Looking back at 2024, sharing some favorites

Published in RINewsToday on January 7, 2025

Like many national news organizations, RINewsToday, The Pawtucket Times and Woonsocket Call (now combined into one newspaper called the Blackstone Valley Call & Times), offers its readers an ‘age beat’ editorial commentary, covering a myriad of aging issues, Congress (including Social Security and Medicare) retirement, the long-term care continuum, consumer issues, spirituality, pop culture, health care and even economics. Throughout these years

I’ve covered these issues as they relate to older Rhode Islanders, also covering Smith Hill, when there are state policy debates on issues that will impact older Rhode Islanders.

As a Rhode Island ‘age beat’ journalist for over 45 years, I have penned over 1,000 stories covering issues of interest to our readers. These authored and coauthored pieces have appeared in national, state and trade publications.

For many of these editorial commentaries, I have consistently drawn on the invaluable research produced by the Washington, DC-based AARP. Their insightful reports, polls, and studies have provided a wealth of information that has deepened public understanding of the challenges and opportunities of aging. I’ve also drawn on the expertise of professionals in the Rhode Island aging network for their perspective and comments on these topics, giving the editorial a good, local slant, where possible.

In 2024, my commentaries have appeared weekly in daily news outlets, also in other media outlets including RINewsToday – that’s about 52 articles a year – over quite a few years now! I’ve written for digital news publications, Senior Digest, a monthly publication for those over age 50, the Narragansett Times, Kent County Daily, Cranston Herald, Warwick Beacon and the Johnston Sun who have picked up stories, and of course, my own blog.

As we celebrate the New Year and look forward to 2025, looking back, I have selected my top five favorite commentaries published in 2024. Specifically:

“Stoic Tips for the Class of 2024,” May 27, 2024.

Generally, thousands of commencement speeches occur annually at university and colleges in the U.S. The common themes of these speakers (traditionally 10 minutes in length, up to 2,500 words) that typically emerge in their speeches in 2024 were: resilience and overcoming challenges; embracing change and innovation; social responsibility and making a difference; the power of community and collaboration; and personal growth and lifelong learning; mental health and well-being and finally embracing diversity and inclusion.

Over the years, never being invited to give a commencement speech, I have traditionally penned my own. So, in 2024, advice was giving to graduating seniors, pulling from stoicism, a school of Hellenistic philosophy that thrived in Ancient Greece and Rome. Advice came from: Epictetus, a former slave in Hierapolis (modern-day Turkey) around 50 CE; Seneca the Younger, who lived in the 1st century CE; Stoic Philosopher Marcus Aurelius, a Roman Emperor who ruled from 161 to 180 CE; and Stoic Greek philosopher, Heraclitus.

Graduating seniors were advised to remember the teachings of Stoic philosophy that would offer them a timeless roadmap for living a life of purpose, meaning, and fulfillment.

“Congressman Magaziner Takes Baton on Bring Back House Aging Committee,” March 4, 2024

Over 30 years ago, the US House Democratic leadership’s belt-tightening efforts to save $1.5 million resulted in the termination of the House Permanent Select Committee on Aging. This commentary announced Cong. Seth Magaziner (RI-2) legislative attempt to bring back the House Select Committee on Aging (HSCoA) when he picked up the baton from former Cong. David Cicilline who sought to bring it back during the 114th-117th Congresses.

The Commentary announced that Cong. Seth Magaziner’s introduction of H. Res. 1029, on Feb. 23, 2024, (cosponsored by Cong. Gabe Amo (RI-1) and 27 House Democratic lawmakers) to reestablish the HSCoA. It was referred to the House Committee on Rules for mark-up, (which never occurred) and the legislative resolution died at the conclusion of the 118th Congress.

According to the commentary, every day 12,000 Americans turn 60. By 2030, nearly 75 million people in the U.S. — or 20% of the country — will be age 65 or older. With the graying of our nation, the need for support and services provided under programs like Social Security, SSI, Medicare, Medicaid and the Older Americans Act increases.

Magaziner’s 213-word resolution would have authorized the HSCoA to study the use of all practicable means and methods of encouraging the development of public and private programs and policies which will assist seniors in taking a full part in national life and which will encourage the utilization of the knowledge, skills, special aptitudes, and abilities of seniors to contribute to a better quality of life for all Americans.

Finally, the House Resolution would also allow the HSCoA to develop policies that would encourage the coordination of both governmental and private programs designed to deal with problems of aging and to review any recommendations made by the President or by the White House Conference on aging in relation to programs or policies affecting seniors.

Hopefully, we will see Magaziner continue his attempt to bring back the HSCoA by reintroducing a new resolution during this new Congress. With his

“If You Want a Friend in Washington, Get a Furry Friend,” Aug. 5, 2024.

With an increasing number of adults reporting a decrease in the number of close friends, the old adage, “If you want a friend in Washington, get a dog,” might also be applicable outside the Beltway, even in the Ocean State. This companionship can also boost your physical and mental health. Your furry friends’ capacity for unconditional love enables them to share our lives’ highs and lows.

This commentary stressed the powerful bond of owning a pet and how the relationship offers mental and emotion support to their owners.

According to the findings of an American Psychiatric Association (APA) Healthy Minds Monthly poll released jointly with the American Veterinary Medical Association, among the many mental health benefits of pets, nearly two-thirds of pet owners say that their animals offer companionship (65%), are a true friend (65%) and provide unconditional love and support (64%), the survey finds. Eighty-four percent of pet owners say that their pets have a mostly positive impact on their mental health, similar to the findings of last year’s polling on the same topic. The poll was of 2,200 adults, done by Morning Consult.

Furthermore, the survey’s findings indicated 62 percent of the survey’s respondents say that pets provide a calming presence and also help reduce their stress and anxiety. Thirty-five percent note that their pet encourages them to be more physically active, too. The findings note that owning a pet adds structure to a respondent’s schedule and can even increase social connections with others (19%).

Yes, in Washington or outside the Beltway, if you want a friend, get a dog (or even a cat, bird or hamster). Pets can become a protective buffer against physical and mental disorders and life stressors.

“Someone’s Trash is a Military Family’s Treasure: Ours,” June 3, 2024.

This commentary, in the Blackstone Valley Call & Times, highlighted my efforts to retrieve a military footlocker that belonged to my father, after being notified that a Detroit couple, Michael Shannon and his girlfriend Cetaura Bell, found it cast away on a sidewalk for anyone to claim. The trunk had sat in a vacant garage for over 60 years (with the owner having no relations with the owner Lt. Frank M. Weiss). The couple went out of their way to try and finally successfully track me down thru an internet search.

My story was picked up by RINewsToday, and then in several local papers. The Detroit Free Press, a Gannet publication also did a story, in both their digital and print editions, and then other Gannet papers, including the Providence Journal, the Cincinnati paper and the Indy Star. Perhaps the biggest connection, though, was made with Stars & Stripes – the US military’s independent news source with a circulation of over 1 million readers.

“Shortage of direct care professionals a local and national concern,” April 22, 2024

Over 23 years ago, commentaries in the Pawtucket Times that I wrote reported on the crisis of a direct care staffing shortage and inadequate reimbursement being paid to nursing facilities to care for Rhode Island’s frail seniors. As we enter 2025, NOTHING has changed and these staffing and reimbursement issues still continue to exit.

The commentary took a look at a U.S. Special Committee on Aging hearing, chaired by Chairman Bob Casey, (D-PA), showcasing S. 4120, legislation that he introduced with U.S. Senators Tim Kaine (D-VA), and Tammy Baldwin (D-WI). The Long-Term Care Workforce Support Act, introduced during the 118thCongress,would ensure that direct care professionals have a sustainable, lifelong career by providing substantial new funding to support these workers in every part of the long-term care industry, from nursing homes to home care, to assisted living facilities.

The Senate Aging Committee hearing revealed a number of statistical findings showing the need for Congress to address the nation’s severe ongoing direct care professional workforce shortage. It was noted that a recently released survey revealed 92% of nursing facility respondents and nearly 70% of assisted living facilities reported significant or severe workforce shortages.

The April 16th hearing entitled, “The Long-Term Care Workforce: Addressing Shortages and Improving the Profession,” examined the challenges currently facing long-term care workers who are often underpaid and overworked, leading to widespread worker shortages that threaten the availability of care for those who need it.

“It’s a crisis that stems largely from a lack of support for and investment in our care giving workforce,” warned Casey in his opening statement. “Between 50 to over 90 percent of long-term care settings and providers report significant staffing shortages, affecting their ability to provide services, accept new clients, or even to remain open,” he said, with witnesses providing personal testimony about this policy issue.

John E. Gage, MBA, NHA, President & CEO, of the Rhode Island Health Care Association (RIHCA), Maureen Maigret, policy advisory of the Senior Agenda of RI (SACRI), offered their views of the nation’s severe ongoing direct care professional workforce shortage citing Rhode Island specific examples.

In conclusion…

I extend my heartfelt thanks to the thousands of individuals I have interviewed over these 45 years. Their comments reflecting insights and observations about aging, health care, and medical issues, have profoundly enriched these commentaries.

To review all my 53 commentaries that appeared in 2024 (including the above cited), go to http://www.herbweiss.blog.

Chair Casey leaves mark on national aging policy. Leadership changes in DC and RI

Published in RINewsToday on December 16, 2024

Last week, U.S. Sen. Bob Casey (D-PA), Chairman of the U.S. Senate Special Committee on Aging, held his last hearing, entitled “Empowering People with Disabilities to Live, Work, Learn, and Thrive, in SD 106. This hearing was his swan song as Chairman of the Senate Aging Committee.

The 3-term Democratic Senator, first elected in 2006, lost his reelection bid for a fourth term to Republican Dave McCormick, a West Point graduate, combat veteran and Bronze star recipient, and a national security expert, and former hedge fund manager. A recount of votes confirmed that Casey lost by 16,000 votes (3,398,628 to 3,382,423) and he conceded the race on Nov. 21st.

With the dust settling after the Nov. 5^th presidential election, Republicans will take control of the legislative agenda of the upper chamber, with a 53-47 majority, and control the house.

According to a Senate Aging Committee, during the upcoming 119^th Congress Sen. Tim Scott (R-SC), a former Ranking Member, is expected to replace Casey as chairman on Jan. 3rd, 2025. Former Ranking Member Mike Braun (R-Ind) will leave the Senate after becoming Governor-elect of Indiana.

An advocate for America’s seniors

During the 118^th, the Senate Aging Committee under the helm of Casey held 18 full hearings, five field hearings, and one joint full hearing. His final hearing, lasting one hour and 46 minutes, highlighted his long record as a champion for people with disabilities, and laid out his vision for how Congress must continue to work to empower them.

“From the beginning of my time in the Senate, I heard a constant refrain from disability advocates that their needs were not being met—they faced barriers to save for their future, they were being paid well below a living wage, and they could not afford or access the care they needed,” says Casey in his opening statement. “Those refrains, including from some of the people we heard from at today’s hearing, are what inspired me to make people with disabilities a focus of my Senate career and time as Aging Committee Chairman,” he said.

During his 18 years in the Senate, Casey has been one of the foremost champions in Washington for people with disabilities. He created the Stephen Beck Jr. Achieving a Better Life Experience Act (ABLE) program, which has helped hundreds of thousands of families save for long-term care for their disabled loved ones with a tax-advantage savings account. The Associated Press hailed this legislation as “the most important new law for [those with disabilities] in 25 years. He also made federal websites more accessible for people with disabilities, and propelled the fight for access to home care to the forefront of the national conversation.

In addition, the Pennsylvania Senator led efforts to improve care in nursing homes by expanding and strengthening oversight over poor-performing facilities while ensuring that nursing homes and long-term care facilities have the resources they need to provide high-quality care to residents. His work has led the Centers for Medicare and Medicaid Services (CMS) to publicly release information about nursing facilities with a documented pattern of poor care, ensuring older adults and their families have the information they

At the Dec. 12^th hearing, Chairman Casey also released a series of issue briefs documenting his record chairing the Aging Committee on making government technology accessible, expanding access to home care, improving nursing homes, lowering prescription drug costs, and ensuring economic security for older adults:

“We have made a lot of progress, from creating the ABLE program to making government technology more accessible,” Casey continued. “But as we heard today, there is still a lot more to do—from expanding access to home care to finally phasing out the subminimum wage,” he added.

Kudos to Casey’s advocacy for America’s disabled Seniors

At the hearing, witnesses from Pennsylvania and national organizations testified about the impact of Casey’s work impacting the disability community in the Commonwealth and around the country.

I want to thank Senator Casey for your leadership. None of the successes I outlined would have been possible without your steadfast championship, advocacy and partnership. It is daunting to think about facing the challenges ahead, particularly the threats to Medicaid, without you at the helm, but we have been emboldened to reimagine what is possible because of your leadership,” says Witness Ai-Jen Poo, President of the National Domestic Workers Alliance and Executive Director of Caring Across Generations.

Witness Neil McDevitt, Mayor of North Wales, Pennsylvania, noted: “Senator Casey, you have been a steadfast ally of North Wales Borough, the Commonwealth of Pennsylvania, and millions of disabled and Deaf Americans. We owe you a debt that can never be repaid.”

“Things are actually changing. We are not yet where we need to be when it comes to disability access and acceptance, but we are getting there. It brings me great joy when I hear of disabled people in my community getting good paying jobs and not being relegated to sheltered workshops for less than minimum wage,” adds Erin Willman, CEO of White Cane Coffee in Warren, Pennsylvania.

Witness Lydia Brown, Director of Policy, National Disability Institute, told the attending Senators:“Ten years ago, Sen. Casey’s leadership in introducing and passing The ABLE Act changed the game. People whose disabilities began before age 26 can now access a savings vehicle that can conserve up to $100,000 total without their savings counting against them in determining eligibility for SSI and Medicaid. Money in an ABLE account can be used for a wide range of qualified disability expenses, including otherwise unaffordable assistive technology and health care, as well as educational and employment related costs. For many disabled people on Medicaid, an ABLE account is also their only available means to save for retirement.”

A fond farewell

“Bob Casey served honorably as the chair of the Senate Special Committee on Aging. He held a wide range of hearings intended to develop a record that could be used to help shape future legislation,” says Max Richtman, President & CEO, National Committee to Preserve Social Security and Medicare who also is a former staff director of the Senate Special Committee on Aging. Casey had held numerous hearings on issues facing older adults that helped build support for components of the Older Americans Act reauthorization – which just passed the Senate and may be included in the end-of-year package, noted Richtman.

“Senator Casey also held hearings on disabled older adults, including one with former Social Security Commissioner Martin O’Malley to discuss what the Social Security Administration (SSA) is doing to make the application process easier,” added Richtman, noting that other hearings were held on scammers preying on the elderly – designed to help older adults and their families know what to look for — and protect against.

“We can only hope that when Republicans assume control of the Senate in January, this committee will continue the serious work of looking after the interests of seniors, who have contributed so much to our society and yet are among our most vulnerable citizens,” says Richtman.

“Leadership Council of Aging Organizations (LCAO) thanks Senator Bob Casey for his leadership and dedication to improving the lives of older Americans through his work on the Senate Aging Committee,” said Debra Whitman, LCAO Chair. “We look forward to collaborating with incoming Chairman Rick Scott to continue addressing the needs and enhancing the well-being of our nation’s growing aging population,” she says.

“As Chairman of the Senate Special Committee on Aging, Senator Bob Casey was a critical champion for seniors. He fought to strengthen Social Security and Medicare, stop elder abuse, and improve conditions in nursing homes. Casey will be greatly missed in the Senate by everyone who cares about senior issues. We urge the next chairman of this invaluable committee to continue his legacy.” Says Nancy Altman, President of Social Security Works.

“It is wonderful to have a Senate Aging Committee and Senator Casey’s terrific advocacy but inexcusable for the House not to restore its counterpart, which Chairman Claude Pepper proved is indispensable,” said Robert Weiner, former Chief of Staff of the House Select Committee on Aging and later a senior White House spokesman.

Announcing job transitions and retirement – in Rhode Island

Two well-known aging advocates have announced their departures.

The Alliance for Better Long-Term Care announces the retirement of Kathleen “Kathy” Heren. She dedicated 26 years to serving Rhode Island’s seniors. For the past 15 years, Heren has served as the Rhode Island State Long Term Care Ombudsman, tirelessly advocating for the rights and well-being of residents in long-term care facilities across the state. She is known for her “fierce dedication, wisdom, and compassion have made her an unwavering champion for those in need.”

After serving as Executive Director of LeadingAgeRI for over 16 years, James P. Nyberg is leaving the nonprofit to become Senior Advisor at the Boston-based Public Consulting Group. He will provide his expertise to the company on home and community-based services.

During his tenure, he significantly advanced aging services by advocating for quality, affordable care and fostering partnerships with state and national stakeholders. His leadership has driven innovative initiatives addressing the needs of older Rhode Islanders while supporting workforce development and professional growth among member organizations.

Nyberg ably served as Chair of the state’s Advisory Commission on Aging for over six years.

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.