May 31, 2018
Medicaid Now Critical to Aging Workers
For decades, the Medicaid program has subsidized health care for the poor, including retirees.
Yet, until recently, it largely excluded most working-age adults without disabilities due to a strict monthly income limit.
All that changed in the 32 states and the District of Columbia that accepted the Affordable Care Act’s (ACA) option to expand their Medicaid coverage to low-income working people.
In 2010, the ACA increased Medicaid’s income limits for people to qualify for the insurance. Today, working baby boomers, as well as younger workers, can qualify if their income is below 138% of federal poverty levels – or $1,396 per month for a single person and $1,892 for couples.
This joint federal-state program now completely or partially insures about one in six people approaching retirement age, according to a new report citing U.S. Census Bureau data.
The expansion is at least partly responsible for a striking improvement in one statistic: the uninsured rate for adults between ages 50 and 64 fell from 15.5 percent in 2012 to 9.1 percent in 2016. …Learn More
May 22, 2018
Squared Away at Year 7
Seven years ago this month, this personal finance and retirement blog debuted. How things have changed.
For one thing, back in 2011, a lot more people were reading blogs and newspapers on their clunky desktop computers. In recognition of the now-ubiquitous smart phone – more accurately, a computer that happens to have a phone – we just redesigned how Squared Away looks on phones to enlarge the type and make the articles easier to read. Our older readers will appreciate this update.
Year 7 is also an opportunity to restate the blog’s mission, which, frankly, was not fully refined in the early years. In some ways, our mission has not changed: we continue to emphasize retirement security and personal finance, with a bent toward the evidence-based research that provides a clearer understanding of the financial, economic, and behavioral issues that are critical to a high quality of life.
We regularly report on research by scholars around the country, including studies produced by members of the U.S. Social Security Administration’s Retirement Research Consortium: the NBER Retirement Research Center in Cambridge, Mass., the University of Michigan Retirement Research Center, and the Center for Retirement Research at Boston College, which also is the blog’s home.
But it’s natural for a new publication to find its sweet spot over time, and Squared Away is no different. One theme that has emerged very clearly is that the threads of retirement saving are shot through the fabric of our financial lives.
The predicament of Millennials is an obvious example. Immediately after beginning their careers, 20- and 30-somethings – so much more than their parents and grandparents – are under the gun to save for retirements that no longer are likely to include a pension. …Learn More
March 27, 2018
Boomers Do Retirement their Way
In the two years since starting a series of blogs, “Boomers: Rewriting Retirement,” I’ve profiled five willing baby boomers in various phases of retirement as they grapple with a variety of issues.
The individual profiles are again posted here, in the event one of them might be helpful to a reader who missed it the first time.
And we’re always looking for more guinea pigs, if anyone has an interesting story to tell!
Click on the links at the end of each headline:
- “A Familiar Dilemma: to Work or Retire.”
- “Finally retired. Now What?”
- “Caring for her elderly parents 24/7.”
- “The Ultimate in Travel: Retiring Abroad.”
March 22, 2018
Creating Paths to Latino-owned Business
Rank-and-file workers’ wages have barely gone up since the 2008-09 recession, despite a U.S. job market firing on all cylinders for several years.
Latinos struggle more than most. Take restaurant workers. They are overrepresented in an industry that expanded rapidly post-recession, putting hundreds of thousands of cooks, waiters, and busboys to work. But “those are some of the worst jobs” says Carmen Rojas, who heads The Workers Lab in Oakland, which supports small entrepreneurs.
Food-service and other low-paying jobs not only lack benefits and security but typically don’t invest heavily in training and don’t provide upward mobility, “proving what it means to debase the promise of work away from opportunity and toward survival,” said Marie Mora of the University of Texas in the Rio Grande Valley.
She and Rojas were panelists at a recent Aspen Institute event to discuss Latino economic challenges and solutions. The focus was on new avenues to increasing their presence among small businesses, which are a good fit for their particular interests, needs, and culture.
There are, of course, extraordinary models of success in the Latino community. Maria Rios emigrated from El Salvador as a teenager and has the gumption of a character in a 19th century Horatio Alger novel. In the early years of her multi-million-dollar recycling and waste company in Houston, she drummed up commercial clients by showing up and pointing out their overflowing dumpsters. “When I see trash, I see opportunity!” she says on Nation Waste Inc.’s website.
“I feel that if I did it, anybody can do it,” she told the other panelists and audience. …Learn More
March 15, 2018
Boomers are Longing to Retire Overseas
Australia, Cambodia, Laos, Thailand, Spain, Portugal, Scotland, Ecuador, Belize, Nicaragua – our readers living all over the world, or planning to, shared their experiences in comments posted to a February blog, “The Ultimate Travel: Retiring Abroad.”
The article profiled a Houston couple on the verge of retiring who are systematically exploring cities that interest them in Panama and Costa Rica. Few blogs have elicited so many comments – no doubt because thoughts of retiring overseas are more fun than worrying about whether the 401(k) account has enough money in it.
The success of retiree Dennis Desmond and his wife’s relocation to Australia makes it hard to resist temptation. “The weather here is incredible, the people are fantastically friendly, and the scenery is wonderful,” Desmond said in his comment.
But the picture isn’t all roses. William Pederson wrote in his comment that he knows five couples who’ve moved overseas and returned stateside. “You get what you pay for,” he said.
Here’s more of the fun stuff, and a few downsides, from our readers: …Learn More
February 27, 2018
Geriatric Help Eases Family Discord
Family harmony and your parent’s desires are the top priorities during their final years of life – not long-simmering sibling arguments or what you may feel is best for him or her.
That’s why it’s critical for the entire family to gather around parents for caring and gentle conversations before a crisis occurs, such as a medical emergency or sudden cognitive decline.
Jennifer B. Warkentin
“These are the kinds of conversations that need to happen while a parent is still able to discuss the options and make their wishes clear,” said Jennifer B. Warkentin, a clinical psychologist specializing in geriatric care.
Numerous conversations will actually be required to sort out myriad potential needs as a parent continues to age. The issues are both simple and complicated, from contacting Meals on Wheels and installing a shower chair to putting parents’ financial affairs in order, finding a suitable home health aide, and preparing legal documents.
Some parents are eager to have this conversation so they can get things squared away. More often, however, the conversations are tricky, because they make parents uncomfortable with a perceived “role reversal,” said Warkentin, who works primarily with elderly people in skilled nursing facilities in Boston’s western suburbs. She also has clients in independent and assisted living facilities. …Learn More
February 22, 2018
What’s a Geriatric Care Manager Anyway?
Staging your parent’s 90th birthday party, accompanying him or her to a doctor’s appointment, or finding the best long-term care facility for the right price – geriatric care managers do all this and much more.
Geriatric care managers come into the profession with expertise ranging from gerontology and nursing to social work and psychology, and they bring a unique perspective to caring for the elderly. Their first loyalty is to your parent and her well-being, though they want to work closely with everyone involved – parent and adult children – to meet the parent’s wishes.
Suzanne Modigliani, an aging life care specialist near Boston, handles “all spheres of an individual’s life – physical, cognitive social, emotional, financial, community and family.” She’ll even make referrals to geriatric care managers for a parent living in a different city.
An elderly person’s top choice for a caregiver is, logically, their spouse – daughters are typically next. And credentialed geriatric care managers are not cheap: they charge anywhere from $100 to $200 per hour, depending in part on an area’s cost of living – hourly charges can be $400 in Manhattan.
So how do adult children know if their parent could benefit from having a geriatric care manager? Modigliani advises them to be on the lookout for unusual behaviors such as growing difficulty with routine financial matters that the parent has always handled, or a bare refrigerator at mom’s house during holiday gatherings.
Unfortunately, it’s often a medical or other crisis that suddenly alerts siblings to problems that have been developing for a while. Waiting until a crisis, when tensions are high, is usually the worst time to deal with emotional issues – including finding a good care manager. Geriatric care managers have experience and can help smooth over these situations. …Learn More