Senior Agenda Coalition of RI Unveils 2026 Legislative Agenda at Annual Briefing

Published in RINewsToday on March 16, 2026

At its 10th annual Legislative Leader’s Forum, the Senior Agenda Coalition of Rhode Island (SACRI) unveiled its 2026 legislative agenda. More than 160 participants, including older adults, advocates, and state and federal officials, gathered at Gaige Hall at Rhode Island College for the event.

The event, “Voices of Advocacy — Anchors of Hope,” addressed the challenges facing Rhode Island’s growing older population and the policy changes needed to improve affordability, health care access, housing, and community supports.

The briefing opened with remarks by Rhode Island College President Jack R. Warner, SACRI Board Chair, Kathleen McKeon, and Executive Director Carol Anne Costa, who served as host. 

Costa began with a thank you to Rep. Joseph Solomon and Senator Mark McKeeney (who were present) for introducing the bill creating the Office of the Elder Advocate.  SACRI Policy Advisor Maureen Maigret outlined an Affordable Policy Agenda. Other speakers included representatives from the Rhode Island Coalition for Elder Justice, Economic Progress Institute, and Rhode Island Organizing Project.

A number of top elected officials followed, including U.S. Sens. Jack Reed and Sheldon Whitehouse, Congressman Seth Magaziner, Gov. Dan McKee, State Treasurer James Diossa, House Speaker K. Joseph Shekarchi, and Senate Majority Leader Frank Ciccone, who discussed previous and current legislative efforts affecting older Rhode Islanders.

Rhode Island’s Aging Demographics

“One in five Rhode Islanders is 65 or older,” Maigret said, adding the state is also among the top five for residents 85 and older.

The share of residents 65 and older rose from 16% in 2016 to 19% today. Maigret reminded officials that older residents are a powerful voting bloc. In 2024, over one-third of ballots were cast by older voters.

Nearly 73% of households led by those 65 and older own their homes, while 28% rent. Housing costs burden 31% of older homeowners and 52% of renters, who spend over 30% of their income on housing.

Around 4% of older Rhode Islanders live in nursing facilities, and about 485 aged 55+ are unhoused including 164 persons aged 65+.

Older adults drive Rhode Island’s economy: 40% of the workforce is 55+, about 40,000 provide unpaid family care, and approximately 45,000 volunteer formally in their communities.

Residents aged 50 and older contribute $27 billion annually to Rhode Island’s GDP. Social Security brings $3.9 billion into the state each year, with every $1 in benefits generating about $2 in economic output.

Despite these contributions, financial insecurity persists. Older adult poverty has increased and now exceeds 11%, and nearly a quarter of older households live on less than $25,000 a year.

A healthy single older homeowner without a mortgage needs nearly $29,000 annually to cover basic expenses, exceeding what about a quarter of older households have.

SACRI’s Legislative Priorities

Maigret said affordability is the central challenge facing older residents especially those with modest incomes, and SACRI has organized its agenda around four “building blocks”: health care, economic security, housing, and community supports.

Eliminating the $9,950 asset limit for the Medicare Savings Program is a top priority. SACRI recommends removing this limit entirely to allow more low-income residents to qualify for help with Medicare costs.

 “In 2025 the legislature raised the income eligibility to about $27,000, this year we want to take the next step,” Maigret said. “And the next step is to eliminate the very restrictive asset test.”

Maigret also urged lawmakers to fully fund provider rate increases as recommended by the Office of the Health Insurance Commissioner, specifying that these funds are needed to close workforce shortages in home care.

These increases address shortages of home care workers. The coalition also urges nursing home cost-of-living adjustments to the federal 3.1% recommendation, ensuring increases reach frontline workers.

Additional SACRI recommendations include increasing funding for the Long-Term Care Ombudsman Program to expand oversight and supporting an all-payer Primary Care Investment Target to increase access to primary care.

To address Rhode Island’s housing shortage, SACRI recommends a housing bond of at least $120 million, with a requirement that at least 30% be allocated to populations including older adults, persons with disabilities and the homeless. SACRI further urges that new residential developments be required to include more accessible units than the current 8% rate.

Maigret called for stronger support for caregivers and community services. Proposed policies include a caregiver tax credit up to $1,000, increasing the Medicaid home care asset limit, funding homemaker services, awarding a state grant to the Village Common of Rhode Island to aid aging in place, and establishing an Office of the Elder Advocate.

Other Policy Concerns

Nina Harrison, policy director at the Economic Progress Institute, argued that Rhode Island’s tax system places a heavier burden on lower-income residents.

“The lowest-income earners in the state pay a higher portion of their wages in taxes than the top income earners,” Harrison said. She supports creating a new tax bracket for annual income above $640,000, which she said could generate about $203 million annually for public services.

Ray Gagné of the Rhode Island Organizing Project called for restoring recent service cuts at the Rhode Island Public Transit Authority and creating a stable, long-term funding source for the system.

Lawmakers Respond

House Speaker Shekarchi shared a personal story about caring, along with his siblings, for their 100-year-old father with Alzheimer’s disease, stressing the importance of allowing older adults to age in place.

“Everything is a compromise. Everything is a negotiation,” Shekarchi said of the legislative process. He highlighted recent state investments, including $18 million to keep Roger Williams and Fatima hospitals operating, $12 million added last year to nursing home funding to address workforce shortages, and more than $40 million to increase reimbursement rates for primary care physicians.

Shekarchi also pointed to legislation allowing Accessory Dwelling Units (ADUs) as a step toward addressing the state’s housing shortage.

“That’s a big benefit,” he said.

Senate Majority Leader Ciccone said lawmakers are considering 17 bills to make health care more affordable and accessible. “Throughout this session, we will evaluate the financial burdens facing Rhode Islanders and the programs they rely on,” Ciccone said.

Gov. McKee argued that his “affordability for all” plan would benefit all Rhode Islanders, with key provisions for seniors, including the complete elimination of the state tax on Social Security and policies to control rising utility costs.

The Governor outlined several proposals in his budget, including increasing funding for senior centers by $200,000 for a total of $1.8 million and phasing out the state tax on Social Security income over three years, beginning with lower-income residents.

His budget also includes $9.5 million to assist nearly 10,000 residents whose HealthSource RI insurance premiums have increased sharply.

State Treasurer Diossa gave an overview of agency programs spanning the age spectrum, from baby bonds to retirement planning. He noted that his Secure Choice retirement program addresses the needs of the 40% of private-sector workers who lack access to retirement benefits.

At the federal level, Sens. Reed and Whitehouse warned that changes to federal policies could threaten Social Security, Medicare, and Medicaid.

U.S. Rep. Seth Magaziner also called for federal action to lower costs, including expanding Medicare drug price negotiations and creating tax incentives to increase the housing supply. He also announced plans to pursue bipartisan legislation to establish a permanent House Select Committee on Aging. “Seniors deserve a dedicated forum in Congress focused on the challenges they face,” Magaziner said.

SACRI’s Costa ended the Forum with a call to collective action, urging attendees to leverage their influence for unified advocacy on behalf of older adults and people with disabilities in Rhode Island.

Let’s make our voices heard and ensure Rhode Island’s leaders are held accountable for advancing these critical priorities. Together, we can drive lasting change and truly roar for progress.

Two Attendees’ Perspectives

Mary Lou Moran, director of Pawtucket’s Division of Senior Services/Leon Mathieu Senior Center, said the briefing successfully brought together leaders from across government to focus on the needs of older residents.

“The continued work to eliminate the Medicare Savings Program asset limit, create an Office of the Elder Advocate, and expand funding for programs such as the Long-Term Care Ombudsman and Medicaid home care was all highlighted,” Moran said.

Moran emphasized legislative and federal efforts to support older adults and expressed optimism that the initiatives discussed will drive progress in the next session.

“The Governor’s FY 2027 State budget is fully committed, has little new revenue & substantial federal cuts in the Affordable Care Act, Medicaid, Housing Voucher & food subsidies will leave an unresolved budget hole,” says North Kingston Resident David R Kaloupek. Kaloupek, 87, asks: “How will the Rhode Island General Assembly narrow its spending targets for the state’s most vulnerable, frail older adults, nursing home residents, home care beneficiaries, and unhoused older Rhode Islanders?  When the dust settles after the upcoming legislative sessions conclude, we’ll see who will be helped and who will be abandoned.”

A final note…  The coming together of aging advocates and Gov. McKee, the House Speaker, and Senate Majority Leader might just create the political will to support key parts of SACRI’s legislative agenda, such as eliminating the Medicare Savings Plan asset limit, the state tax on Social Security, or creating an Office of Elder Advocate, which could significantly boost the chances of those proposals becoming law. The agreement between aging advocates and state lawmakers on several fronts suggested a strong potential for legislative progress on senior issues in the upcoming session.

SACRI’s 2026 Legislative Leaders’ Forum was sponsored by: Age-Friendly Rhode Island, Delta Dental, United Healthcare, Neighborhood Health Plan, SEIU Local 580 and Capitol TV.

https://capitoltvri.cablecast.tv/show/11856

Marianne Raimondo Joins CCRI Leadership, Building on RIC Legacy

Published in RINewsToday on February 23, 2026

On February 6, Rhode Island College’s (RIC) business dean gathered with three dozen colleagues, family members, and friends at The Village at Waterman Lake, for a farewell celebration marking the close of one chapter and the beginning of another

In a LinkedIn post, Marianne Raimondo, MS, MSW, LICSW, Ph.D., reflected on that evening, recalling the shared memories, warm embraces, and heartfelt goodbyes.

She announced, “On Monday, I embark on a new journey as Vice President of Academic Affairs at the Community College of Rhode Island (CCRI). I am excited to work with the CCRI team and continue to serve the students of our state, offering an outstanding educational experience and a bright future.”

Her message signaled both a fond farewell to RIC and the start of an exciting new phase in her academic career.

Taking on a New Leadership Role

After more than 12 years at the Providence-based college, Raimondo leaves RIC, which enrolls more than 6,500 students, to join CCRI, a community college with enrollment close to 13,000 across 4 campuses in degree and certificate programs, and an additional 8,500 students in workforce and adult education courses.

As CCRI’s Vice President for Academic Affairs, Raimondo will serve as the college’s chief academic officer, collaborating closely with academic deans, administrators, and faculty to oversee educational programs, ensure instructional quality, and advance the college’s strategic and academic master plans.

Just a week into her new role which began Feb. 9, Raimondo has outlined an action-oriented vision for CCRI. When asked how she plans to support student success at the large, multi-campus college, Raimondo said, “I believe in the joy of learning, and we will ensure our teaching is inspiring, motivating, and engaging, fostering a desire for lifelong learning.”

Recognizing that access remains a challenge, she called for programs that better fit students’ schedules, including high-quality online offerings and flexible scheduling. She also emphasized experiential, project-based learning to equip students with real-world skills.

“Higher education must align with the state’s workforce and economic needs to provide students with viable career paths,” Raimondo said, pointing to a growing demand for skills in the areas such as artificial intelligence and the need to design programs responsive to employer needs.

Raimondo also sees an opportunity to integrate her advocacy for older adults into her professional role by creating internships and shaping curriculum around age-related issues.

CCRI’s new chief academic officer stressed her commitment to closing equity gaps to ensure all students have access to education and sustainable career pathways.

“Caring for, supporting, and advocating for older adults remains a passion of mine,” said Raimondo. The commitment is personal as well as professional: she recalled growing up with her grandfather, who lived with her family for more than 20 years. When her grandmother passed away, she said, there was never any question that he would move in with them.

As a medical social worker, she later saw too many older adults without family support, living alone, or lacking the resources they needed to age in place.

“I truly believe the later years of life should be respected and honored, and that older adults deserve the support they need to live well,” she adds.

Asked whether she will continue her advocacy work, Raimondo says she hopes to remain engaged through board service and community initiatives that support older Rhode Islanders.

Leaving a Legacy at RIC

A Greenville resident, Raimondo started her job at RIC as an associate professor, teaching both undergraduate and graduate courses in healthcare management and policy. She was then named dean of the businesss school and served as executive director of the Institute for Education in Healthcare, which she started in 2016.  She oversaw RIC’s Institute of Cybersecurity and Emerging Technologies, which opened in the fall of 2023.

Throughout her leadership roles, Raimondo worked to modernize curricula, create career ladders and apprenticeship programs for healthcare workers, increase opportunities for expand experiential learning, and build strategic alliances that made it easier for students to get what they needed.

A licensed clinical social worker, Raimondo holds a Ph.D. in Public Health with a concentration in Health Policy and Management and a Master of Science in Public Health from UMass Amherst. She earned a Master of Social Work from RIC and a Bachelor of Science in Chemistry from Providence College.

Over the course of her career, she has focused on improving healthcare quality and services for older Rhode Islanders, with particular emphasis on quality management, systems redesign, leadership development, and patient satisfaction.

Before joining RIC, Raimondo served as vice president at Applied Management Systems, a healthcare management consulting firm specializing in quality management, systems redesign, and leadership development. Earlier, she was senior vice president at the Hospital Association of Rhode Island.

Bringing Home the Bacon

A prolific grant writer, Raimondo secured substantial funding to address health workforce development, aging services, and behavioral health integration. Around 2016, as principal investigator, she was awarded a RealJobs Rhode Island Healthcare Workforce Grant to strengthen and expand the state’s healthcare workforce. During that year, she also established RIC’s Institute for Education in Healthcare (IEH), securing more than $8.8 million in grants to train healthcare professionals in dementia care, aging services, and case management.

In 2017, Raimondo obtained a $121,000 grant from the Point32 Health Foundation to study service gaps affecting older adults living in the community. This funding ultimately led to the development of a strategic plan to build an Age-Friendly Rhode Island.

In late 2019, a $360,000 three-year grant was awarded to expand statewide aging collaborations.

This was followed in 2022 by a $330,000 general operating grant for the 2023–2025 period to address community priorities for older adults.

In February 2026, the Point32 Health Foundation awarded an additional $55,000 to RIC. This latest funding supports technical assistance and strategic leadership, ensuring the initiative continues its equity-focused systems change as the previous multi-year cycle concludes.

Through Raimondo’s efforts, these investments established the College as a permanent regional hub for aging advocacy. As principal investigator, she co-led a statewide coalition to implement strategies supporting older residents who wish to age in place.

In 2021, serving as executive director and principal investigator, Raimondo received a $2.3 million Behavioral Health Care Managers Workforce Pipeline grant from the Health Resources and Services Administration (HRSA). The grant enabled RIC to create a statewide apprenticeship program to train behavioral healthcare managers in partnership with healthcare centers, providing students with hands-on experience and stipends.

In 2022, she was awarded funding through the Alzheimer’s and Dementia-Related Diseases Partnership to strengthen dementia care education and healthcare systems. That same year, Raimondo secured a $2.7 million HRSA Community Health Worker Training grant to expand Rhode Island’s public health workforce by recruiting and training new and existing community health workers.

In 2024, she received a $712,734 Behavioral Health Workforce Education and Training Program for Paraprofessionals grant to enhance behavioral health competencies among paraprofessionals and strengthen workforce pathways for entry-level healthcare workers.

Raimondo also served as principal investigator for quality management initiatives under the HIV Ryan White Program, RI EOHHS/Medicaid, Housing Plus, and the Rhode Island Foundation, among others.

Leadership in the Aging Network

Along with birthing Age-Friendly Rhode Island, Raimondo is widely recognized for her leadership in Rhode Island’s aging network. She co-developed the Senior Fellows Program in partnership with Leadership Rhode Island, empowering older adults to serve as informed community advocates.

She also serves on the boards of several aging-focused organizations, including the PACE Organization of Rhode Island and Tockwotton on the Waterfront.

In Aug. 2023, Raimondo received the Providence Business News’ Leaders & Achievers award.

One year later, she would be recognized as Social Worker of the Year – Aging by the Rhode Island Chapter of the National Association of Social Workers.

That year, she was also honored as a “Game Changer” at the 2024 Bad*ss Woman of the Year Awards, presented by the Women’s Business Council of the Northern Rhode Island Chamber of Commerce, recognizing her exemplary leadership and significant contributions to her field.

Her advocacy also earned her recognition the following year.

In Nov. 2025, Raimondo accepted the Meritorious Program Award from the Rhode Island Public Health Association on behalf of Age-Friendly Rhode Island for its impact on the state’s aging population.

In that same year, Raimondo’s Institute for Education in Healthcare received the Career Pathways Advancement Awards from the Governor’s Workforce Board for its behavioral training programs.

As Raimondo begins her new role at CCRI, her record of innovation, collaboration, and commitment to workforce development and advocacy for older Rhode Islanders positions to shape the next chapter of academic excellence in Rhode Island’s public higher education system.

Raimondo’s Lasting Impact on RIC and Aging Programs

Here are some thoughts from RIC colleagues and aging organizations who worked with Marianne Raimondo and witnessed her leadership and accomplishments firsthand. She has made a significant and lasting impact on programming and on enhancing the quality of life for older Rhode Islanders.

“Dr. Raimondo’s contributions have been monumental. Her trailblazing approach combined academic analysis with ‘boots-on-the-ground’ action. Marianne moved students beyond the classroom to create pioneering programs that strengthened the workforce, developed a practical knowledge base, and empowered the aging community with new tools and resources. SACRI wishes her the very best at CCRI, and we look forward to our continued collaboration.”

— Carol Anne Costa, Executive Director of SACRI, the state’s premier advocacy, policy, and organizing nonprofit dedicated to Rhode Island’s older adults and adults with disabilities.

“I have been privileged to serve for many years alongside Marianne on the LTCCC and the RI Alzheimer’s Advisory Council. She consistently brings an open, inquisitive mind, a firm grasp of what is required, and a passion for our shared mission.”

— Dr. Chris Gadbois, Secretary of the state’s Long-Term Care Coordinating Council and Chair of the RI Alzheimer’s Advisory Council.

“Dr. Marianne Raimondo’s contributions to Rhode Island College have been remarkable, as has her leadership in advancing programs focused on older adults. I remember working closely with her as she built the Age-Friendly RI program, which continues to flourish. Her energy and enthusiasm were contagious and inspired all of us who worked with her. CCRI will surely benefit from her vast academic experience, especially in workforce development. I wish her great success in her new role and hope our paths continue to cross.”

— Maureen Maigret, RN, BS, MPA, Aging Policy Consultant and former Director of the Rhode Island Department of Elderly Affairs.

“For many years, my team and I have worked hand in hand with Marianne Raimondo on numerous workforce initiatives. We are grateful for her ongoing partnership and look forward to connecting with her in her new role at CCRI.”

— Rick Brooks, Director of Health Workforce Transformation at the Executive Office of Health and Human Services.

“Marianne has served on the PACE Board of Directors since 2019. Her enthusiasm for our model of care is evident—whether she is engaging deeply in strategic conversations, buying and delivering personal care items to our participants, referring student interns to PACE, or recruiting new board members. Marianne asks about quality of care and participant satisfaction at board meetings; she ensures participants remain at the center of board-level discussions. Not everyone advocates for older adults—Marianne is a dedicated and caring champion for those who are often forgotten. We are lucky to have her on our board.”
— Joan Kwiatkowski, CEO, PACE-RI.

“Marianne has been an advocate and leader in expanding training opportunities to educate the direct care workforce supporting individuals living with Alzheimer’s or other forms of dementia. We look forward to continuing to work with her in this new role to ensure those entering the dementia care field are prepared to serve the needs of the aging community.”

— Margaret Murphy, Senior Program Manager, Alzheimer’s Association, Rhode Island Chapter.

“Since 2016, Dr. Marianne Raimondo has been an indispensable force in advancing the mission and quality of service at Tockwotton on the Waterfront, a local senior living community. As Board Chair, her remarkable impact on our organization and the lives of those we serve is evident. Dr. Raimondo’s leadership has been defined by a tireless commitment to culture change and to elevating the quality of care for our residents. Her oversight and insight have directly led to significant improvements in our operational efficiency and measurable resident outcomes.”
— Chris McGee, Executive Director, Tockwotton on the Waterfront.

“Over the last several years, Meals on Wheels of RI (MOWRI) has expanded our work in the Food is Medicine space, and Marianne’s partnership was integral in developing our service to individuals living with HIV/AIDS and simultaneously experiencing food insecurity. Her collaboration in this effort—now in its second year of implementation, the project has served 2,270 meals—is just one example of her ability to make innovative connections in the healthcare space.”

— Meghan Grady, MOWRI’s Executive Director

“Marianne has long been a steadfast advocate for older adults and for improving the systems that support them. She’s a great strategic thinker, but what I’ve always appreciated is that she never hesitates to roll up her sleeves and do the work. I look forward to seeing how she continues to champion this cause at CCRI.”

— Kyle Penrod, M.S., Project Director, Institute for Education in Healthcare

“Marianne Raimondo is a true leader. I had the pleasure of working beside her for eight years and came to appreciate the seamless way she wove compassion, innovation, and intelligence into her work as a leader and into workforce development efforts in aging and healthcare. Marianne leads by example with determination and dedication.”

 —  Tonya Glantz, MSW, PhD., Executive Director, RIC’s Institute for Education in Healthcare

“Marianne Raimondo has left the healthy aging space far better than she found it when she established Age-Friendly Rhode Island in 2016. Over the past decade, she has deeply impacted older Rhode Islanders through collaborations with more than 60 organizations, driving meaningful change in healthcare workforce transformation, older adult mental health, and so much more. Because of her devotion to aging Rhode Islanders, our most marginalized older neighbors are being fed, transported to medical appointments, receiving better health care, and are more engaged in their communities.”

—  Jim Connell, Executive Director, Age-Friendly RI

“Marianne Raimondo has long demonstrated a deep and authentic commitment to improving the lives of older Rhode Islanders. During her time at Rhode Island College, she strengthened the connection between higher education and the aging network in ways that were both practical and lasting. Her leadership helped elevate programming that recognized older adults not simply as recipients of services, but as active participants in community life, learning, and contribution.”

— Maria E Cimini, MSW, Director, The Rhode Island office of Healthy Aging

“Marianne’s work has brought the Age Friendly philosophy to Rhode Island, developed critical healthcare workforce training in the areas of dementia, older adult behavioral health and addictions. Her forward-thinking guidance as the Dean of RIC’s Institute of Cybersecurity and Emerging Technologies has enabled my own organization to think through the development of new technologies.  Her depth of knowledge and understanding of the issues older adults face, paired with her caring heart, has created lasting positive change for all Rhode Islanders.”

— Deb Burton, Executive & Gerontologist, RI Elder Info

“As a Rhode Island College alumna, I have been immeasurably proud of everything that Dr. Marianne Raimondo has done to lead at RIC strengthen our state’s health care education and to provide entryways and opportunities for Rhode Islanders who want to enter the health care workforce. As a co-founder of Age-Friendly Rhode Island, she has helped combat ageism and pushed our state to better serve older Rhode Islanders. She brings a vast wealth of knowledge to her new role at CCRI, and I am excited to see both how she continues her longstanding commitment to the aging community and what new projects she takes on.”

— Lt. Governor Sabina Matos 

“Marianne Raimondo is one of the State’s strongest champions for those who may not always be able to advocate for themselves.  I have observed firsthand of her ability to foster change in an impactful way.  She has a great gift of listening to those of us in the trenches to bring the most current concerns and issues facing older adults to platforms that really matter.  The work she has done with providing students with hands on training and opportunities in a variety of areas of healthcare has had a ripple effect that will be felt for years to come.  I am grateful to Marianne for planting the seeds for RI cities and towns to look at aging through a broader lens to provide opportunities for our residents to age in place with all the supports they need.”

— Marylou Moran, Director, Leon A. Mathieu/Pawtucket Division of Senior Services

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 waysAs 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.