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Aug 19, 2013

The income annuity puzzle: Why don’t more people use them?

CHICAGO (Reuters) – Economists have long argued that there’s a perfect financial product for retirement: the humble immediate income annuity.

It’s a straightforward proposition: Fork over a big chunk of cash to an insurance company, which starts sending a monthly check when you retire – or later. The cash keeps coming as long as you live.

Aug 16, 2013

Column: Long-term care insurer Genworth hints at higher prices

CHICAGO (Reuters) – When Genworth Financial talks, people listen – especially when the subject is the long-term care insurance business.

Genworth is one of two very large players left in the industry; the other is John Hancock. Each provides long-term care insurance to four times as many people as are covered by the next-largest competitors, according to the American Association for Long Term Care Insurance (AALTCI).

Aug 15, 2013

Long-term care insurer Genworth hints at higher prices

CHICAGO (Reuters) – When Genworth Financial talks, people listen – especially when the subject is the long-term care insurance business.

Genworth is one of two very large players left in the industry; the other is John Hancock. Each provides long-term care insurance to four times as many people as are covered by the next-largest competitors, according to the American Association for Long Term Care Insurance (AALTCI).

Aug 8, 2013

Column: Social media use surges in over-50 crowd

CHICAGO (Reuters) – Christine Jensen has two adult daughters in their 30s, and they like to tease their mother about the amount of time she spends on Facebook.

“They aren’t on it nearly as much as I am,” says Jensen, 58, who joined Facebook about three years ago to stay in touch with her very large extended family and friends in the four states where she’s lived.

Aug 8, 2013

Social media use surges in over-50 crowd

CHICAGO, Aug 8 (Reuters) – Christine Jensen has two adult
daughters in their 30s, and they like to tease their mother
about the amount of time she spends on Facebook.

“They aren’t on it nearly as much as I am,” says Jensen, 58,
who joined Facebook about three years ago to stay in
touch with her very large extended family and friends in the
four states where she’s lived.

Aug 6, 2013

U.S. cities to retirees: Don’t count on health insurance, either

CHICAGO, Aug 6 (Reuters) – Chalk it up as an unintended
consequence of Obamacare: a growing number of U.S. employers are
aiming to cut their healthcare costs by shifting retirees into
the law’s new public insurance exchanges, which launch this
October.

Detroit, which filed for bankruptcy, hopes to push retirees
who are too young for Medicare onto the new public insurance
exchanges as a way of shedding healthcare liabilities. Chicago
has proposed a plan to migrate most of its 30,000 under-65
retirees to the state exchanges by 2017. And, in the private
sector, more than 60 percent of employers are reassessing their
retiree health coverage as a result of the Affordable Care Act
(ACA), according to a study to be released this week by Aon
Hewitt, the benefits consulting firm.

Aug 1, 2013

How to get employees of small businesses to save for retirement

CHICAGO (Reuters) – The U.S. Chamber of Commerce and AARP usually can be found on opposite ends of the ideological spectrum when it comes to retirement policy. The two Washington advocacy powerhouses have often been at loggerheads on key policy fights, such as Social Security and Medicare reform.

But these strange bedfellows teamed up last week to sponsor a half-day seminar on a major challenge: improving access to workplace retirement plans and boosting participation and saving rates.

Jul 30, 2013

Column: Should you worry about Detroit’s pension woes?

CHICAGO (Reuters) – The news from Detroit is enough to rattle anyone relying on a traditional pension: an unprecedented bankruptcy filing by a major U.S. city that opens the door to possible sharp cuts in benefits.

It’s still far from clear that the courts will let Detroit slash pension benefits as part of its bankruptcy filing. But is the city’s situation a harbinger of things to come for Americans relying on traditional defined benefit pensions?

Jul 30, 2013

Should you worry about Detroit’s pension woes?

CHICAGO, July 30 (Reuters) – The news from Detroit is enough
to rattle anyone relying on a traditional pension: an
unprecedented bankruptcy filing by a major U.S. city that opens
the door to possible sharp cuts in benefits.

It’s still far from clear that the courts will let Detroit
slash pension benefits as part of its bankruptcy filing. But is
the city’s situation a harbinger of things to come for Americans
relying on traditional defined benefit pensions?

Jul 25, 2013

Three tips for older Americans enrolling in Obamacare

CHICAGO (Reuters) – The marketing blitz for the launch of Obamacare is underway, with ad campaigns in many states featuring actors, musicians and athletes urging people to sign up for the health insurance program. A big federal ad campaign will follow in September.

Marketing and communication might serve as an antidote to the confusion and antipathy that persists about the Affordable Care Act (ACA), especially among older Americans. Forty-nine percent of people over age 65 disapprove of the law, compared with just 37 percent of 18-29-year olds, according to the Pew Research Center.

    • About Mark

      "Mark Miller is a journalist and author who writes about trends in retirement and aging. He has a special focus on how the baby boomer generation is revising its approach to careers, money and lifestyle after age 50. Mark is the author of The Hard Times Guide to Retirement Security: Practical Strategies for Money, Work and Living (John Wiley & Sons/Bloomberg Press, 2010) and edits RetirementRevised.com. Mark is the former editor of Crain’s Chicago Business, and former Sunday editor of the Chicago Sun-Times. The opinions expressed here are his own."
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