By Richard Eisenberg, Next Avenue Editor Remember the line “There’s an app for that!” Steve Jobs used to say? Well, that doesn’t seem to be the case when it comes to personal finance advisory apps for people over 50, especially for low- and moderate-income older adults. That’s my takeaway from the recent report by the nonprofit
Retirement
By Mary Siobhan Brier, Next Avenue From 2001 to 2004, Bonnie McGowan found herself dealing with a lengthy discrimination lawsuit. She had purchased 157 acres in New Mexico with plans to build an LGBTQ-friendly retirement village and was promptly sued by the surrounding community. McGowan and her lawyers were able to demonstrate that a housing development
By Seth Levine and Elizabeth MacBride, Next Avenue Entrepreneurs over 55 are among the most active new business owners in America, starting companies at rates that exceed their younger peers. In fact, 80% of small business owners are over 45, according to the New York Federal Reserve. With a wealth of knowledge gained over years of experience, older
A young woman pleads with her aging mother, “Mom, I think you should do it. Please do it for me.” Looking down her mother quietly replies, “I don’t know, it just doesn’t feel right, I don’t want to lose my privacy.” Her daughter responds swiftly and sternly, “Mom! It’s for your own safety and my
The labor market is slowly recovering, albeit in fits and starts. The current recovery is leaving many older workers behind. They now face the prospect of lengthy spells of unemployment, depleted savings and pressures to retire early with permanently lower Social Security benefits. The recession hit older workers harder this time than somewhat younger workers.
It’s a tired story by now in Illinois: the graduated income tax state constitutional amendment on the ballot this past November failed because of a fundamental lack of trust by the people of Illinois in their elected officials. That’s not just my own claim; new House Speaker Chris Welch said as much, according to the
Today’s column addresses questions about whether it’s best to file at 70 ½ or 70, potential spousal benefits before retirement benefits and when excess spousal benefits might be available. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets Maximize My Social Security
It’s been almost two years since the Centers for Medicare and Medicaid Services (CMS) introduced the new Medicare Plan Finder (MPF) in September 2019. I wrote nine posts during the last four months of that year, describing a variety of issues with this new tool. Most disappointing to me was that the new Plan Finder did not
While widely recognized, ESG is an umbrella term that often means different things to different people. But at its core, ESG references environmental, social and corporate governance factors that provide a framework for investors seeking to invest in companies that are creating solutions to the challenges we face in today’s world. The global pandemic has
The federal agency that regulates nursing homes, the Centers for Medicare and Medicaid Services (CMS), will require facilities to publicly report covid-19 vaccination rates for staff and residents starting May 21. The rule is likely to press operators to boost staff vaccine rates to at least the 75 percent rate that industry trade groups have
As recounted on Twitter and the Illinois politics website Capitol Fax, Chicago’s Mayor Lori Lightfoot had some strong words on pensions at last week’s investor conference: “We’ve really struggled to get Springfield to pay attention to pensions. . . The problem is not going away, it’s only going to intensify. At some point it’s my
The signs of slipping can be very subtle at first. Mom forgets an appointment. Dad can’t remember how to get somewhere he’s been a zillion times. Your aging parent is just starting to seem a little off, a little more forgetful and it’s happening enough for you to notice. Should you do something or is
The Senior living industry needs to wake up and understand that Baby Boomers just don’t want what their parents and grandparents were offered. No matter how fancy the furniture, how many lakes and golf courses they install on the property, and how large the gym and swimming pool are, baby boomers want an entirely different
About a month ago, Illinois governor JB Pritzker signed legislation that boosted pension benefits for a group of Chicago firefighters, despite the urging of Chicago mayor Lori Lightfoot not to do so, because of the cost to the already-woefully-underfunded plan. As I wrote back in January, this change could drop the funded status from 18%
By Chris Farrell, Next Avenue Cynthia Murray, who turns 65 years this month, is a 20-year Walmart WMT associate in Laurel, Md. who puts in 32 hours in a four-day workweek. In February 2021, she got a 30-cent an hour raise boosting her hourly wage to $15.27. But even at that level, Murray can’t afford to
By Nancy Collamer, Next Avenue The freelance market is heating up. During the first quarter of 2021, the Freelancer.com platform posted over a half million jobs. And during the same period, FlexJobs.com reported a 10%+ jump in postings for freelancers in a variety of career categories. It’s a trend that’s unlikely to cool anytime soon and
A friend called me the other day to ask a question that I know many share and that many financial advisors are hearing, especially from those who are currently in retirement. Here’s how the conversation went, along with a few notes specifically for financial advisors to help in the similar conversations you’re having with your
By Arlene Weintraub, Next Avenue Only 58% of Americans age 65 or older have broadband internet access at home, which means 22 million people that age lack it, according to the nonprofit Older Adult Technology Services (OATS). This became especially problematic during the pandemic, when so many people needed to get on the internet for telehealth
If you haven’t filed your 2020 tax return, are you still dealing with complexities created when RMDs (required minimum distributions) were waived for 2020? RMDs are mandated distributions (withdrawals) from tax-deferred accounts, such as IRAs. Doing your taxes for 2020 can be confusing, given that RMDs were suspended for 2020 in March by the CARES
According to the National Retail Federation Mother’s Day spending is expected to total a record $28.1 billion this year, up $1.4 billion from last year. Can you imagine if instead of splurging on flowers and gifts, that much money were to pour into women’s retirement accounts this month? Of course, that’s not going to happen.