Yellowstone

At 62, You’re a ‘Senior’ at National Parks

Wolf pups are born in late spring and early summer in Denali National Park in Alaska.

Wolf pups are born in late spring and early summer in Denali National Park in Alaska.

No better time than retirement to take in our national parks at the leisurely pace they deserve.

At age 62, Americans can purchase a $10 park pass that is a life-time ticket to the magnificence of Glacier National Park, bison calves grazing with their mothers at Yellowstone, or peregrine falcons nesting at Acadia. But get the pass soon, though, because AARP reports the price will increase to $80.

Many people don’t learn the pass exists until they visit a national park where a ranger might or might not offer one.  The passes, which are issued by the National Park Service, include free access to the holder, a spouse and others riding in their car. The pass sometimes includes discounts of 50 percent at camping facilities.

It’s possible to purchase the life passes online for $20. The Park Service advises travelers planning a trip to contact a park in advance to make sure the $10 passes are available for purchase at that specific location.

While it’s generally not wise to claim your Social Security at 62, it’d be silly not to take advantage of this federal benefit.Learn More

Crumbling wall

College Calculator Bridges Class Divide

A degree from a premier college can vault a teenager from a low-income family to the height of economic success as an adult.

College listTo date, 15 colleges have signed on to work with Levine, who initially created the calculator for applicants to Wellesley College, where he is an economics professor.

But disadvantaged students face a multitude of barriers to attending the nation’s top colleges, from getting the grades required to withstand stiff competition for acceptance to the absence of a degreed family member who can steer a child, niece or grandson through the process.

Phillip Levine is breaking down one barrier: the well-founded fear among low-income and even middle-class families that an elite liberal arts college is out of the question.

Levine designed a calculator to estimate how much an individual applicant will actually pay, after plugging in his or her family’s unique financial data, such as income, house value, mortgage amount, etc. – and the calculator is way easier than filling out a FAFSA form. Argh.

What’s new about Levine’s cost estimates is that they come from crunching family financial stats into a program that contains an individual college’s unique information about its financial aid and work-study programs, as well as how much current students pay based on their parents’ financial information [these data are supplied anonymously to Levine]. …Learn More

Get Paid What You’re Worth

 

“No one will ever pay you what you’re worth,” Casey Brown says in the Ted video above.

An employee’s value is also highest when unemployment is as low as it is now – 4.4 percent in April – and employers are scrambling to fill jobs.

Why would an employer pay more than it has to? With unions all but extinct, the burden falls on individuals to ensure they’re paid fairly or well.  Low unemployment provides workers with more leverage to get what we deserve. Unfortunately, many of us are not good at negotiating how much we earn.  Or we avoid it entirely, because we’re uncomfortable with talking money – especially women.

Women “say things like, ‘I don’t like to sing my own praises,’ ” Brown notes.

One time-honored way to test the waters is to get an offer for a job you might like that pays more than your current position. If your current employer values you, they’ll increase your pay to keep you. It can be a risky strategy.  In our free-wheeling labor “market,” however, it’s also the best way to learn what you’re worth, because there is only general information about compensation for different types of jobs.

In fact, management researcher David Burkus argues that the U.S. compensation system is built around secrecy.  “Keeping salaries secret leads to information asymmetry … [and] an employer can use that secrecy to save a lot of money,” he says in another Ted video. Translation: a lack of information makes it easier to under-pay you.

Unions know this. Historically, unions posted compensation in the different job tiers in each industry so workers would know what they were entitled to.

In place of unions, Elaine Varelas, recruiter for Keystone Partners in Boston, suggested other places to get this critical information: glassdoor.com, job recruiters, LinkedIn contacts, and even human resources executives at friends’ firms who might provide you with salary ranges.

“People owe it to themselves to do their homework and stop hiding under the discomfort,” Varelas says.

So get out there and learn something that will definitely be interesting – and possibly lucrative! Learn More

Goblin

Online Goblins Want Your Money

No longer simply a convenience for shoppers, the internet has come into its own: it is now an ingenious tool for squeezing money out of our wallets.

This realization first struck me last year while helping my brother and his wife in Chicago with a flight to visit our mom in Orlando. The reason I was on the case is that he’s a bit of a technophobe. But it turned out that his technical skills weren’t the issue – the airline’s website was the issue.

To flyers’ chagrin, most airlines are now a la carte operations, charging separate fees for everything from baggage to potato chips. This makes it difficult to compare fares online – one way we might wind up paying more. But things went wildly astray for my brother when he clicked on one airline’s website icon to pay his and his wife’s baggage fees a few days before flying.

He was hurled off to a webpage beseeching him to join some type of $200 promotional program that included “free” baggage.  The same thing happened when I tried the next day.  It took all of my online ingenuity to figure out how to avoid the promotion and pay only their $30 per bag fees. I wondered whether other flyers had been sucked into paying for this promotion.

These website diversions are different from what has become routine: advertisements popping up that try to get you to take the plunge and buy the consumer product you were researching online yesterday. It’s difficult to ascertain which diversions are cynical marketing ploys and which ones are innocent technical glitches. But all of them have the potential to be costly to unwary consumers.

During a brunch on Easter Sunday, two friends confirmed my concerns that this isn’t just an issue for older people – one of my friends who complained about online trickery is 95 years old but the other is a tech-savvy college freshman.

All web crawlers are familiar with offers of free subscription trials. These are also dangerous. …Learn More

The Picture of Investment Diversity

Most people see multicolored chaos in the chart below, which is a visual representation of the returns each year to various types of investments.

Morningstar Inc.’s director of quantitative research, Timothy Strauts, sees something else: the need for a diverse portfolio.
Callan table excerpt

Strauts, like most investment professionals, knows the Callan Periodic Table of Investment Returns. It has been around for 20 years and was just updated with 2016’s returns. Here’s how to read it. A colored square is assigned to each type of stock- and bond-market index. For example, the Bloomberg Barclay’s Aggregate (Agg) bond index is bright green, and the Standard & Poor’s 500 stock index is khaki green – the boxes also give each index’s return for each year. …Learn More

Blood for Student Loans

Graduation cap

Illustration by: Kjell Reigstad

 

Interest in the student loan problem from the media and politicians seems to be ebbing.

The issue does not go away for Joshua Roiland. Every day, money worries grind him down – him and millions of other young adults working through the emotional fallout and shattered relationships caused by debt.

Roiland owes $200,000-plus and earns only $52,000 as a newly minted University of Maine journalism professor. He begins his article on Longreads by describing a 340-mile round-trip drive to a clinic in Lewiston, Maine, that pays him $50 for a pint of his youthful blood. …Learn More

Students Get Curious About Retiring

“I thought I was going to live forever.”

“I would’ve probably put more money away for later years.”

“I was a stay-at-home mom for 17 years, and I didn’t realize that during those years I wasn’t working I wasn’t accruing Social Security.”

Millennials asked what it’s like to be retired, and seniors answered in this video produced by The New York Times.

The video’s point, it seems, is that it’s not natural for 20-somethings to think about old age at all. “Retirement wasn’t in my vocabulary,” as one senior recalled about being young.

That’s why young adults, as soon as they enter the work world, should force themselves to make friends with a concept far in their futures – and then act on it. And here’s why: saving is more important than it has ever been, because they will carry much more of the burden of financing their retirement than their parents and grandparents ever did.

Even young adults who are paying off student loans should, at minimum, contribute enough to their savings plan at work to qualify for their employer’s matching contribution. Those who don’t plan ahead face a reliance on Social Security’s eroding benefits when they’re in old age, benefits that are the absolute bedrock of our retirement system but not enough for most retirees to continue the standard of living they had while they were working.

If you need convincing, listen to these retirees talk about how difficult it is to live solely on Social Security in the video below produced by Squared Away in 2012: …Learn More

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