Money and Work

As a senior editor for AARP Media, Carole Fleck covers personal finance, the economy, older worker, retirement planning and other news affecting people 50-plus.

AARP Study Finds the Road to Reemployment Is Bumpy for Many

Older job seekers who were out of work at some point in the last five years found that tapping their network of contacts, reaching out to employers directly and starting their job search immediately rather than taking a break tended to be more successful in landing a job, according to a new report entitled “The Long Road Back: Struggling to Find Work After Unemployment,” by the AARP Public Policy Institute. Yet for many others, the study found that a substantial number …

AARP Member Leads Effort to Stop Neighbor’s Eviction

Sometimes it takes a village to help a neighbor, and retiree Robert Bennett is mighty grateful for folks in his town on the banks of Maryland’s Chesapeake Bay. A resident in Bennett’s Annapolis community, situated between Baltimore and Washington, D.C., recently raised $15,000 in six days through an online GoFundMe campaign to help him stay in his home. Bennett was threatened with foreclosure if he didn’t come up with $13,000 by the end of this month to pay back taxes and insurance. Read: …

Arbitration Clauses for Credit Cards, Other Services May Harm Consumers

Millions of consumers may not be getting a fair resolution in disputes with their financial institutions over products and services, according to a report released Tuesday by the Consumer Financial Protection Bureau. The CFPB examined the arbitration clauses in contracts for credit cards, prepaid cards, private student loans, payday loans, cellphone service and checking accounts. These clauses generally permit companies to resolve consumer complaints using arbitration. Most bar consumers from filing class-action suits, which may provide a fairer and more …

One Older Worker’s Job-Hunting Saga

The following post is by an AARP member who wanted to share his experience in finding a new position. He requested anonymity for himself and his current and former employers. One hundred job applications submitted. Forty-two phone interviews logged. Eighteen face-to-face job interviews. And finally, after 7½ months, a job offered and accepted. My journey began last March, when I was unceremoniously fired as a software engineering manager after 22 years. It wasn’t a complete surprise. The company had been …

Surprise! Reverse Mortgages Are Very Confusing

A three-year examination of reverse mortgage complaints to the Consumer Financial Protection Bureau shows that borrowers often didn’t understand the terms of those loans, including how quickly their loan balances would go up and their home equity would fall, the bureau said in a new report. Reverse mortgages allow homeowners age 62 and older to tap into the equity in their homes. They’re different from home equity credit lines or home equity loans because a reverse mortgage generally is paid back only when the homeowner …

Brooke Astor’s Grandson Tells Senate Panel of Financial Abuse

The Senate Special Committee on Aging held one of its periodic hearings on financial abuse of older people the other day, this time inviting a relative involved in one of the more spectacular headline-making cases in recent years to testify. The grandson of socialite Brooke Astor, who blew the whistle on his father for plundering millions from his grandmother’s estate, told the Senate panel Wednesday that his grandmother’s greatest legacy may be the national attention focused on elder financial abuse. “While my grandmother …