All Posts in "Personal Finance/Consumers"

A new poll of U.S. adults on their financial well-being reveals contrasts between what they feel now and about the future.

According to the survey commissioned by the National Endowment for Financial Education (NEFE), 68 percent of respondents say the current quality of their financial life is what they expected or better, while 69 percent are at least somewhat concerned that their money will last through their later years.

Among other feedback, released in April, from the 1,222 adults nationwide who were polled by mail, phone and face-to-face interviewers: 

  • 53 percent felt they will never have the things they want in life because of money.
  • 62 percent are, to one degree or another, “just getting by” financially, and 33 percent rarely have money left over at the end of a month.
  • When asked about having money left over at the end of the month, 39% of respondents say that they do, 27 percent say they sometimes do and 33 percent say they rarely do. 

The poll was conducted by AmericSpeak, a program of the National Opinion Research Center at the University of Chicago.

NEFE) is an independent financial-education advocate and researcher. Additional information is available at  www.nefe.org.

The Senior Scene by — September 3, 2024 in Personal Finance/Consumers

SAVVY SENIOR

By Jim Miller

Dear Savvy Senior,

Can you recommend any services that can help my elderly mother with her financial chores? My dad always used to handle the bill paying and paperwork, but he passed away last year, and mom struggles to keep on top of things. And I don’t live close enough to help her on a regular basis.

Concerned Daughter

Dear Concerned,

It sounds like your mom could use a good daily money manager (DMM). These are financial-savvy professionals that can help older adults who have difficulty managing their own day-to-day personal finances. The types of services include paying bills, maintaining financial records, balancing checkbooks and negotiating with creditors. DMMs can also prepare checks for clients to sign, help organize bank and financial records, prepare and deliver bank deposits, gather and organize documents for tax returns, help decipher medical bills, and review bank statements in order to detect potential financial abuse or fraud.

Depending on where your mom lives, DMM services may be available through private non-profit elder assistance organizations or government agencies. These agencies often use volunteers to provide basic DMM tasks, such as bill-paying at no cost. To find out if this is available in your mom’s area, contact her Area Aging Agency. Visit ElderCare.acl.gov or call 800-677-1116 for contact information.

In addition to the non-profit DMMs, an increasing number of individuals and private for-profit companies have started offering DMM services for a fee. Cost varies by region, but it often ranges between $25 and $100 per hour. Most clients need approximately four hours of services per month, but this too varies according to the complexity of the person’s financial situation.

The best place to look for a professional DMM in your mom’s area is through the American Association of Daily Money Managers (AADMM.com), which offers an online directory that lets you search by ZIP code. All the pros listed there have signed the group’s code of ethics. Some have passed a certification exam to earn the designation of Certified Daily Money Manager.

Before hiring a daily money manager, however, get references from two or more of their clients and check them. Also, find out what they charge and what type of insurance coverage they have. Keep in mind that neither federal nor state governments regulate the DMM industry, so there is little oversight of these services. So before turning over your mom’s bills, make certain it’s someone you can trust.

One other highly rated bill-paying service that’s specifically designed for older adults and caregivers is SilverBills (SilverBills.com). Available nationwide, this is a secure concierge bill-management service that will manage your mom’s bills and pay them on her behalf, on-time and correctly, for a flat fee of $50 per month. Your mom will be paired with an account manager who will communicate and work with her over the phone or through e-mail, text, or mail–her preference. Using a computer isn’t required. SilverBills also reviews all bills for errors and fraud and provides monthly statements showing the date, amount and manner of each payment.

Send questions for Jim Miller to Savvy Senior, P.O. Box 5443, Norman, OK 73070, or at savvysenior.org. Miller is a contributor to NBC TV’s “Today”  show and author of “The Savvy Senior” book.

The Senior Scene by — August 6, 2024 in Personal Finance/Consumers

Sometimes, robocalls are random. But they can also be an attempt to get a person’s sensitive information and sell it.

That’s what the Federal Trade Commission says happened with Response Tree LLC. The lead-generation company based in California recently agreed to a settlement with the FTC that bans the company from making or assisting in making robocalls or calling phone numbers on the federal Do Not Call Registry.

People looking for a quote to refinance their mortgage gave the company their name and number. But instead of giving quotes, Response Tree took the information and sold it to telemarketers making illegal robocalls about fake automobile warranties, solar panels, hearing aids, and Social Security disability services, according to the FTC.

To avoid and report suspected robocalls and scams, the FTC tells consumers to:

• Know your rights. A robocall trying to sell something is illegal unless the company has your written permission to call you that way.

• Help investigators stop illegal robocalls by reporting them online at DoNotCall.gov. More advice on how to stop unwanted calls is at ftc.gov/calls.

Source: Pierce County Aging and Disability Resources

The Senior Scene by — June 19, 2024 in Personal Finance/Consumers

Seventy-eight percent of Baby Boomers ages 60 to 78 believe their age would be a contributing factor when being considered for a new position and a similar percentage think age counts against them in job-hunting, according to a study commissioned by the American Staffing Association and conducted online by The Harris Poll.

By comparison, 55 percent of Gen Z (ages 18 to 27) feel this way, along with 51 percent of Gen X (44 to 59), and 39 percent of Millennials (28 to 43).

The news comes as on the heels of reports that 19 percent of U.S. adults 65 and older were employed last year—close to double the number from 35 years ago.

The survey also found that 68 of Boomers believe their age puts them at a disadvantage when finding a new job, compared with 53 percent of Gen X, 29 percent of Millennials, and 48 percent of Gen Z.

Overall, 53 percent of Boomers say their age limits their career opportunities. The Boomer generation is also far less likely to search for a new job in 2024 compared with their younger counterparts.

“It’s time for a paradigm shift in how the U.S. labor market views older workers,” said Richard Wahlquist, chief executive officer o American Staffing Association (ASA). “Discrimination based on age is illegal and can’t be tolerated. But routing out persistent and growing ageism requires much more than stepped-up legal enforcement. Policymakers and human resources leaders need to work together to correct and overcome the misconceptions, stereotypes, and biases—conscious and unconscious—of the past. Mature workers have the knowledge as well as workplace skills accumulated over a lifetime that America needs today and will need even more in the future.”
ASA’s survey was conducted online by The Harris Poll from Jan. 5–9 among 2,094 adults 18 and older, of whom 1, 294 were employed.

Source: American Staffing Association is a national organization with state affiliates that provide advocacy, research, and education involving personnel staffing in the workplace. More information is at americanstaffing.net.

The Senior Scene by — June 5, 2024 in Personal Finance/Consumers