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How Deficit Reduction Will Affect Seniors
Tweet Share on Facebook May 28, 2010 Comment (2)President Obama's non-partisan effort to address the nation's spiraling budget mess is called the National Commission on Fiscal Responsibility and Reform. Some critics think that high-sounding title is a smokescreen for an effort to cut Social Security benefits. Others wonder if the President was seeking true change or just creating some political cover for this fall's mid-term elections. After all, the stated goal of the commission is to recommend ways for the government to cut future federal deficits from a projected 4 percent of gross domestic product (GDP) to 3 percent. That's still a damaging shortfall. And those reductions would occur years into the future.
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15 Tasks to Become Retirement Ready
Tweet Share on Facebook May 27, 2010 CommentGetting ready for retirement does not mean being perched at some imaginary starting line on a running track. Retirement is a long process and so are the steps needed to prepare for it. However, according to research done by the MetLife Mature Market Institute, there are 15 tasks that, if done, are likely to put you in the fast lane when you do get on your retirement track.
One of the key problems with retirement planning is that people don't know where to start, says John Migliaccio, director of research for the institute. "With these 15 tasks they've got something specific, so if you start anywhere within this list, you're making progress."
[See Retired Workers Will Be Wooed to Return.] -
Why You Should Get a Health Savings Account
Tweet Share on Facebook May 26, 2010 Comment (8)Health Savings Accounts (HSAs) are booming. More than 10 million people now have them, according to an annual census released by America's Health Insurance Plans (AHIP). That's a jump of 25 percent in the past year. HSAs are linked with high-deductible health plans. To qualify, you must pay at least the first $1,200 in qualifying health expenses ($2,400 for families) before you can start to use your insurance. That's a minimum. Most plans have much higher deductibles -- $2,000 to $3,000 for individuals with group policies, and roughly double that for families. Deductibles are higher still for typical individual policies.
Preventive or "wellness" procedures such as annual physicals and mammograms are not subject to the deductible and are covered right away -- often at 100 percent with no co-pays. Maximum out-of-pocket expenses are capped at $5,950 a year ($11,900 for families). That's an upper limit. The AHIP report finds most plans have maximum exposures that are roughly half of these caps. To help pay the bills, you get to contribute up to $3,050 annually ($6,150 for families) in pre-tax dollars into your HSA. Employers may chip in some of that contribution as well, and many do. Employer contributions of $500 to $1,000 are common. People 55 and older can toss in another $1,000 a year.
[See Good Health Raises Lifetime Care Costs.] -
10 Tax Breaks Likely to be Extended
Tweet Share on Facebook May 24, 2010 Comment (14)Most of the legislative action in Washington has been focused on health and financial reforms. But a major catch-all bill dealing with tax issues is expected to be enacted this week. Sporting the catchy title of the American Jobs and Closing Tax Loopholes Act, the bill provides one-year extensions to a number of tax rules that expired at the end of last year. The extenders are retroactive to the beginning of 2010. Numerous provisions apply directly to businesses and could have indirect benefits for consumers by lowering product costs. For example, builders and contractors will continue to enjoy a range of tax credits for energy-efficient homes.
[See $250 Medicare Checks Highlight 2010 Reforms.]
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Join 560 Million "Skypers" Making Free Calls
Tweet Share on Facebook May 21, 2010 Comment (1)Using your Internet connection to make telephone calls has become commonplace. The dominant provider of this technology, a company named Skype, cites industry surveys that it has become the world's largest telecommunications company. According to TeleGeography Research, Skype alone accounted for an eighth of the world's total international calling volume last year -- an estimated 54 billion minutes.
[See 10 Steps to View the Internet on Your TV.] -
Time to Lock in Bargains for Senior Housing
Tweet Share on Facebook May 19, 2010 Comment
Hints of an upturn in senior housing communities were seen at the end of last year but largely disappeared during the first quarter of 2010, according to authoritative occupancy, pricing, and inventory information provided every three months by the non-profit National Investment Center for the Seniors Housing & Care Industry (NIC).
Occupancy rates for independent living and assisted living complexes fell slightly to 88 percent in the 31 large metropolitan areas tracked by NIC. Monthly rents were higher but the rate of increase also softened from earlier periods. "The average monthly rent (AMR) per unit for independent living was $2,701 during 1Q10, which is up 1.5 percent on a year-over- year basis," NIC reported. "For assisted living, the AMR was $3,528 in [the first quarter of 2010], up 1.4 percent on a year-over-year basis."
[See 10 Ways to Downsize Your World.] -
8 Tips on Going Back to School
Tweet Share on Facebook May 17, 2010 Comment (4)Whether it's Baby Boomers seeking encore careers or retired folks pursuing a new hobby or leisure-time passion, community colleges are worth a serious look. Many community colleges have been aggressively expanding their offerings to older students, including developing more user-friendly ways for people to re-enter higher education after decades away from the classroom.
A national "Plus 50" learning program has been developed and expanded by the American Association of Community Colleges (AACC). The AACC program involves active efforts with nearly 60 community colleges, Participating schools are developing more expertise in meeting the needs of older students, and then acting as mentors to other community colleges. The group says there are about 1,175 community colleges in the U.S., and that about 12 million people take courses each year.
[See Retired Workers Will Be Wooed to Return.] -
Cruise Industry Security Will Tighten
Tweet Share on Facebook May 14, 2010 CommentSeeing Times Square cleared out twice in recent weeks provides unpleasant evidence of our vulnerability to a terrorist attack. But people did come back into Times Square, and it's tough to imagine that area without wall-to-wall crowds. But what if the area's near-miss with an SUV had instead been a small craft with a home-made bomb drifting near a huge cruise ship in a major U.S. port?
[See Travel Tips for the Summer.] -
Good Health Raises Lifetime Care Costs
Tweet Share on Facebook May 12, 2010 Comment (8)No good deed goes unpunished. According to the Center for Retirement Research at Boston College, healthier people actually will incur higher health care costs during their lives than people who are unhealthy. This flies in the face of many of my bromides in past columns about the financial benefits of taking good care of yourself. So, perhaps I should be leading the charge to a nearby all-you-can-eat restaurant?
[See $250 Medicare Checks Highlight 2010 Reforms.]
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Retired Workers Will Be Wooed to Return
Tweet Share on Facebook May 10, 2010 Comment (11)
We've struggled with the steepest recession in our lives, the outsourcing of millions of American jobs, and the rise of formidable competitors and obstacles to continued U.S. economic supremacy. But if you look closely at demographic trends, there clearly is a worker shortage in the nation's future. It will make itself felt in only a few years.
This is not open to much question. It will happen even if the jobless recovery continues its vexing ways. That's because the people who will shape this future are already here and their numbers aren't going to change in the next 10 years. And it's because we have a pretty good idea of how many people it will take to generate the economic activity we can reasonably expect to occur.
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