Insurance & Finance
One in five older Americans a victim of financial fraud: survey
New program enlists doctors to protect patients, but you can take steps now to stay safe
By Robert Powell, MarketWatch
BOSTON (MarketWatch) -- Whether it's a rebate check from Medicare, an oil spill in the Gulf of Mexico, or any other headline news, there's likely a scam artist not far behind. And more often than not, the victim is an older American.
More than 7.3 million older Americans -- one out of every five citizens over the age of 65 -- already have been victimized by a financial swindle, according to a survey released Tuesday as part of World Elder Abuse Awareness Day.
One problem is that few professionals or adult children appear prepared to spot when an older American may be vulnerable to financial abuse. A new program launched Tuesday seeks to train medical professionals to assess when older patients might be likely to fall prey to elder investment fraud and financial exploitation.
The gist of this program is that medical professionals are in the best possible position to not only diagnose cases where elders are being swindled but Read more…
Health Minute: Aid for Aging Parents
July 1, 2010
About 65 million Americans become unpaid caregivers for a loved one in need, and many others hire supplementary help.
In this week's Health Minute, MarketWatch's Kristen Gerencher offers tips on how to hire a home health aide.
Retirement may mean a lifestyle downgrade
As a nation, we are far from retirement-ready, so prepare to live frugally or save more
By Robert Powell, MarketWatch
OSTON (MarketWatch) -- If you're a baby boomer, the odds are high you'll exhaust your retirement savings after 10 or 20 years of retirement, according to the latest Retirement Readiness Rating report released this week by the Employee Benefit Research Institute.
Nearly half of older boomers -- those now aged 56 to 62 -- and some 44% of younger boomers -- aged 46 to 55 now -- are at risk of not having sufficient income to pay for basic retirement expenses and uninsured medical expenses, according to the study.
The study, which assumed that boomers would retire at age 65, also found that lower-income retirees are most likely to run out of money after 10 and certainly 20 years of retirement, while higher-income retirees are least likely to run out of money.
To wit: 41% of those in those lowest income quartile are likely to run short of money after 10 years of retirement, and 57% after 20 years. Meanwhile, just 5% of those in the highest income quartile will run out of money after 10 years, and 13% after 20 years.
So, what to make of this study?
Run out of lifestyle, not money
In reality, most Americans don't run out of money, they run out of lifestyle. As they age and spend down their assets, they typically reduce their living standard.
"For the most part people do not completely run out of money when our software says they will," said Stephen L. Deschenes, senior vice president and general manager for the annuities division of Sun Life Financial's U.S. operation.
"They do not run full speed like Wile E. Coyote off the cliff and only then realize that they are out of terra firma. Rather they take action either to spend less or work more or some combination to forestall running out," he said.
Other research finds Read more…
3 Unconventional Retirement Investing Strategies
Tips from academics who will make you think differently about growing your nest egg.
By Emily Brandon
The conventional retirement wisdom is that you should hold a well-diversified portfolio of stocks, bonds, and cash in a proportion that grows gradually more conservative as you age. You can even purchase a target-date fund that will shift the asset allocation for you. But some academic researchers say this approach to retirement investing is dead wrong and believe there are smarter ways to grow and protect your nest egg. These unconventional retirement strategies Read more…
A Catch-Up Guide to Retirement
By Mary Beth Franklin, Senior Editor, Kiplinger's Personal Finance
Late bloomers, take heart: There is still time to build a respectable nest egg for retirement. And if you're really disciplined, you could amass nearly half a million dollars during your final decade of work. It may not be easy, but it is possible.
A majority of Americans say that they are behind in saving for retirement, according to a new survey by TD Ameritrade. When asked why they were concerned about the size of their retirement savings, more than half of the respondents said they had little money left to save after meeting regular expenses. And a majority added that they got a late start.
The key to making up for lost time is to Read more...