Category Archives: Money

Tips for seniors about Social Security

tips for seniors

We’re sharing the above information with readers of this site because of an email from s reader; thank you, JV.

” Here is a situation that is about to take place for seniors. Next week the Social Security direct deposits come out. Hundreds of single and coupled seniors  month after month go to the bank and get some cash to have at the house; many of them have a few hundred dollars to be able to grocery shop, get meds, get gas, go out to eat and many of them at this point have little or no cash left from March …

“SO prepare to understand that this large group of people WILL be going out to the bank to replenish their funds and many go into the bank meaning the spread of this deadly virus will jump greatly.”

stop the spread


Also, be aware: There are so many Social Security scammers and spammers operating in this coronavirus pandemic enviroment. Heed this message from the Social Security Administration, click on the link below:

What should I do if I get a call claiming there’s a problem with my Social Security number or account?

 

Poverty issues: evictions and what it costs to achieve self sufficiency

FROM AN E-mail from Pennsylvania Post:

“What’s it like to be on the verge of poverty, without a home but still trying to take part in politics. Studies show that those who live in unstable financial and housing conditions vote less often. And in Reading, where the eviction rate is highest among the state’s top five cities, that could mean low turnout in a city that has recently experienced an uptick in eligible Latino voters.”

eviction ratesSOURCE: Evictionlab.org


“The high cost of living in Pa: If you and your partner live in city suburbs with two children, you have to make $88,000 a year if you want to live without government assistance, according to a Self-Sufficiency Standard compiled for 41 states by the University of Washington. That’s a shocking number for most Pennsylvanians, where the median income for the state is about $28,000 lowerThe Inquirer broke down the standard of living calculations for the county suburbs surrounding Philly.

“You can go from an upstanding middle-class American citizen to completely under the eight ball.” | “Patients Stuck With Bills After Insurers Don’t Pay As Promised” – Kaiser Health News

Markley Prior Authorization“Darla Markley and her husband, Andy Markley, of Winter Park, Florida, tried to pay off their medical bills following tests Darla had done at the Mayo Clinic in 2010. Even after Mayo wrote off some of what they owed, her disability and Social Security checks barely covered her insurance premiums. Five years after her initial hospitalization, they had no choice but to declare bankruptcy.” (Zack Wittman for KHN)

by Lauren Weber

“The more than $34,000 in medical bills that contributed to Darla and Andy Markley’s bankruptcy and loss of their home in Beloit, Wisconsin, grew out of what felt like a broken promise.

“Darla Markley, 53, said her insurer had sent her a letter preapproving her to have a battery of tests at the Mayo Clinic in neighboring Minnesota after she came down with transverse myelitis, a rare, paralyzing illness that had kept her hospitalized for over a month. But after the tests found she also had beriberi, a vitamin deficiency, Anthem Blue Cross and Blue Shield judged that the tests weren’t needed after all and refused to pay — although Markley said she and Mayo had gotten approval.

“While Darla learned to walk again, the Markleys tried to pay off the bills. Even after Mayo wrote off some of what they owed, her disability and Social Security checks barely covered her insurance premiums. By 2014, five years after her initial hospitalization, they had no choice but to declare bankruptcy.”

Read this article at Kaiser Health News in its entirety, click here.

“1040-SR: The New Tax Return Form for Seniors” – The Balance

Here’s what senior citizens should know about the new tax form.

1040-SR

Lawmakers have been trying for years to cut seniors a bit of a break at tax time, and the Bipartisan Budget Act of 2018 finally took a solid step in that direction by simplifying tax filing for individuals aged 65 and older. They’ll now have their own tax form, the 1040-SR.

It’s said to be similar to the 1040-EZ in several ways and much easier to negotiate than Form 1040. The tax form was first proposed in 2013 as part of the Seniors Tax Reconciliation Act. The AARP, the National Taxpayers Union, and the Association of Mature Americans all supported the bill. Alas, it never won the approval of the Senate.

Continue reading this article at the balance, click here.

“The Distressing Growth of Wealth: Inequality of Boomers Gaps between the haves and have-nots, and what could shrink them” – next avenue

Wealth_DisparityCredit: @taliamarie via Twenty20

by Richard Eisenberg

In her piercing new book Unbound: How Inequality Constricts Our Economy and What We Can Do About It, economist Heather Boushey writes: “The trend toward greater economic inequality continues its seemingly inexorable march.” Four recent studies — including one just out today — reveal that wealth inequality among boomers specifically has been growing, turning this massive generation into one of haves and have nots.

The nonpartisan reports, which analyzed boomers’ retirement security, financial assets and housing status, come from the U.S. Government Accountability Office (GAO); the National Institute on Retirement Security think tank; the St. Louis Fed’s Center for Household Financial Stability and the Harvard Joint Center for Housing Studies.

Their key findings:

Click here to continue reading this article at next avenue.

US Senate Special Committee on Aging Webpage has huge aging resources links

senate aging

For information about aging topics click here or on the above graphic.

“The financial toll of caring for aging parents as an only child” – Marketplace

taking care of parentBeth Beth Salamon is an only child taking care of her mother, who has dementia. Above, they are pictured in 2009. (Courtesy of Beth Salamon)

by Rose Conlon

“When Holly Hill’s grandfather entered hospice in June, she watched his four children — including her mother — come together as a team to care for him and support each other. But Hill, who’s an only child, couldn’t help but wonder what things might look like when it was her own mother who needed care.

“‘My mom even said to me at one point, “You can’t do it all on your own. You have to take breaks,” remembered Hill. ‘And I thought to myself, “Who’s going to give me a break?”

“Hill, 39, a first grade teacher and a mother herself, lives two hours away from her parents. She hopes they’ll move closer to her before they start needing more care, but it’s a hard sell. They’ve lived in the same house for 40 years — the one her dad built.”

Click here to continue reading this Marketplace article.

 

“The Pay Gap is an Aging Issue” – NCOA

pay-gap-blog-header

by Lauren Popham, PhD

“We weren’t surprised when more than half of women responding to a survey we conducted with Ipsos said they are worried about outliving their savings. Income is tied to lots of aspects of aging, but the way that plays out once you turn 60 is very different for men and women. One major reason: the gender pay gap.

“A lifelong problem

“Women are more likely to experience financial insecurity than men, and this discrepancy becomes even more pronounced later in life. Making less than their male coworkers means women have less money saved when they retired, and will draw less money from Social Security once they’re eligible. We’re left with sobering statistics like this from the Health and Retirement Study: half of women age 60 or older have household incomes below $39,600, yet the median income for men in the same age range is $55,000.

“Despite entering retirement age at a disadvantage, women tend to live longer and face more out-of-pocket costs for things like medication each year.”

Read this article in its entirety at National Council on Aging blog.

“The United States of Elder Fraud – How Prevalent is Elder Financial Abuse in Each State?” – comparitech

USA-elder-fraud

by Paul Bischoff

“The vast majority of elder fraud cases in the US go unreported. Our research team set out to uncover the true cost of elder fraud in the US by analyzing and extrapolating data from government reports and registries.

“Comparitech estimates 5 million cases of elder fraud occur in the US annually resulting in $27.4 billion in losses.

“Elder fraud, also called elder financial abuse or elder financial exploitation, is defined as the misappropriation or abuse of financial control in a relationship where there is an expectation of trust, resulting in harm to the elderly victim.

“More than 200,000 scams and financial abuse cases targeting the elderly are reported to authorities every year, and most experts agree that’s just the tip of the iceberg. Our estimates show $1.17 billion in damages are reported to authorities, but the real figure likely dwarfs that amount when factoring in unreported elder fraud.

“To calculate the full scope of the problem, Comparitech aggregated data from multiple studies on elder fraud in every US state, including the number of reports to authorities and average loss per case. We then used those numbers to estimate the total number of cases and total damages in each state, adjusted for the proportion of unreported cases.”

Click here to read the report and read this article at comparitech in its entirety here.

October 03 – Financial Empowerment Conference for Individuals with Disabilities

financial empowerment

Learn more and register – click here.

October 3, 2019
Forest Room, Keystone Building
Harrisburg, PA
Pennsylvania Assistive Technology Foundation (PATF) is holding its first financial empowerment conference for people with disabilities on October 3, 2019 in Harrisburg and you’re invited! 
“Vision for the Future: Financial Empowerment Conference for Individuals with Disabilities” will bring together individuals with disabilities, family members, service providers, nonprofit organizations, and policy makers to discuss, collaborate, and learn about financial education.

The conference is a one-day, free, accessible event open to the public. Registration is required. A limited number of scholarships are available to people with disabilities and their families to help defray the cost of travel and lodging.