Tag Archives for Rhode Island College

Retirees reflect on financial fragility of retirement

Published in RINewsToday on December 9, 2024

Literally just hot off the press… the Los Angeles, California-based nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®, released the findings of its 24 Annual Transamerica Retirement survey.  Considered to be one of the largest and longest running annual surveys of its kind, its findings paint a picture of being retired in America.

Retiree life in the post-pandemic economy examines the health and well-being, personal finances, and retirement security of U.S. retirees no longer working. The report’s analysis was prepared by the research team at Transamerica Institute and TCRS. The 25-minute online survey was conducted within the U.S. by The Harris Poll on behalf of Transamerica Institute between September 14 and October 23, 2023, among a nationally representative sample of 10,002 people, including a subsample of 2,404 retirees who are retired and do not work.

Shedding light on the many facets of retirement

According to TCRS’s retirement survey, released on Nov. 26th, fewer than one in four retirees (23%) say they are very confident and able to maintain a comfortable lifestyle throughout their retirement.

“Retirement brings freedom and time for personal pursuits,” said Catherine Collinson, CEO and president of Transamerica Institute and TCRS in a statement announcing the release of the 76-page report. “However, retirees are living on a fixed income with limited financial resources. Many would be unable to withstand a major financial shock, such as the need to pay for long-term care. Retirees’ fragile financial situation serves as a cautionary tale that underscores the imperative for strengthening our retirement system,” she says.

“Many retirees may wonder what they could have done differently to save and plan for retirement, and many may feel they have done everything right but still came up short,” adds Collinson. “In reality, over their working careers, the world has changed, the retirement landscape has evolved, and the need to self-fund a greater portion of one’s retirement income has intensified,” she said.  

Based on the report’s findings, retirees are active and engaged in meaningful ways. As retirees, they are:

·         spending more time with family and friends (58%)

·         pursuing hobbies (43%)

·         traveling (36%)

·         taking care of their grandchildren (19%)

·         doing volunteer work (16%)

·         caregiving (10%)

Although most retirees express a positive feeling about life, others say they are distressed.  Most retirees say they are:

·         generally happy (89%)

·         have close relationships with family and friends (88%)

·         enjoying life (86%)

·         have a positive view of aging (79%)

·         have a strong sense of purpose (79%)

·         have an active social life (53%)

However, three in 10 retirees (30%) have financial trouble in making ends meet, 27% indicate they often feel unmotivated and overwhelmed, 24% often feel anxious and depressed, and 17% are isolated and lonely.

Retirees who retired before the age of 65 are cutting short their working years and income, a situation that could inevitably lead to a decrease in their retirement income. Almost six in 10 retirees say they retired sooner than planned (58%) and, among them, almost half did so for personal health-related reasons (46%) and employment-related issues (43%), while 20% did so for family-related reasons. Only one in five (21%) retired early because they were financially able.

Retirees are struggling to juggle competing financial priorities and debt, the findings indicate. Retirees’ say their current top financial priorities include

·         building emergency savings (31%)

·         just getting by to cover basic living expenses (29%)

·         continuing to save for retirement (24%)

·         paying off one or more forms of debt as a current financial priority (45%)

o    paying off credit cards (30%), paying off mortgages (20%), paying off other consumer debt (10%), and paying off student loans (3%).

The survey found that the retiree’s greatest retirement fears centered around money and health issues.  Forty-two percent expressed fear that Social Security will be reduced or may cease to exist in the future.  Almost six in 10 retirees (58%) expect Social Security to be their primary source of income throughout their retirement, reinforcing their view that the retirement program is the cornerstone of their retirement income.

Retiring before age 65 impacts your Social Security benefit. Retirees currently receiving Social Security started at age 63 (median) which translates to a lower monthly benefit than if they had waited until their full retirement age of 66 or 67, depending on the year they were born. Only 4% of retirees waited until age 70 or later which would have maximized their monthly benefit, noted the report.

Additionally, the retirees fear declining health that requires long-term care (37%), losing their independence (32%), outliving their savings and investments (32%), and cognitive decline, dementia, or Alzheimer’s (28%).

Fear of unanticipated costly long-term care

Only 13% of retirees are very confident they would be able to afford long-term care, if needed – and only 13% have long-term care insurance, noted the findings. When asked if their health declines and they need help with daily activities and/or nursing care, almost half of retirees (48%) say they plan to rely on family members and friends to provide such care. Moreover, relatively few retirees have codified their wishes in legal documents such as powers of attorney and advance directives.

Annual Income

The survey respondents had an annual household income of $55,000 (estimated median) as of late 2023 with more than one-third of retirees (36%) having an income of less than $50,000. Retirees’ household savings excluding home equity were $71,000 (estimated median) in 2023.

Untapped opportunities might be helpful to retirees in strengthening their finances.The researchers say that retirees need to be fully engaged in financial planning or taking steps that could improve their overall situation. Only 24% indicate they have “a lot” of working knowledge about personal finance, 19% have a financial strategy for retirement in the form of a written plan, and just 7% frequently discuss saving, investing, and retirement planning with family and close friends. Only one in three (33%) use a professional financial advisor.

“Many retirees may wonder what they could have done differently to save and plan for retirement, and many may feel they have done everything right but still came up short,” said Collinson. “In reality, over their working careers, the world has changed, the retirement landscape has evolved, and the need to self-fund a greater portion of one’s retirement income has intensified.”

Thoughts about Retirement in the Ocean State    

“I can confidently say there’s less road ahead to retirement than there is behind me,” quips Kemal Saatcioglu, Ph.D., associate professor and chair of the Economics and Finance Department at Rhode Island College (RIC). “Going through this report was an eye opener even for me and I came away with a mix of inspiration, awareness, and a sense of urgency,” he says.

“Asnoted in this report, the retirees’ ability to find purpose, freedom, and joy, even amid challenges shows the resiliency and flexibility we all possess, notes the RIC Professor.  “Knowing that many retirees successfully navigate these waters is inspiring and is a motivator for getting into retirement planning with confidence,” he adds.

According to Saatcioglu, the report is a wake-up call for retirees. The data clearly indicates that they, in general, can be better prepared.  “The statistics about limited savings, reliance on Social Security, and the lack of written financial plans might push those of us nearing retirement to re-evaluate our financial readiness. The survey data will likely create motivation to consult a financial advisor to ensure better use of available resources,” he says. 

Saatcioglu calls the points about life expectancy and the length of retirement striking. “While it may be daunting at first to consider how 15 to 20 years could stretch retirement savings, prioritizing strategies for sustainability, such as long-term care insurance or budgeting for healthcare costs are great steps to take,” he says, especially the importance of mental health and stress management also encourages a more holistic view of our overall well-being.

Retirees must recognize local challenges and strengths. “Granted Rhode Island is not the most retirement friendly state. Higher costs of living, especially on housing, utilities, and food, and less than a friendly tax environment are challenges but knowing about them ahead of time and taking steps early on can mitigate those challenges,” recommends Saatcioglu.

Finally, Saatcioglu believes that the survey creates a motivation to take action—whether it’s updating financial plans, discussing retirement goals with family, or exploring community resources. Retirement can be an exciting, and rather long, stage of life, as long as proactive steps are taken now.

Maureen Maigret, Policy Advisor for the Senior Agenda Coalition, notes that the findings of the Transamerica report align with what older Rhode Islanders are concerned with in terms of their economic security, especially the  cost of healthcare and housing, worries about being able to afford any needed long-term services and a lack of planning to meet those need.  “Adding to those worries is uncertainty about possible proposed changes from a new federal administration for two of the most valuable programs for older adults – Social Security and Medicare,” she says.

According to Maigret, the Senior Agenda Coalition of RI (SACRI) has advocated to enhance the economic security of older Rhode Islanders.  She stated that a recent SACRI survey found the costs for health care and housing were priority issues for the state’s older population.  “That’s why we will continue to work in 2025 to expand the Medicare Savings Program to increase its income eligibility so lower-income older adults and persons on Medicare will be able to get their Medicare Part B premium covered and in some cases co-payments,” she says, also stressing the importance of ensurng that the housing bond funds are targeted toward developing more affordable housing options for older adults.  

“I deeply appreciate the insights in this report. It highlights the importance of proactive retirement planning and the emotional and financial complexities retirees face in the post-pandemic economy,” says Josh Wells, CEO of The Retirement Factory, who stresses the importance of balancing the emotional and financial aspects of retirement.

According to Wells, retirees often feel the weight of navigating Social Security decisions or managing healthcare costs. This report underscores that many retirees are unsure about these critical choices, with only 7% frequently discussing retirement planning with family or friends and just 33% using a financial advisor. ”It’s a powerful reminder that education and open dialogue are key to achieving retirement confidence,” he says.

“Rhode Island retirees exemplify resilience and adaptability in the face of change,” says Wells.  “The report highlights that 70% of retirees feel confident about maintaining a comfortable lifestyle, even amidst financial and health challenges. For Ocean State retirees, this confidence is bolstered by state-specific benefits such as the ability to exclude up to $20,000 of retirement income from state taxes for those at full retirement age and meeting income thresholds, as well as property tax relief of up to $600 for eligible seniors with limited incomes,” he says, noting that these program reflect “the state’s commitment to supporting its senior population, enabling retirees to plan carefully, stay connected to their communities, and enjoy a fulfilling retirement.”

Like the report’s findings, RI retirees are juggling competing financial priorities, especially with only a minimal 2024 increase in their ERSRI pension, says Sandra Paquette, representing the Advocates for Cost of Living Adjustment (COLA) Restoration and Pension Reform. Of equal, often ignored significance, these retirees have been deprived of 13 years of potential savings,” she says.

“By unjustly removing a COLA, the former teachers, state workers and some municipal employees  have been plunged into survival mode, where limited, fixed incomes are barely sufficient to cover necessities and essentials. In many instances, choices must be made among prescriptions, heating and food– by individuals who spent a lifetime of service, and of contributing  to their retirement benefits,” adds Paquette.

For a copy of Transamerica Center for Retirement Studies’ new report, go to https://www.transamericainstitute.org/research/publications/details/retiree-life-in-the-post-pandemic-economy-2024.

Age beat writer gives us his most important columns in 2023

Published in Blackstone Valley Call and Times, on January 1, 2024

Over the years, like many of the nation’s news organizations, The Pawtucket Times, created an ‘Age Beat’ column in 2002 that allowed this writer for several years to cover a myriad of aging issues, including Social Security and Medicare, ethics, long-term care, consumer issues, spirituality, pop culture, health care and economics. Ultimately, I would return in July, 2012 to resume writing, also picking up other weekly commentaries.

As an ‘age beat’ journalist for over 44 years, I have penned more than 930 stories covering aging, health care and medical issues. These authored and coauthored pieces have appeared in national, state and trade publications.

In 2023, my articles appeared weekly in 52 issues of the Pawtucket Times and Woonsocket Call (now combined in one newspaper called the Blackstone Valley Call & Times), and RINewsToday.com, a statewide digital news publication.

As we celebrate the New Year and look forward to 2024, looking back, here are my top five favorite articles published in 2023:

“In the coming years, generations of older Veterans will be leaving us,” – RINewsToday, Nov. 13, 2023  

This commentary published before Veterans Day, had the Department of Veteran Affairs estimate that there will be a couple of hundred World War II veterans, over 1,600 Korean and 14,000 Vietnam veterans still alive in Rhode Island. In the coming years, frailty and health issues will keep these elderly veterans’ from attending Veteran Day celebrations and even at their reunions.     
 
As a generation of Civil War and World War I veterans vanish in 1956 and 2011, this writer urged readers to cherish the surviving older veterans. In the next thirty years, it was stressed that new generations of veterans who fought in World War II, Korea and Vietnam will pass away and these veterans were urged to share their personal stories and oral histories for the sake of America’s future generations. “They have so much to say, and America’s younger generations have much to learn from them,” noted the commentary. 

This commentary was dedicated to the writer’s father, Second Lt. Frank M. Weiss, who died in December 2003, in Dallas, Texas at 89 years old.

“Passages – Life and Times of Morris Nathanson,” RINewsToday, Oct. 7, 2023

Over two decades, this writer would visit Morris Nathanson on Saturday afternoons sitting in his living room drinking cups of freshly brewed coffee.  We would talk about Pawtucket, world events, and he would reminiscence about his amazing life’s journey from his childhood in Pawtucket, to the international world he lived in later in his life.

My friend, 95-year-old Morris Nathanson, a painter, illustrator and restaurant/hospitality designer died last September. My commentary was written to recognize and honor Morris’s incredible life, detailing his World War II experiences, fighting for civil rights, and his impact on the art and design scene.

Growing up poor during the depression in Pawtucket’s Pleasant View neighborhood, Morris, a spitting image of Mark Twine, or maybe Albert Einstein to me, would ultimately have a major impact on Rhode Island’s art and restaurant design scene. 

Morris brought the strategy of adaptive re-use of underutilized and vacant mills to city and state officials, a concept that he picked up from his years of working in New York City, watching the development and transformation of the industrial mills in SOHO.

Witnessing firsthand man’s biases and prejudices motivated him throughout seventy-five years of his long life to fight for the equal rights of all.  Morris participated in the Freedom Rides of 1961, Dr. Martin Luther King’s campaigns in Selma and Birmingham, Alabama, and the March on Washington for Jobs and Freedom.  

At age 24, Morris, head of the design team at Paramount, developed and designed the first franchise in American history, Dunkin Donuts. While working with Friedman he also designed restaurants in the pavilions of the 1964 World’s Fair in Flushing Meadows, New York.

When Morris left Paramount Restaurant Supply Co, his most notable design projects locally include Hemenway’s, Ruth Chris Steak House, 22 Bowen, restaurants and bars for the Inn at Castle Hill, Capital Grill, Pizzeria Uno, Joe’s American Bar & Grill, Mills Tavern, Waterman Grill, Red Stripe and for those who still remember, the beloved Ming Garden and McGarry’s Restaurant in downtown Providence.  He also had clients all over the world.

It would take pages to detail all of Morris’s professional accomplishments while serving on state, city and nonprofit organizations throughout his long-life.  Hopefully I whetted your appetite to learn more about his life by reading this commentary. 

“Will Magaziner fulfill call to reestablish House Aging Committee,” RINewsToday, Oct. 9, 2023.

As reported, with Congressman David Cicilline retiring from Congress, no House lawmaker has yet stepped up to reintroduce, H.R. 583, the Rhode Island lawmaker’s resolution to reestablish the House Select Committee on Aging (HSCoA). Without receiving a vote in the House Rules Committee at the end of the 117th Congress, the resolution was considered “dead.” On his way out Cicilline was not successful in passing the legislative baton and finding a new original sponsor.  The Rhode Island Congressman had introduced this resolution in four Congressional sessions.

The HSCoA was a permanent select committee of the U.S. House of representatives between 1974 to 1992.  The committee was initially created with the intent of not crafting legislative proposals, but of conducting investigations and holding hearings to put the Congressional spotlight on aging issues. Its purpose was to push for legislation and other actions, working with standing committees, through regular committee channels.

This writer asks who will ultimately pick up the legislative baton from Cicilline to become Rhode Island’s fiery aging advocate?  Will it be Congressman Seth Magaziner, or the newly elected Congressman Gabe Amo, from Rhode Island’s Congressional District 1 to step to the plate?

The article asks why shouldn’t a Rhode Island Congressman follow in the footsteps of former Rhode Island Congressman John E. Fogarty (dec.) and be the original sponsor of legislation that will have a major impact on national aging policy. The lawmaker would become a hero to America’s seniors.  

“Unique partnership creates Senior Fellows pilot program,” RINewsToday, Dec. 11, 2023

This commentary announced that the success of a pilot Senior Fellows Program, created by Leadership Rhode Island (LRI) and Age-Friendly Rhode Island (AFRI), the organizations are seeking funding to offer another session in the summer of 2024.

The unique initiative prepared 25 Senior Fellows to advocate for improvements that address age-related challenges in Rhode Island. The initial eight-week program was tuition-free. The first crop of Senior Fellows, residents of 13 different cities and towns in Rhode Island, ranged in age from 62 to 83. Nearly half were retired.

The idea to develop a senior advocates program came from Marianne Raimondo, a graduate of LRI’s Core Program, who made the connection between Leadership Rhode Island and James Burke Connell. Connell is the executive director of Age-Friendly Rhode Island, an initiative at Rhode Island College that represents a coalition of public and private agencies, organizations and individuals committed to healthy aging.

Connell proposed the pilot program because, he says, empowering seniors to become advocates, activists and champions of age-friendly thinking and practices “will result in a Rhode Island where older adults thrive and live their best lives.”  He was inspired by similar programs in Maine and New Hampshire.

Age-Friendly RI raised the funds for the pilot program, and relied on LRI’s “talented team” to handle recruiting, participant selection, curriculum planning, and guiding participants in the development of individual community commitments, Connell says.

Most session days were divided into two parts, with half focused on knowledge-building around relevant issues, such as housing, food insecurity, transportation needs, and health care. The other half focused on skill-building, such as writing persuasively, public speaking and network building, to enable the Fellows to develop and eventually execute their own Civic Commitments.

The Fellows took turns describing their Civic Commitments during their final session, held at the RI State House.  The presentations, which included several “poignant and pin-drop moments,” were well received.

“Increased funding must be tied to nursing home mandated minimum staffing“, RINewsToday, September 25, 2023

The commentary announced that the Centers for Medicare and Medicaid Services (CMS) had issued a proposed rule to establish comprehensive staffing requirements for nursing homes—including, for the first time, national minimum nurse staffing standards. CMS officials said that the requirement would improve both safety and promote high-quality care in the nation’s 18,700 skilled nursing facilities delivering care to 1.2 million residents each day.

National and Rhode Island nursing home trade groups pushed back on the unfunded mandate requiring more staffing especially during a severe labor shortage forcing hundreds of facilities across the nation to close because of lack of workers.

​John E. Gage, President, and CEO of the Rhode Island Health Care Association, reported that six Rhode Island-based facilities have closed since the beginning of the pandemic in March 2020. Three others are currently in receivership. He warns that arbitrary federal staffing mandates will result in more closures, and residents will be displaced from their homes just as they were most recently when Charlesgate Nursing Center in Providence.

James Nyberg, president, and CEO of LeadingAge Rhode Island, with offices in East Providence, sees a staffing ratio mandate as a blunt enforcement tool that does not consider the numerous challenges facing providers, including Medicaid underfunding, lack of workforce, and the diversity of resident needs. Moreover, he charged that fining for being unable to meet a staffing ratio is counterproductive by siphoning off scarce resources that facilities need as they seek to address their workforce and resident care needs.

To review ALL of Herb’s articles published by RINewstoday, go to https://rinewstoday.com/herb-weiss/

Unique Partnership Creates Pilot Senior Fellows Program

Published in RINewsToday on December 11, 2023

Buoyed by the success of a pilot Senior Fellows Program, Leadership Rhode Island (LRI) and Age-Friendly Rhode Island (AFRI) are hoping to find the funding to offer another session in the summer of 2024.

The initial effort “to lift the voices, knowledge and vision of Rhode Islanders, age 62 and ver” prepared 25 Senior Fellows to advocate for improvements that address age-elated challenges. The initial eight-week program was tuition-free.

The first crop of Senior Fellows, residents of 13 different cities and towns in Rhode Island, ranged in age from 62 to 83. Nearly half were retired.

The idea to develop a senior advocates program came from Marianne Raimondo, a graduate of LRI’s Core Program, who made the connection between Leadership Rhode Island and James Burke Connell. Connell is the executive director of Age-Friendly Rhode Island, an initiative at Rhode Island College that represents a coalition of public and private agencies, organizations and individuals committed to healthy aging.

Empowering Seniors to Become Advocates

Connell proposed the pilot program because, he says, empowering seniors to become advocates, activists and champions of age-friendly thinking and practices “will result in a Rhode Island where older adults thrive and live their best lives.”  He was inspired by similar programs in Maine and New Hampshire.

Connell pitched the idea to Michelle Carr, LRI’s executive director, who could easily see the benefits of the proposed joint venture. One such positive: Nearly a fourth of LRI’s 3000 alumni are 62 years or older, many of whom are prime candidates for the program.

More importantly, Carr adds, LRI and Age-Friendly RI are both propelled by the belief that citizens of all ages who are actively engaged in their communities can make lasting impacts.

Age-Friendly RI raised the funds for the pilot program, and relied on LRI’s “talented team” to handle recruiting, participant selection, curriculum planning, and guiding participants in the development of individual community commitments, Connell says.

Gilda Hernandez, a 65-year-old research librarian at Providence College, participated with two goals in mind.  As the medical advocate for her 88-year-old parents, Hernandez wanted to become an educated caregiver, one who knows how to navigate state agencies to get appropriate services for them.  She also wanted to develop advocacy skills so she can address the societal problem of ageism, especially in the education sector.

The program was “what I expected. . . and more,” says Hernandez, who gave a thumbs up to the “exceptional programming and top-notch presenters.”

Most session days were divided into two parts, with half focused on knowledge-building around relevant issues, such as housing, food insecurity, transportation needs, and health care.

The other half focused on skill-building, such as writing persuasively,  public speaking and network building, to enable the Fellows to develop and eventually execute their own Civic Commitments.

Pitching Personal Civic Commitments at State House

The Fellows took turns describing their Civic Commitments during their final session, held at the State House.  The presentations, which included several “poignant and pin-drop moments,” were well received by the audience, which included representatives from the state’s Office of Equity and Engagement, and  from the AARP,  House of Hope, Meals on Wheels Rhode Island, and the United Way.

Senior Fellow Ron Caniglia, 77, from Warwick, applauds the advocacy program for emphasizing the importance of “living in place,” rather than “aging in place.”  In fact, his Civic Commitment — to urge the expansion of Medicare benefits to adequately cover hearing, vision and dental care — would enable more older adults “to live life to the fullest.” 

A retired contractor, Caniglia’s arguments for the expansion of these benefits are passionate and personal.  Hearing loss, if not addressed, can contribute to the breakdown of family and everyday social relationships, he says. This could lead to unhealthy isolation.

 Teresa DeFlitch, LRI’s director of leadership development, says she has high hopes that Rhode Island’s first 25 Senior Fellows will have a positive impact on senior citizens throughout the Ocean State. They are expected to begin their advocacy work within six months of leaving the program.

We hope, she says, that the Fellows have expanded their knowledge, network, and confidence when it comes to making a difference.

It is also hoped, she adds, that each participant feels more connected to a supportive and joyful community, including their fellow Fellows, and the LRI and Age-Friendly networks.

“We are eager to run the program again and incorporate feedback from this year’s cohort. Working with Age-Friendly Rhode Island has been wonderful and we are learning a great deal from the cohort members about what’s affecting them as older adults in the state. It’s been an inspiring and energizing experience,” DeFlitch says.