Squared Away Blog

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. The Conversation. Numerous conversations will actually be required to sort out myriad potential needs as a parent continues to ag…

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 Suzanne Modigliani, an aging life care specialist near Boston, handles “all spheres of an individual’s life – physical, cognitive social, emotional, financial, community…

Millennials, longevity, Americans’ retirement outlook – these are among the topics economists tackle in five interesting research briefs. Links to each brief below appear at the end of their titles. (Full disclosure: the researchers are at the Center for Retirement Research at Boston College, which funds this blog.) “Will Millennials Be Ready for Retirement?” – They are the most educated generation. Yet they lag previous generations of young adults in their retirement preparedness. Student loan debt is one big reason. “National Retirement Risk Index Shows Modest Improvement in 2016” – Rising house prices boosted individuals’ wealth, modestly improving our retirement outlook. But, again, Millennials face significant headwinds. “Is Working Longer a Good Prescription for All? – Most households’ retirement plans…

Tami Fincher dives into projects head first. Two years into a 5-year plan to retire early in Central America, her short list – so far – is Boca Chica and El Valle de Antón, in Panama, and Guanacaste Province, in northern Costa Rica. She and husband Stephen Fincher are making their plans to join the growing number of Americans-turned-expatriate retirees. In 2016, more than 603,200 Social Security checks were mailed to retirees, their spouses and widows living abroad. They are moving as much for the adventure as for the lower cost many countries offer. An exotic retirement isn’t for everyone. Even if they could save on living costs, people who’ve never been keen on international travel might prefer to remain…

Cash-strapped workers understandably are tempted to spend their tax refunds, a sort of financial lifeboat that floats by once a year. Financial experts see the windfall as something more: an ideal opportunity to sock money away. Yet only about 10 percent of low-income workers save their refunds, even though doing so could prevent the financial dominoes – past due bills, late rent payments, or delayed car repairs – from falling. These are common outcomes when their spending gets out of whack. Past experiments that tried to encourage cash-strapped low earners to save had modest success. A novel research study looks for clues to what motivates them by examining who spends the refund versus who saves it. The central finding in a Journa…

Two Morgan Stanley investment advisers agreed last week to plead guilty to stealing nearly $500,000 in a set of schemes that took particular aim at their elderly or retired clients, the U.S. Department of Justice charged. One client is in his mid-80s. Multiple allegations detailed in the federal complaint demonstrate the creative ways that trusting older individuals might be deceived. For example, the Justice Department (DOJ) indicated that college tuition may have been the auspice or motivation for adviser and broker James S. Polese’s alleged fraud to obtain $320,000 from the client in his 80s – labeled Client B in the complaint. The allegations included that Polese, age 51, knew a $50,000 loan from Client B for his children’s colleg…

When it comes to state residents’ health insurance coverage, Utah and New Mexico are polar opposites. Sixty percent of Utah residents are covered at work – the most nationwide. New Mexico employers cover only 36 percent – the lowest coverage rate. It follows that their Medicaid populations also differ. In Utah, the federal-state health insurance program covers the nation’s smallest share (10 percent) of poor and low-income workers. New Mexico’s Medicaid population is triple that (31 percent of residents), and its poverty rate is among the highest nationwide. “Where you live can play an important role in what coverage options are available to you and how affordable they are,” said Rachel Garfield, the Henry J. Kaiser Family Foundation’s senior researcher and…

J.D. Vance’s rural Kentucky roots, described in his book, “Hillbilly Elegy,” differ from my father’s family in southern Indiana in one important way. Vance’s violent, angry mother was a substance abuser with a trail of failed relationships in her wake. Vance carries the childhood scars. My dad’s family was a bunch of kind, reticent, teetotaling farmers. Alvin and Lena Belle Blanton and sons Gerald and Leland, 1966. But the similarities between our families struck me too – Vance called his grandfather Blanton “Papaw,” which I’d always thought was unique to my own Papaw Blanton but, I now know, is an endearment. And believe me, the corn fields and hills of southern Indiana and contiguous Kentucky are more southern than Midwestern…

I was honored to be in the company of some excellent retirement writers recognized in a recent article in The Wall Street Journal, “My Favorite Writers on Retirement Planning.” Since I started writing this blog in May 2011 for the Center for Retirement Research, which is funded by the U.S. Social Security Administration (SSA), retirement writers have come out of the woodwork to help the swarms of retiring baby boomers – and many of us need it! Others featured in the article by the Journal’s Glenn Ruffenach – some new, some veterans – include financial planner Michael Kitces, whom I’ve interviewed about tax strategies for retirement plan withdrawals. Most everyone knows Jonathan Clements, a former long-time Journal reporter now editing…

The stock market’s 19 percent climb in 2017 was nothing short of impressive. This year, it has gained another 6 percent. This means that many boomers with 401(k)s are feeling a little more secure about retirement – at least for now. That more people feel they will be able to afford a vacation this summer with their children. And that Warren Buffett is getting richer even faster. But one in two Americans isn’t at the party. According to the Survey of Consumer Finances in 2016, the Federal Reserve Board’s latest triennial survey and the most comprehensive look at Americans’ personal finances, 48 percent of U.S. families do not own equities. Less surprising is how stock holdings break out at various income levels. About 30…

Baby boomers have limited time and only a few options to improve their financial prospects when they retire and give up a regular paycheck. Millennials have more time to do something about it. They should start thinking about it, indicates a study by the Urban Institute’s Richard Johnson, Karen Smith, Damir Cosic, and Claire Xiaozhi Wang. Their test of a comfortable retirement was set at a 75 percent replacement rate, meaning retirees need 75 cents in monthly income for every dollar earned in their final decade of working. For this analysis, the researchers estimated retirement income at age 70 – an age when most people have already retired – for every individual in the federal data sources used in their analysis. They…

This milestone must be noted: about half of baby boomers are now over 62 and can claim their Social Security benefits. The year 1955 was the midpoint for the post-World War II population explosion – and those boomers born in 1955 will turn 63 sometime this year. This marks the time to take stock of differences between the old boomers (born 1946-1955) and young boomers (1956-1964).  Of course, Social Security eligibility doesn’t automatically mean retirement, and boomers of all ages are retiring later than their parents.  Today, only around a third of 62-year-olds file immediately for Social Security benefits – it was closer to half for the oldest boomers. The downward trend should continue. But a yawning difference between the two boomer…