to hire additional councilors, allocate more funding to enhance user-friendly technology for documenting client data and better integration across technology systems used, which includes telephone, resource database and client management systems. Public awareness of the national network of Area Agencies on Aging is also key to directing people to unbiased guidance for resources.

Take advantage of the Senate Aging Committee’s resources to make financial decisions, in your retirement years. You won’t regret it. 

To obtain a copy of the Senate Aging Committee report, go to https://www.aging.senate.gov/imo/media/doc/Financial%20Literacy%20Booklet.pdf.

To obtain a copy of the brochure, go to https://www.aging.senate.gov/imo/media/doc/Financial%20Literacy%20Brochure.pdf

Contact financial_literacy@aging.senate.gov to request printed copies of the brochure.

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Calls for Rhode Island to become more “Age Friendly”

Published in Pawtucket Times on January 24, 2022

On Aug. 3, 2020, The Decade of Healthy Aging 2020-2030 proposal was endorsed by the 73rd World Health Assembly. It was presented to the U.N. General Assembly Dec. 14, 2020, (Resolution 75/131), leading to the proclamation of a U.N. Decade of Healthy Aging (2021-2030).

The four-page Resolution expressed concern that, despite the predictability of population aging and its accelerating pace, the world is not sufficiently prepared to respond to the rights and needs of older people. It acknowledges that the aging of the population impacts our health systems but also many other aspects of society, including labor and financial markets and the demand for goods and services, such as education, housing, long-term care, social protection and information. It thus requires a total whole-of-society approach to make changes.

The passed Resolution called on the World Health Organization (WHO) to lead the implementation of the decade, in collaboration with the other U.N. organizations. Governments, international and regional organizations, civil society, the private sector, academia and the media are urged to actively support the decade’s goals.

According to WHO,  the world’s population is aging at a swifter pace than any time in the past and this will have an impact on all aspects of society.  There are more than 1 billion people aged 60 years or older, most of these individuals living in low- and middle-income countries. “Many do not have access to even the basic resources necessary for a life of meaning and of dignity. Many others confront multiple barriers that prevent their full participation in society,” says WHO.  

In a December 14, 2020, statement announcing the passage of Resolution 75/131, Dr. Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization, stated that it “sends a clear signal that it is only by working as one, within the United Nations system and with governments, civil society and the private sector that we will be able to not only add years to life, but also life to years.”

“By adopting a U.N.-wide approach in support of healthy aging, we will be able to galvanize international action to improve the lives of older people, their families and communities, both during the COVID-19 pandemic and beyond,” Dr Etienne Krug, Director of the Department of Social Determinants of Health at added World Health Organization (WHO).

The WHO says that the ongoing COVID-19 pandemic highlights the seriousness of existing gaps in policies, systems and services and a decade of concerted global action is urgently needed to ensure that older people can fulfil their potential in dignity and equality and in a healthy environment.  

WHO’s worldwide initiatives would seek to change “how we think, feel and act toward age and aging; facilitate the ability of older people to participate in and contribute to their communities and society; deliver integrated care and primary health services that are responsive to the needs of the individual; and provide access to long-term care for older people who need it.” 

Healthy Aging Baseline Data Released

Just days ago, WHO released, “Decade of Healthy Ageing: Baseline Report,” in all official U.N. languages, to support member states, academia, civil society, U.N. partners and others to aid in evidence-based decision making on the policies, programmes and services needed to support all people, in particular older persons, to live long and healthy lives.

The Baseline report, released January 20, 2021, brings together data available for measuring healthy aging, defined by WHO as “the process of developing and maintaining the functional ability that enables well-being in older age.”

According to WHO, optimizing “functional ability” is the goal of the Decade of Healthy Aging, which began in 2021 and addresses five interrelated abilities that all older people should enjoy:  the ability to meet basic needs; to continue to learn and make decisions; to be mobile; to build and maintain relationships; and to contribute to society. The report also takes a look at people’s capacities (including physical and mental) and the environments (spanning attitudes, services, natural and built) in which people live, which contribute to functional ability.

The 203-page baseline report, now available in Arabic, Chinese, English, French, Russian and Spanish, introduces the concepts of health aging and strategies for achieving the initiatives goals by 2030. It provides a first-time baseline (in 2020) for healthy aging worldwide and takes a look at what improvements that can be made by 2030.  It documents progress and scenarios for improvement. The report addresses how stakeholders can work together and impact the functional abilities of older people. Finally, it outlines next steps detailing opportunities that can increase collaboration and impact by 2023, the next reporting period.

Is Rhode Island Becoming Age Friendly?   

Maureen Maigret, policy consultant and chair of the Aging in Community Subcommittee of Rhode Island’s Long-Term Care Coordinating Council, says that many Rhode Island communities are involved to 1 degree or another in what we consider age-friendly activities. “The initiative is usually led by the local senior center and in some instances volunteer programs such as RSVP and AARP and The Village Common of RI,” she says.

According to Maigret, over the last five years the state’s Long-Term Care Coordinating Council Aging (LTCCC) in Community Subcommittee has adopted and continues to work to support WHO’s decadelong initiative, adding the domains of Food & Nutrition and Economic Security and Supports to Remain at Home.

Maigret noted that Newport was the first community to join the AARP age-friendly network; Cranston, Providence and Westerly following. The state’s Office of Healthy Aging has adopted its State Plan on Aging, calling for Rhode Island to become an age-friendly state.

Governor Dan McKee’s proposed budget for FY2023 includes an additional $200,000 for local senior programs increasing the total amount to $1 million. Maigret calls for adding an additional  $800,000 so each municipality would be allocated $10 per person aged 65 and over to support local senior programs. Advocates had promoted this since at least 2018 to make up for prior budget cuts and inflation, she says.

Don’t forget improving and expanding the state’s transportation options for older Rhode Islanders who have mobility needs and are no longer able to drive. “This could be accomplished by adding trip types to the state funded Elderly Transportation Program,” she says, noting that trips are now limited for trips to medical appointments, adult day care services, meal sites and Insight. Why not provide trips for older adults to access volunteer activities, she adds.

“We also need to adequately fund our subsidized home care programs by providing realistic reimbursement to address the huge workforce challenges we face,” warns Maigret, noting that seniors are waiting over two months to get service. “This is a travesty,” she says.

“It is tragic that the state’s Office of Healthy Aging is so under resourced in so many areas,” says Maigret, putting the spotlight on the lack of affordable home maintenance and chore services to keep people in their homes. “There is also a need to provide greater supports for our family caregivers who provide the vast majority of caregiving in our state and nation,” she adds. 

Getting Municipalities Involved

Maigret suggests that Rhode Island’s cities and towns review their community’s Comprehensive Plans to see how age-friendliness is addressed. “This is what Newport did. They can also form local Steering Committees to identify local needs and develop recommendations to address them both at the local and state level,” she says.

Governor Dan McKee can also issue an Executive Order directing all state departments and agencies to review programs and policies for age-friendliness and provide incentive funding for local communities to assess their communities. Several states have done this. NY, MA, CO, FL, MI, ME, CA, she says. 

While aging advocates pushed for McKee and lawmakers to allocate ARPA COVID-19 federal funds to make Rhode Island a more age friendly, it’s gotten little attention, says West Warwick resident Vin Marzullo. “Quite frankly its shocking — that there is yet an explicit acknowledgement that the aging community needs resources, support, more collaborative arrangements, to extend living in-place. There seems not to be any sensitivity to the fact that 90% of the COVID deaths were adults 60 and over – and 53% were in congregate care,” says Marzullo, a  well-known aging advocate who served as a federal civil rights and national service administrator.

“The ARPA funds were authorized to be used to ameliorate the impact on the populations, communities, sectors, etc. that were adversely impacted. Our older adults must be in the conversation and not neglected,” says Marzullo.

Maigret agrees. “It is tragic that neither the McKee-Matos’ “Rhode Island 2030 Plan” nor the Rhode Island Foundation report outlining the use of ARPA funds gave sufficient attention to the needs of our state’s older population, she says, warning that this population is increasing, and getting more economically insecure and diverse,” she says.

“When we look at the exceedingly high cost of residential institutional care,  much of which is paid for taxpayers through government programs, we can make a strong case that funding programs helping older persons remain healthy and living in their homes and communities are important investments,” says Maigret. 

To obtain a copy of WHO’s “Decade of Healthy Ageing: Baseline Report,” go to:

https://www.who.int/publications/i/item/9789240017900.

Campaign reminds Veteran caregivers to “Take Care of Themselves”

Published in RINewsToday on January 17, 2022

Since 2011, AARP and the Ad Council have launched public service announcements (PSAs) encouraging America’s caregivers to care not only for their loved ones, but also for themselves. Over the years, these PSAs s have targeted women aged 40 to 60, male caregivers aged 35 to 60 and Hispanic/Latino and African American/Black caregivers with an emphasis on women ages 35 to 60.The partner-driven ad campaign directs viewers to AARP’s Family Caregiving site, where caregivers can find free care guides, self-care tips, planning resources, legal and financial guidance and more.

Now AARP and the Ad Council’s have released the PSA, “Roxana’s Story,” on Dec. 9th. The latest evolution of the Caregiver Assistance campaign aims to acknowledge the unique challenges that military veteran caregivers face and provide them with free resources from AARP to better care for their loved one and themselves.

Roxana Tells Her Caregiving Tale

In 2003, Roxana, a full-time student, became the full-time caregiver of her husband, Victor. In the PSA she recalled receiving a 4 a.m. phone call where she learned that her husband had been wounded in action in Afghanistan, having received a moderate traumatic brain injury. Roxana was suddenly thrust into the role of caregiver to Victor, through his initial recovery process, and then having to adjust to his injury for the rest of their lives.

Reflecting over the last 18 years, Roxana stated in the PSA the realization that one of the most important components of being a caregiver is taking care of yourself. “I didn’t want to forget that I also had goals, and a life,” she said, noting that she asked Victor to “meet me halfway.” With assistance from his therapists, he was able to help with everyday chores.

The PSA, the first-ever targeting caregivers of veterans and current members of the military, addresses the unique caregiving challenges facing these individuals, reminding the more than 6.5 million military veteran caregivers that there are resources available to them. The PSA is recorded as either a :30 or 60-second message, was filmed and directed by military veterans from the veteran-owned creative shop Gig line Media (the production arm of We Are the Mighty).

Military veteran caregivers experience unique challenges when providing care. For many in this group, their caregiving journey starts earlier in life (85% are under 40) and lasts longer, according to Caregiving in the U.S. 2020, a report by AARP and the National Alliance on Caregiving. They deal with challenges that civilian family caregivers don’t normally face, including unseen injuries and wounds. They also consistently experience worse health outcomes, greater strains in family relationships, and more workplace problems than non-caregivers. Many also spend more time helping with emotional support or social interaction due to mental or behavioral health diagnoses.

“Oftentimes those caring for veterans and current member of the military experience a high emotional and physical toll, including consistently worse health outcomes and greater strains in family relationships compared to other caregivers,” said Bob Stephen, vice president of family caregiving and long-term care at AARP in announcing AARP’s lates PSA campaigned targeting military veteran caregivers. “Through this campaign, AARP will continue to recognize and provide resources to support these valued caregivers who play such a vital role for veteran and military families,” he says.

For caregivers who are unsure about seeking help because they think it’s selfish or a sign of failure, the PSA campaign reminds them that they can’t care for their loved one without also caring for themselves.

The PSAs direct viewers to AARP’s Family Caregiving site at www.AARP.org/Caregiving and www.AARP.org/Cuidar, where caregivers can download a free military veterans Caregiving Guide for self-care tips, planning resources, legal and financial guidance, and more in English and Spanish as well as AARP’s new Veterans and Military Families Health Benefits Navigator, a one-stop-resource in English and Spanish to help make the process less confusing and overwhelming when it comes to available options for U.S. Dept. of Veterans Affairs (VA) health benefits, military Tricare, Medicare, private insurance and Medicaid.

“Taking care of a veteran in your life often means that you start younger and care for longer. In many cases, this means you’re forced to manage situations other family caregivers aren’t forced to face,” said Michelle Hillman, Chief Campaign Development Officer of the Ad Council. “We’re humbled to continue this campaign to remind the millions of military veteran caregivers that they do not face these unique challenges alone.”

For more information about caregiving resources, please visit AARP.org/Caregiving or call 1-877-333-5885 or www.AARP.org/Cuidar or call 1-888-971-2013 for Spanish resources.