Chilling. That sums up a documentary about financial fraud against elderly people premiering tomorrow at the Quad Cinema on 13th Street in Manhattan.
“Last Will and Embezzlement” is about fraudsters who seek out vulnerable elderly people suffering from cognitive decline for no other purpose than to exploit their trust and steal their money. It’s not uncommon for these con men and women to be family.
By first-time producers Pamela Glasner and Deborah Louise Robinson, the film would’ve benefitted from more reporting and more focus – they try to do too much when they get into court systems and solutions. But the film does what journalism does best: It finds people willing to tell personal gripping stories – not easy to do – and gives them a voice.
Mickey Rooney, 91, relived his searing emotional pain on screen, as he recounted how his own nephew “swindled” his money years ago.
An elderly woman with Alzheimer’s was persuaded by a mortgage broker to take out a complex reverse mortgage, which resulted in foreclosure on her home and a legal battle waged by her children. “My mother was incapable of understanding any of this,” her daughter said. …
A centuries-old trend of retiring at an earlier and earlier age has completely reversed, concluded a July report by the TIAA-CREF Institute.
In 1910, men didn’t retire until they were about 73 but that dropped to age 63 by the mid-1980s, the golden era for generous union- and employer-sponsored pension plans. Then the retirement age and labor force participation ages started heading back up, according to TIAA-CREF’s report, “Early Retirement: The Dawn of a New Era?” Women experienced a similar though less dramatic trend.
The report provided numerous explanations for this, including the demise of the mandatory retirement age for most American workers; the improved health of older Americans; and technology that has created options about when and where they work. Many retirees go from full-time work to part-time “bridge” jobs.
But what about the economic and cultural forces that have left baby boomers, myself included, financially unprepared for retirement? Delay for us isn’t a choice but a financial imperative. …Learn More
Laid off from his job as a software engineer, Ken Wadland did something smart: he downsized.
After losing his job in June 2009, it immediately became obvious to Wadland that he could not afford his large house in the Rhode Island countryside. He sold it and purchased a condominium to reduce his housing costs, which are the largest single expense for most households.
The financial-services industry barrages baby boomers with tips for saving and investing their retirement nest eggs. But little attention is paid to the strategy of downsizing, an effective way for baby boomers to improve their retirement security by cashing in on the large amounts of equity built up in their homes over decades.
Rudy Limas, a laid-off truck driver, resorted to applying for unskilled labor jobs – anything to get back to work and support his family.
“They look at your age and think, ‘He can’t handle it’ – even though I can,” the 61-year-old Oregon resident said. “They look at your age [and] they’re not going to hire you.””
Limas’ video interview, included in the online project, “Over 50 and Out of Work,” was selected by Squared Away for a series about the particular financial issues facing people approaching retirement age who lose their jobs.
The financial impact on older people who find themselves out of work goes far beyond the missed paychecks: it upsets well-laid plans for retirement.
Stan Bednarczyk, an engineer who was laid off in 2009 by a Michigan automobile supplier, has numerous concerns. He can no longer contribute to the retirement account sponsored by his former employer. And since Social Security is based on an individual’s 35 highest years of earnings, his future benefit may be lower when he retires.
The total dollar cost of his late-career joblessness, which he detailed in this video, is shocking.
Bednarczyk was among 100 unemployedmen and women interviewed for a powerful new video project, “Over 50 and Out of Work,” by New York journalists Susan Sipprelle, Samuel Newman, and Nikolia Apostolou. …Learn More
Many parents feel the tension between competing priorities: saving for their children’s college education and saving for their own retirement. Once the kids graduate and move out, the parents rationalize, we’ll really start socking money away.
But do they?
They do not, according to a recent report from Boston College’s Center for Retirement Research, which is affiliated with Squared Away. The report found that parents, suddenly feeling rich after the children leave the nest, indulge by spending 50 percent more on eating out, going to the movies, or buying new clothes.