| Retirement News |
| Retirement News: Tips for Working Seniors |
Feeling Good About Bad News!
(And Other Health Headlines for Seniors)
While news of the economy leaves most everyone feeling down, there is some bad news that appears to make seniors feel good.
A new study published in the September issue of the Journal of Communication reports that older people prefer to read negative news stories about the young, possibly because it makes them feel better about themselves.
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Other recent news related to aging includes these headlines:
- Men are apparently more susceptible to memory decline than women.
- There is further evidence of a link between Diabetes and Alzheimer ’s disease.
- The fear of falling may be a self fulfilling prophecy for seniors. (A study found that older people who have a fear of falling are actually at an increased risk for future falls – regardless of the actual risk.)
- The National Institutes of Health reminded seniors that the effects of alcohol can hit harder as you age. (Older people metabolize alcohol more slowly and they have less water in their bodies – resulting in a higher percentage of alcohol in the blood.)
- However, a study from UCLA School of Medicine reports that moderate drinking may help middle-aged and older people to live longer.
- Blueberries, strawberries and acai berries may help the aging brain in a crucial but previously unrecognized way.
Read More Retirement Headlines on the NewRetirement Blog
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Reverse Mortgage Changes Coming in October
While nothing official has been announced, changes are expected for the HECM Reverse Mortgage product. The Department of Housing and Urban Development spoke with Reverse Mortgage lenders last week and said it has plans to:
- Raise the annual insurance premium charged to future borrowers.
- Reduce the amount of money future borrowers can receive from the HECM Reverse Mortgage.
The Department also has plans to offer a new Reverse Mortgage product – the HECM Saver. The new product sharply cuts up-front payments by home owners but also reduces the percentage of a home’s equity that can be paid to owners.
These developments are expected to take effect in early October.
Talk with a Prescreened Reverse Mortgage Lender About these Changes.
Calculate Your Reverse Mortgage Loan Amount Now.
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Retirement Reform Here and Abroad
If you thought planning your own retirement was tricky, imagine planning for the needs of whole countries!
State and federal governments here in the United States and abroad are faced with the growing problem of how to pay for benefits for the ever increasing numbers of retirees who live longer than any previous generation.
It turns out that most countries are faced with the same problems as today’s retirees – how to pay for a long life in retirement.
Recent retirement news has included:
- Striking transportation workers in France -- protesting a plan to raise the retirement age from 60 to 62
- State and local governments in the U.S. requiring higher taxes while offering reduced services in order to pay for pensions to state and municipal workers – California alone may currently have a shortfall of at least $400 billion.
- Britain plans to scrap rules that allow employers to require that workers retire when they turn 65.
- Social Security now pays out more money than it takes in Greece – in a move to overhaul its debt-plagued economy -- approves a bill that increases the retirement age and reduces benefits.
How are your own retirement plans different from those of your parents and grandparents? Are you considering these issues when voting?
We’d like to hear what you think, click here to email us with your thoughts.
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Eight Tips for Working Seniors
The percentage of seniors who are working past the age of 65 is increasing. The social and intellectual attractions of work keep many people in their jobs, but the increased financial needs of long lives and rising medical costs are also factors that keep people working.
U.S. News and World Report recently detailed eight tips for working seniors. The sage advice includes:
- Review Your Social Security Decisions: If you are working and start Social Security before your “full retirement age” (65 or 66 for most people), then your benefits may be reduced by income from work. If you are interested in working, it is probably a good idea to delay benefits until your full retirement age.
- Keep Employer Healthcare Coverage: Employer health insurance is a big bonus for seniors. Private health insurance can be prohibitively expensive and basic Medicare has big coverage gaps
- Contribute More to Your Retirement Accounts: It can be a great idea to contribute as much as possible to your retirement accounts. Tax rules generally allow older employees to contribute more and participate in so-called ‘catch-up’ contributions.
Learn More About Working in Retirement.
Use the NewRetirement Social Security Calculator
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