By Howard Gleckman; Forbes ~ Jul 16, 2015
What are the odds you’ll need assistance to help with personal activities such as bathing or dressing before you die? For those about to turn 65, it’s about 50/50, according to an important new study. On average, you can expect to need this high level of care for about two years. But one-in-five Americans will need such assistance for less than one year while about one in seven will need extensive help with daily living for five years or more.
By B. David Joffe; JDSupra ~ Jul 13, 2015
The Internal Revenue Service (IRS) has surprisingly issued a notice of its intention to amend the required minimum distribution (RMD) regulations under the Internal Revenue Code (Code) to limit the use of lump sum payments to replace annuity payments being paid by tax-qualified defined benefit plans—an increasingly common practice for employers trying to manage risk and cost. In Notice 2015-49, the IRS states that these plans will no longer be permitted to replace any joint and survivor, single life, or other annuity currently being paid with a lump sum payment or other accelerated form of distribution. The change is proposed to apply as of July 9, 2015, with certain limited exceptions for arrangements already in existence as of July 9, 2015.
By Rob Garver; The Fiscal Times ~ Jul 13, 2015
In a move that may turn out to be politically shrewd but will almost certainly turn out to be practically ineffective, 70 Democrats on Sunday delivered a letter to the White House urging President Obama, in the vaguest of possible language, to “expand Social Security benefits for millions of Americans.”
“As employers continue moving from a defined benefit model to a defined contribution model of retirement savings, it is critical that we fight to protect and expand Social Security –– the only guaranteed source of income in retirement,” the lawmakers wrote, on the eve of the once-in-a-decade White House Conference on Aging that convenes today.
By Susan Peschin; The Hill ~ Jul 12, 2015
More than 70 years ago, Winston Churchill told the British people, “Healthy citizens are the greatest asset any country can have.”
As we approach this month’s 2015 White House Conference on Aging, Churchill’s wisdom is worth remembering.
Today, average life expectancy is almost 80 years. But while we’ve added years to life, we haven’t always made those extra years healthy and vigorous. Eighty percent of seniors have at least one major chronic condition, and half have two or more.
By Megan Lawson, Ph.D. ; The Hill ~ Jul 12, 2015
This Monday the White House will hold its Conference on Aging. While much of the gathering concentrates on the importance of healthcare and retirement security, older Americans also are having a significant economic impact on communities across the U.S. West.
The baby boom generation is retiring in droves (up to 10,000 each day), and many of these newly minted retirees are on the move. These movers bring with them their retirement nest eggs and Social Security payments, which can boost local economies.
By Brian Fung; The Washington Post ~ Jul 10, 2015
AT&T didn’t break the law when it forbade its technicians and other public-facing employees from wearing T-shirts emblazoned with the words “Inmate” and “Prisoner of AT$T,” a federal appeals court ruled Friday.
The ruling overturns a decision by the National Labor Relations Board and permits AT&T to ban the donning of negative T-shirts under an exception to the nation’s labor laws.
By Lauran Neergaard; The Associated Press ~ Jul 09, 2015
WASHINGTON (AP) — Caught between kids and aging parents, the sandwich generation worries more than most Americans their age about how they’ll afford their own care as they grow older, a new poll shows. But most aren’t doing much to get ready.
Nearly 1 in 10 people age 40 and over are “sandwiched” – they’re supporting a child while providing regular care for an older loved one, according to the poll by The Associated Press-NORC Center for Public Affairs Research.
By Elizabeth O’Brien; MarketWatch ~ Jul 09, 2015
As long-term care insurance strains the budgets of middle-class Americans, a growing number are turning to hybrid products that tack long-term care coverage onto a life insurance policy. But do these alternatives make financial sense?
Traditional long-term care coverage pays benefits if the policyholder hires home health aides or enters a facility for long-term custodial (read: non-medical) care. Medicare doesn’t pay for this type of care, which can quickly add up for families.
By Dan Cook; BenefitsPro ~ Jul 09, 2015
Apparently the corporate world is composed of three-quarters followers and one-quarter leaders. At least that’s what an Aon Hewitt survey focusing on health plan strategies indicates.
The consulting firm surveyed 1,000 companies about their intentions with respect to health insurance revisions. Three-quarters said they had no particular strategy, but simply watched their respected peers to see what actions they took. And then they followed.
From Howard Gleckman; Forbes ~ Jul 09, 2015
The number of people needing long-term supports and services is likely to double by mid-century, and there is broad agreement across the political spectrum that our system for delivering and financing that care is, frankly, terrible. But for years, these problems seemed intractable. How could we break the political gridlock that has infected this issue, along with so many others?