Category Archives for Retirement

A Couple’s Unofficial Guide to (Surviving) Retirement

Published in Woonsocket Call on December 18, 2016

Some people will tell you that nothing is for certain in life but death and taxes. But, Author Nora Hall adds another truism for us to think about. That is, retirement guarantees that couples are going to face new issues in their relationship. No ifs, ands or buts.

Hall, a 72-year North Kingston resident, recalls, “We were surprised that retirement was a bigger adjustment than we thought it would be.”

The freelance writer began researching the joys and frustrations of retirement when her husband Art, a former president of a manufacturing company, retired and they saw the need for major adjustments in their relationship.

Sharing Retirement Woes

As a new retiree, Hall admitted she was unsure of how to deal with these life stage changes and immediately began to seek out information on adjusting to a retirement marriage. Since she found no book or articles on the topic, Hall began to interview other retirees. As she learned from their personal experiences, she realized that there was a need for a book.

“I never thought that I would ever write this book,” says Hall. But she ultimately penned the 113-page paperback book, entitled, Survive Your Husband’s Retirement, published by Narragansett-based EBook Bakery.

“This book was just the natural extension of my freelance writing,” she notes, adding that it took over three years to write and publish the first edition of her book. The second edition only took one year to produce because she had already accumulated a lot of the research.

However, Hall admitted, “I was a lot fussier about the look and feel of this book.”

Hall notes that her skills in interviewing others and writing about their messages and concerns came from jobs throughout her professional career where she wrote copy for appeal letters sent to potential donors to the New England Colleges Fund and then the VNA in Massachusetts. She began her career as an elementary school teacher before moving to arts administration where she coordinated the Artist in Residence and the Boston Globe Scholastic Art Award Programs in Massachusetts.

In the process of talking with hundreds of retired woman, sometimes even their husbands, Hall gleaned from these interviews five areas (a husband’s tendency to be bossy, always there, dependent, angry or to never listen) that caused conflict in the retirement relationship along with solutions that these couples discovered that ultimately would maintain harmony in their marriage. She decided that she would share this information with other retired couples by writing a book.

Tips to Fix Your Relation

Hall’s first edition released in 2013 (along with a second edition, published last month, which provides more stories and couple coping tips) goes far beyond simple identification of issues. In addition, she provides reasons behind the common feelings many men experience when they first leave their life’s work and the potential conflicts many couples face.

In her books, she also offers the solutions older couples shared with her that provide examples for newly retired couples to implement as they struggle to find harmony in this new life stage. Most of all Hall strives to help couples see that they are not alone and that laughter is the best solution for all of us to have and details some quirks that need to be tolerated, ignored or altered.

Hall observes “A lot of people initially dread retirement but when they work at making it a positive experience it can really be a wonderful time in your life. The more we develop our companionship as a couple the difficulties we face are more manageable.”

So, what is the secret for older couples ultimately having a fulfilling relationship?

“Communication and Compromising,” can be key to fixing a retiree’s relationship difficulties, says Hall.

Spreading the Gospel

Hall is focused on getting the word out about her book by speaking at public libraries, churches, and women groups and Rotary Clubs throughout the Ocean State and even at the Ocean Life Long Institute, an adult learning program based at University of Rhode Island. The Rhode Island author is even planning a trip to Anchorage, Alaska, to spread the gospel that a couple’s retirement “can be an exciting new chapter in their life.”

Hall received her undergraduate degree from Dunbarton College, Washington, D.C. and a Masters in Education from Boston University. In addition to her Survive your Husband’s Retirement, Hall blogs regularly on her website, and offers workshops on adjusting to retirement. Her family consists of two grown children and their spouses, six grandchildren and one, now seasoned, retired husband. She and her husband Art moved to Wickford, R.I. in 2000.

Contact Nora to schedule workshops or raise a retirement question via email at nora@survieve yourhusbandsretirement.com. To purchase a copy of the second edition of Survive your Husband’s Retirement, go to Amazon.com.

Time to Change how Social Security Calculates ‘COLA’

Published in Woonsocket Call on October 23, 2016

On Tuesday, September 18, the U.S. Social Security Administration announced that the nation’s 65 million Social Security beneficiaries will be automatically be paid a minuscule 0.3 percent cost-of-living adjustment (COLA) to their monthly checks in 2017. The average monthly Social Security benefit next year will be $1,360, $5 more than now.

According to AARP, 153,349 Rhode Islanders received Social Security checks as of the end of 2014. Also, 22 percent of Rhode Island retirees depend on their Social Security check for 90 percent or more of their income. That’s chump change, not a lot of money for Rhode Island retirees to buy groceries, gas, or even catch up on their bills.

The federal agency detailed other changes that we can expect, too. Beginning in 2017, the amount of your earnings subject to the Social Security tax increases from $118,500 to $127,200. It’s estimated that this tax change impacts about 12 million of the 173 million people who pay into the retirement system.

Next year’s Social Security COLA increase is the smallest in a decade and comes after no increase in 2016 (zero increases also occurred in 2010 and 2011). Seventy percent of Medicare beneficiaries are protected by a hold-harmless rule, which keeps Social Security benefit payments from decreasing because of increased Medicare Part B premiums. However, 30 percent of Medicare beneficiaries (including high wage earners, those enrolled in Medicare and not yet receiving Social Security, and newly enrolled in Medicare) could see cost increases in their Medicare Part B premiums that cover their visits to doctors and hospitals. The increased premium costs will be deducted directly from their Social Security check.

Chump Change COLA Won’t Pay Bills

Responding to the federal government’s disappointing COLA announcement, AARP CEO Jo Ann Jenkins, whose Washington, DC aging group represents 37 million members, charges in a statement that one major domestic issue ignored by presidential debate moderators and one that demands attention from candidates is the future of Social Security.

“Over the last five years, Social Security COLA’s have remained small or nonexistent at 1,7 percent or lower, even though every cent can matter to beneficiaries and their families. After last year’s zero COLA, this year’s announcement doesn’t offer much help to the millions of families who depend on their Social Security benefits. As prescription prices skyrocket and Medicare premiums and other health costs increase, many older Americans have understandable concerns. Along with many groups, AARP has also asked Congress to ensure that Medicare premiums and deductibles don’t skyrocket next year,” says Jenkins.

Adds Max Richtman, President/CEO of the National Committee to Preserve Social Security and Medicare (NCPSSM), “No one can say with a straight face that providing the average senior with an additional four dollars a month will come even close to covering the true cost of living that retirees face. The average senior spends more than $5,000 a year on healthcare costs alone. A $4 Social Security COLA doesn’t even make a dent in covering rising costs for seniors.”

Richtman asserts that next year’s tiny COLA increase only continues the trend of historically low cost-of-living adjustments for retirees. “Over the past eight years, the current COLA formula has led to average increases of just over 1%, with three of those years seeing no increase at all. For the average senior, the 2017 COLA will mean an extra $4.00 per month which would barely cover the average cost of one Lipitor pill, a prescription drug frequently prescribed to seniors,” he says.

Richtman notes, “I’ve asked seniors at town hall meetings around the country how many of them think the COLA represents their true cost of living — laughter is always the response. We should move to a COLA formula that takes a more accurate measure of seniors’ expenses, which is a CPI for the elderly. The CPI-E has been in the experimental phase since 1982. It’s time to finish the job by fully funding the development of a more accurate COLA formula.”

Congress Must Legislatively Fix COLA Formula

In media releases, Rhode Island lawmakers call for tweaking how Social Security calculates Social Security COLAs.

Democratic U.S. Senator Sheldon Whitehouse, who sits on the U.S. Senate Special Committee on Aging, calls next year’s Social Security COLA increase an “insult.” He says, “For the fifth year in a row, Washington’s outdated formula has resulted in zero or next to zero cost of living adjustment for Social Security benefits. For the fifth year in a row, Rhode Island seniors will have to stretch their budgets to cover the rising cost of the basics, like food, housing, bills, and prescriptions. They didn’t bargain for this when they paid into Social Security over a lifetime of hard work. Congress needs to change the way we calculate Social Security COLAs.”

Adds, Rep. David Cicilline (D-RI), “This is completely unacceptable. The method for calculating cost of living adjustments is completely broken and fails to reflect the costs of gods and services seniors buy in Rhode Island and across the country.”
The Rhode Island Congressman calls for the Republican House Leadership to seriously consider pending legislation that will ensure that cost of living adjustments reflect the goods and services Rhode Island seniors actually buy. “Speaker Ryan should immediately bring the Protecting and Preserving Social Security Act to the floor so we can replace this outdated method for calculating cost of living adjustments with a model that actually meets the needs of Rhode Island seniors,” said Cicilline.

During the last Congress, the Senate and House controlled GOP have consistently kept legislative proposals from being considered that were crafted to bring needed reforms to the nation’s Social Security and Medicare programs. A newly elected Democratic President and a Congress controlled by Democrats might just be the political fix necessary to finally do the job that is ensuring the financial long-term solvency of these two domestic entitlement programs

Still getting the job done

Published in the Pawtucket Times on August 15, 2016

In 2010, when Michael Cassidy retired as Pawtucket’s Director of Planning & Redevelopment after working for the municipality for 40 years, he had no intentions of easing himself into full-time employment. While he was retiring to “retirement” he had every intention to remain active for the rest of his life. Cassidy instinctively knew that retirees, who stay active by playing sports, traveling or even volunteering, always seemed to live longer. His father was a good example of this belief, living to the ripe old age of 92. Before the nagenarian died he had worked part-time as realtor, also playing in an Golden Oldies softball league and umpiring three times a week.

Part-Time Job Gives Many Bennies

With Cassidy planning to retire at age 62 from the City of Pawtucket, he went to see PawSox President, Mike Tamburro, asking him, “Do you have a job for an old retired guy.”

Ultimately, he took the position as usher at the Pawtucket-based McCoy Stadium. He says, “the job keeps me on my feet four to five hours.” Each game he puts around 15,000 steps on his pedometer. But the job also allows him to interact with old friends and even gives him an opportunity to make new ones, too.

There are additional benefits of having a part-time job, besides just getting physically active and having an opportunity to mingle with people, says Cassidy. He now has more time to spend with his six grandchildren, travel with Jane-Ellen, his wife of 45 years, and to just putter around his home. Now he even serves as Chair of the Blackstone Valley National Heritage Corridor Organization, he says.

Like Cassidy, according to a new AARP released last Tuesday, older Americans are not choosing to retire, many are now seeking part-time jobs in their post retirement years, not full-time ones.

Work the New Retirement Activity

According to the findings in the 26 page AARP report, “AARP Post-Retirement Career Study,” work seems to be the “new retirement activity.” While many Americans state that they plan to retire between ages 65 and 70 (45 percent), the data indicates that the typical retirement may have changed. Thirty seven percent say they plan to work for pay in post retirement. Of these respondents, 73 percent desire a part-time job and almost half are looking to work in a new field (44 percent). Twenty three percent will stay in the same field, and 33 percent are undecided.

The researchers say that connecting with co-workers, interesting and challenging work, and the desire for a work-life balance are all stated as top reasons why work is enjoyable. Some are seeking to pursue their dream job or dream field in this next stage of life. Sports, hospitality, and education fields are frequently cited. Most are hoping that their new dream jobs will be part-time, flexible with work from home options, and allow time for travel and fun.

The findings also indicate the importance of job training for those who plan to work during their retirement years. Among those who plan to enter a new field, training is seen as even more crucial to succeeding on the job (46 percent vs. 36 percent among those staying in the same field).

Meanwhile, when asked about what they enjoyed most about their current career, most mentioned income, benefits, and the schedule/work-life balance.

According to the AARP survey, regardless of the field, respondents are hoping to work part-time (73 percent), with over half expecting to work for someone else (57 percent) vs. being a contractor (21 percent) or starting their own business (19 percent). Personal contacts and job listings are the primary avenues respondents say they use to find post-retirement work (49 percent and 43 percent, respectively). Professional networking is also a popular way people plan to find work, note the researchers.

When questioned about their dream job, many respondents talk about a profession, for others it may be a particular type of working lifestyle. Jobs in the sports, creative, hospitality and education fields are mentioned frequently by the respondents while those looking for lifestyle benefits seek flexibility, lucrative, opportunities to travel, and employment with a charitable aspect to it.

AARP’s efforts to look into how people spend time in their retirement years is the first survey of this kind and there are no comparative stats from previous years, says Kim Adler, AARP’s Work and Jobs Lead.

The findings suggest that there are major implications for employers, adds Adler. “Americans are living longer, healthier lives and we will see a continuation of the long term trend of working into retirement years. Nearly 19 percent of 65 and older workers are in the workplace and the percentages – as well as the actual numbers – are likely to continue to rise. This will give employers the opportunity to hire and retain experienced workers who look forward to the opportunities and challenges in the workplace,” she says.

According to Adler, “there are shortages of skilled workers in certain industries and many employers report difficulty filling jobs. For these jobs – and all others – employers and employees benefit from an intergenerational workforce that encourages mentoring and knowledge sharing.”

Great Wealth of Experience

“The survey gives us a better picture of what retirement looks like today and, likely, well into the future,” said AARP Rhode Island State Director Kathleen Connell. “But it also is a conversation starter about the value of older workers. Older Rhode Island workers represent a great wealth of experience and accomplishment at every level of the workforce.

“Employers should embrace the willingness of people to work part-time after 65 or 70 as a “golden’ opportunity, if you will. And this is especially true of startups, where wisdom is a critical success factor. Growing the Rhode Island economy might depend on synergies of young innovators guided by experienced leaders and managers.

Adds Charlie Fogarty, Director of the Rhode Island Division of Elderly Affairs, “Many older adults look at retirement as a transition period, and not a defined point in time in their lives.” He notes, “this population has a wealth of experience and knowledge that can be shared while working part-time, making for a more productive and richer work experience for all employees.”

“Our new research shows a fluid workplace, with many experienced workers looking for flexible part-time work in interesting and challenging positions to continue their careers,” said Kim Adler, AARP’s Work and Jobs lead. “The new website [AARP.org/Work] will help experienced workers control their careers and stay connected, competitive and current in the workplace,” Adler added.

This AARP survey, overseen by Gretchen Anderson, AARP Research, was fielded online from July 27 to Aug. 3, 2015 and conducted among adults age 50-64 who are currently employed full time. A total of number of 4,975 surveys were completed. The final data has been weighted to U.S. Census for analysis.