Tag Archives for AARP

Financially Surviving Your Retirement Years

            Published August 10, 2012, Pawtucket Times

             Moving into their mid-fifties and sixty’s a growing number of Baby boomers wonder if Social Security benefits in their retirement year’s will even pay the bills.  Will they be able to survive in their “golden years”? 

             Federal officials say that there may be cause for alarm. 

             At the end of April, the released 242 page Social Security Trustee’s report, picked up by the nation’s media, gave bleak but “advanced” warning to future retirees that the Social Security program can pay full benefits until 2033, however, warning that probably only three-quarters of promised benefits could be paid out beyond that time.

             So it is not so surprising that the Associated Press (AP), a media cooperative owned by its contributing newspapers, radio, and televisions in the United States, announced last week that the news agency will publish a four part series, to be released over four Sundays in August, examining the long-term financial viability of the nation’s Social Security program.  The series plans to also take a look at policy proposals that will be debated during the upcoming election by Presidential and Congressional candidates, that might strengthen, the nation’s primary retirement program.

             AP recognized that Social Security, a very politically-charged issue, is a topic that must be discussed meaningfully in the upcoming November election.  Because of this AP has chosen to bring substantive coverage of this important policy issue to the upcoming political debates that will take place in the upcoming months.

             “Few things affect more Americans than the future of Social Security, and yet it’s an issue most invisible during the current campaign, said AP Washington Bureau Chief Sally Buzbee, who is directing the series.  “This series of stories tires to lay out complex issues in the most accessible way possible.  This is part of the ongoing efforts by The Associated Press this fall to make sure issues [like Social Security] aren’t absent from the campaign, but front and center…”states Buzbee.

             The headline of AP’s first report, published story on the upper fold of the August 6 issue of the Pawtucket Times, warn’s that “Social Security not deal it once was.”  The AP wire story notes that today’s retirees will be the first to have paid more in Social Security taxes during their lifetime careers than they will ultimately receive in retirement benefits once they retire.  Previous retirees paid less payroll taxes but got more benefits.

   Planning Key to Adequate Retirement Funds

             If Social Security bennies are chopped taking personal responsibility in planning your retirement may well become your financial safety net in your later years.

             Economic woes fueled by the worst economic downturn since America’s Great Depression, have left many Baby boomers financially struggling to make ends meet and to save adequately for their retirement years, according to survey findings released in July 23, 2012 by the Consumer Federation of America (CFP) and the Financial Planner Board of Standards.

              According to a 60-page report, conducted by Princeton Survey Research Associates International (PSRAI), nearly two-fifths (38%) of the 1,508 household financial decision-makers surveyed said they live paycheck to paycheck, while less than one-third (30%) indicated they felt comfortable financially and only about one-third (34%) think they can afford to retire by age 65.

             Survey findings indicated that only 31 percent of respondents said they had a comprehensive financial plan, while about two-thirds (65%) indicated they follow a plan for at least one of their savings goals.  Those who have prepared a personal savings plan feel more confident and report more success managing money, savings and investments than those who don’t.

             By a margin of 50 percent to 32 percent, and for all but the lowest income bracket (under $25,000) where few have a comprehensive plan, those planning for retirement are more likely to feel they are on pace to meet all of their financial goals, such as saving for retirement or for emergencies, stated the survey findings.

             Additionally, an even larger margin of 52 percent to 30 percent, and across all income brackets, those planning for their retirement years are more likely to feel “very confident” about managing money, savings and investments;

             Kevin R. Keller, CEO of CFP Board: “Consumers understandably are more nervous about investing their money given recent revelations about financial fraud, manipulation and abuse of clients. This doesn’t mean that people shouldn’t create a financial plan and be prepared.

   Taking Personal Action NOW

             Unless strong political pressure is placed on Congress to act swiftly to enact needed policy changes to fix the nation’s ailing Social Security program, expect political gridlock to continue to block any efforts in both Chambers to come up with bipartisan solutions.   

             Don’t get caught up in the political spins and negative rhetoric as Presidential and Congressional candidates begin their debates on Social Security before the upcoming September primaries and November election.  Become an educated voter and tell the Congressional candidates who seek your vote to seek bipartisan solutions to making the  Social Security Trust fund solvent once and for all. 

             Watch out for AP’s upcoming reports on Social Security to learn more about this important policy issue.  That’s a good first step.  Second, learn more about AARP’s  “You’ve Earned a Say’ initiative (www.earnedasay.org), a web site that can provide aging baby boomers with both factual and straightforward information about retirement policies being debated inside the Beltway by Congress, ones that hopefully will financially strengthen the nation’s Social Security program. 

             But on a personal level, until federal lawmakers get serious about financially shoring up the nation’s retirement program, developing a personal financial plan may well become an effective short-term solution to managing your money, savings and investments that could well supplement a shrinking Social Security check.  One useful tool is the website LetsMakeaPlan.org, allows a person to learn more about preparing a financial plan, including working with a financial planning professionals.

             Herb Weiss is a Pawtucket-based freelance writer who covers aging, health care and medical issues.  He can be reached at hweissri@aol.com

AARP Brings Main Stream America into Social Security Debate

Published July 27, 2012, Pawtucket Times

            With Congressional and the Presidential elections looming, just a few months away, aging baby boomers and seniors might well consider the recently released Social Security Trustees’ annual report as “a canary in a mine.”  Like a dead canary that warns  miners that a deadly gas is seeping underground, the 242 page report details the fragile health of the nation’s Medicare and Social Security Trust Fund, giving early warning to drastically cut retirement benefits if the President and Congress takes no action. 

             While thousands of media outlets across the nation reported on the impending bankruptcy of these programs, the Social Security Trustees called for immediate  action.  Meanwhile, the upcoming November elections keeps Congressional Democrats and Republications along with the Obama Administration from working to find a viable bipartisan fix.   Fear of turning away older voters has truly derailed needed policy reforms for this year.  

             The Trustee’s reaffirm that the Social Security program can pay full benefits until 2033, however, they warned that probably only three-quarters of promised benefits could be paid out beyond that time.  If this observation is correct it will become more difficult for aging baby boomers to plan their retirement. 

Fixing Social Security Ranked High

            Fixing Social Security is a high priority for the nation’s growing older population and will most likely be a key domestic policy issue to be discussed by Congressional candidates looking for votes to put them into office in Washington, DC next November.  Congressional and Presidential candidates be warned… According to an AARP survey, released in January 2012, of respondents age 50 and over, Social Security and Medicare ranked three out of 13 issues, with job growth and rising health care costs being number one and two respectively. 

            AARP Rhode Island, the OceanState’s largest aging advocacy group, has geared up its “You’ve Earned a Say,” initiative to gather grassroots feedback from “Outside the Beltway” to bring to Congressional lawmakers as they continue their debates as to how to bolster the solvency of the nation’s Social Security and Medicare programs.  AARP hopes that this initiative will create a national conversation to ensure that every worker, who has contributed into Medicare and Social Security, has a direct say in the future reforms of these programs.

             According to AARP Rhode Island State Director Kathleen S. Connell, AARP’s “You’ve Earned a Say” initiative was created to bring balanced information to people — both the pros and the cons — about the policy options being debated during the upcoming Presidential and Congressional elections for both programs. 

            “You’ve Earned a Say’ is giving the American people a strong and visible voice in the Social Security and Medicare discussion,” says Connell. “We are reaching out to our 130,000 Rhode Island members and nationally to nearly 40 million members.  Television commercials are now playing in Rhode Island, raising the awareness of viewers to AARP’s initiative and its website, www.earnedasay.org.  The website provides both factual and straightforward information as to policies that are being considered and enables a person to share their ideas with Congress and those running against Congressional incumbents, as how to strengthen these programs.

            According to Connell, one million people have participated in the “You’ve Earned a Say” grassroots initiative nationwide that kicked off in early Spring.  Their opinions have been shared online.  Meanwhile, tens of thousands have participated in more than 1,400 community meetings throughout the nation, she said, noting that more than a dozen have been held in the Rhode Island.

No More Political Spins, Jargon

            Americans are just plain tired of the political spins, jargon and rhetoric surrounding fixing the Social Security and Medicare programs, says Connell, even the backroom deals to change these programs in smoke filled rooms.  Over the years policy debates in Washington, DC have focused too much on budgetary line items and numbers and not on the immediate concerns, and real needs, of older Americans, she says.  

          But there is a central theme that comes from AARP’s dialogue with mainstream America.  That is most people feel that Washington is out of touch and not listening “They’re not listening to the concerns of people or talking about the real health and retirement income needs of older Americans. They’re not talking about what’s fair or about the effects of proposed changes on real people, quips Connell.

 A Bleak Retirement…

            Connell says that in Rhode Island 200,202 residents depend on Social Security benefits to help pay the bills every month, and 181,264 count on Medicare to help them afford health care, including guaranteed coverage for doctors, hospitals and prescription drugs.  

            Yes, policy decisions impact people’s lives.  If the President and Congress next year don’t find a bipartisan solution with input from those outside the Washington, D.C., a significantnumber of older Rhode Islanders might just well find their retirement year’s bleak at best.

            AARP’s  “You’ve Earned a Say” grassroots initiative may be just the way to finally educate older American voters, those who might just begin to put intense pressure on both the Democrats and Republicans alike, to make a long-term policy fixes.  Band aide solutions will haunt the upcoming generations who will financially suffer in their twilight years.  Shame on Congress if this occurs.

           Herb Weiss is a Pawtucket-based freelance writer who covers aging, health care and medical care issues.  The article was published in the July 27th issue of the Pawtucket Times. He can be reached at hweissri@aol.com.

Caregivers Must Not Forget Their Own Needs

Published June 8, 2012, Pawtucket Times

           It seems that every where I turn these days, friends, and business colleagues, are being thrust into care giving roles for older family members or spouses.  In today’s hectic world, aging baby boomers and seniors who are now taking on this late-life role can find this new task very demanding and stressful.

            According to the National Alliance for Caregiving and AARP, most aging baby boomers will become informal caregivers at some time during their lives. During any given year, there are more than 65 million Americans (29% of the nation’s population) who provide unpaid care for a chronically ill, disabled, or older family member or relative during any given year.  The caregiver spends an average of 20 hours per week providing care for their loved ones.

            Statistics paint a very detailed picture of the typical family caregiver.  She is a 49-year old, married female who is employed and cares for her 69-year old widowed mother who does not live with her.  Over 66 percent of the nation’s caregivers are women.  More than 37 percent have children or grandchildren 18-years or younger living with them.

The Importance of Taking Care of Yourself

            Connie Goldman, award winning radio producer and reporter whose books have given her readers insights, inspiration, and motivation for personal growth in their mid-life and beyond, sees continuing need for support and services for middle-aged caregivers. 

            Goldman, who authored The Gifts of Caregiving – Stories of Hardship, Hope and Healing, believes the secret of being a successful caregiver is to first take good care of yourself.  Although her book was first published over a decade ago the personal stories that family caregiver have shared continue to offer comfort, insights, and inspiration. Many will benefit from reading the compilation of 30 stories of caregivers who tell their  personal stories of taking care of an ill, disabled or aging loved one.  Goldman notes all of these remarkable people cope with adversity in ways that leave us wondering: “Could I measure up to the challenge?” Most importantly, each of their stories reveals how the hardships of caregiving can be turned into a journey of hope and self-discovery,” she says.

           In her timeless book, Goldman’s interviews include: Dana Reeve (wife of the late actor Christopher Reeve), former First Lady Rosalynn Carter, Pulitzer Prize-winning author Studs Terkel, and others whose lives were forever changed by their care giving experience. There are also personal experiences told by many whose names you won’t recognize, yet their stories offer personal insights that can nurture and nourish   caregivers of any age.

            “Taking on the commitment as a family caregiver opens the door to frustration, irritation, indecision, fear, guilt and stress,” says Goldman, so the caregiver must take care of themselves first. Goldman notes that a mantra she often suggest to post on your mirror, refrigerator, or anywhere else to remind yourself  that you must “Take care of yourself so you can take care of others.”  It is well known that caregivers often lose sleep, don’t eat properly, don’t take breaks, and don’t believe they matter as much as the person who they’re providing care for, she adds.  “Caregivers very often put themselves and their needs last on the list. To be the best caregiver you can be you must care for yourself”.

             According to Goldman, you can be a better, more efficient caregiver if you get enough sleep, eat regular meals, and make a plan to get relief for some period of each day. “I know caregivers are often reluctant to ask a friend to fill in at home while you go to have your hair set, or meet a friend for lunch, or go for a walk in the park. Yet an hour or two away can nourish a caregiver for the next 24 hours,” she says.

             Goldman suggests that caregivers can care for themselves by attending regular support groups, sharing with a friend three things that went right during a day (when everything seems going wrong), or taking a hot bath, reading a magazine, spending a bit of  time in your garden, taking a short nap, or eating a chocolate bar!   It’s often the little things that count in surviving each day and the challenges of being an aging baby boomer caregiver or taking on the caregiver role at any age.  

 Taping into Resources…

             It is difficult for many caregivers navigate the long-term care system to find the most appropriate programs and services to keep their loved ones at home.  According to the Rhode Island Department of Human Services, Division of Elderly Affairs, the National Family Caregivers Association (NFCA) might just provide that crucial information for caregivers.  The Kensington, Maryland-based clearing house (at www.nfcacares.org) offers information on a variety of topics including, stress and family caregiving, caregiver advocacy, care management techniques, support groups, communication with health care professionals, reaching out for help, and other issues.  For more information about the books written by Connie Goldman, go to www.congoldman.org your local bookstore or Amazon.com

            Herb Weiss is a Pawtucket-based freelance writer who covers aging, health care and medical issues.  His Commentaries appear in two daily newspapers, The Pawtucket Times and Woonsocket Call.