Bulletin TodayReverse mortgages are not being used as Congress intended, according to a new report from the government watchdog agency Consumer Financial Protection Bureau (CFPB). Reverse mortgages were created to provide an income options for retirees. But these mortgages are increasingly being taken out by younger borrowers, which could decrease long-term retirement security. Borrowers also tend to take lump-sum payments that can be used up quickly.
Bulletin Today | Money & SavingsOof. The latest estimate of an average American couple’s retirement health care costs is $240,000. The calculation, from Fidelity Investments, is based on a 65-year-old couple with Medicare coverage, and factors in things like premiums, co-pays, deductibles and out-of-pocket prescription drug costs. It doesn’t factor in things like long-term care, dental services, over-the-counter meds or hearing aids.
Bulletin Today | WorkYesterday I wrote about droves of older Americans who’d checked out of the workforce in April, perhaps because some were unemployed for a long time and had given up looking in a weak jobs market. But a few economists who’ve been studying the labor force see a more positive trend: they believe many of these people just plain retired. Economist Mark Zandi, in a USA Today report, says more employed workers than unemployed dropped out of the labor force last month. …
Bulletin TodayThe majority of Asian, African American and Hispanic retirees in the United States struggle to cover basic living expenses, according to new research from the non-profit Wider Opportunities for Women (WOW).
Bulletin TodayMillions of older adults are still paying off student loan debt. New research from the Federal Reserve Bank of New York found Americans 60 and older still owe about $36 billion in student loans.