Posts Tagged ‘ senior finance concerns ’

SENIORS REGRET PURCHASES

Aug 12th, 2013 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

Underneath the Glamour SCJ editors recently spent a holiday in a popular international resort, Cabo San Lucas. While there, they attended a presentation about buying a membership in a local resort, and discovered why resort memberships and timeshares are considered the number one regretted-purchase by seniors.// The presentation was shiny and glamorous, with all the [...]



RETIREMENT SAVINGS TOP CONCERN FOR SENIORS

Jul 8th, 2013 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

The National Institute on Retirement Security recently published a study that highlights a top concern of senior citizens and Baby Boomers. The findings confirm “…the American Dream of retiring comfortably after a lifetime of work will be impossible for many. Based on 401(k)–type account and IRA balances alone, some 92 percent of working households do [...]



Senior Citizen Financial Concerns

Aug 9th, 2011 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

Financial Concerns Cause Senior Citizen Anxiety The headlines this morning reflect the alarm on the part of investors regarding economy issues in the United States.  A 600 point sell-off yesterday (August 8, 2011) means the value of senior citizens’ portfolios plunged.  So what’s to do about the anxiety?// Anxiety is a bug-a-boo that has the [...]



Seniors: What Can We Do?

Dec 3rd, 2010 | By Dr Jerry D Elrod | Category: Senior Moments Blog

It is not enough that many of us went to the polls, expressing opinion and anger, and a variety of emotions which don’t accomplish much.

It is not enough that we now sit idly in front of television or computer watching as the world, like a volcano, begins its tremors and slight eruptions portending more disaster to come.

It is not enough that the unemployed face the likelihood of reduced or completely eliminated employee benefits.

It is not enough that incisive opinionators like Thomas Friedman in the New York Times, last weekend, serves as a contemporary Paul Revere harking the news that a high percentage of Americans think “America’s best days are



Senior Finances 101: Understanding Annuities #4

Oct 12th, 2010 | By Sharon Shaw Elrod MSW EdD | Category: Senior Moments Blog

We hope this series on annuities helps you understand them better, and provides an option to consider as you review your investment strategy with your financial advisor. Senior citizens need design their investment strategy carefully to insure adequate retirement income as much as it is possible to do that.

This article addresses variable annuities. This kind of annuity developed as a result of insurance companies wanting to get in the act with mutual funds. As with all annuities, the variable annuity is a contract with an insurance company. Time periods are defined by the contract as well.

What is different with variable annuities is the money you deposit is used to purchase mutual funds. Some



Senior Finances 101: Understanding Annuities, #2

Oct 7th, 2010 | By Sharon Shaw Elrod MSW EdD | Category: Senior Moments Blog

The first plan we are going to talk about in the SCJ series on annuities is the Single Premium Deferred Annuity. The SPDA is self-explanatory–you deposit a sum of money (single premium) in the policy and then wait until a later time (deferred) to withdraw the money. You and the insurance company agree in a contract (the annuity agreement) that you are guranteed a certain rate of interest for a defined time period. The time period can be anywhere from one to seven years. Your interest rate will depend on the length of the guarantee. As in any annuity, if you take money out before the agreement stipulates, you will be hit with surrender charges.

The attractive feature of the SPDA is the tax issue; you do not pay tax until you withdraw money, not even when the interest begins to add up in the policy. If you have money to invest, and are as sure as you can be that you



Senior Finances 101: Understanding Annuities

Oct 6th, 2010 | By Sharon Shaw Elrod MSW EdD | Category: Senior Moments Blog

Our senior readers have raised some questions about annuities recently, so it’s time again to talk about this kind of retirement investment. SCJ article in May provided information about the AARP Five-Year Fixed annuity that senior citizens would want to consider. There are other considerations you may want to think about as you contemplate where your investment dollars will go and stretch the farthest.

It’s the nature of annuities to be ‘fixed’; it’s easy to get in to them, and very difficult (if not impossible without losing most of your investment) to get out. If you buy an annuity, you need to do so with the understanding that you will have it for life. We seniors are living longer and our retirement dollars have to last longer. If the politicians will keep their hands off our safety net (Social Security), we won’t have to be concerned about



Seniors: Where Does Our Tax Money Go?

Oct 2nd, 2010 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

Senior citizens across the country have complained for most of our adult lives that we don’t know where our tax money really goes. We hear percentages, we see charts, we read explanations, and we still are not sure how much is spent on things we don’t like versus how much is spent on what we [...]



Seniors: The Truth About Proposed Changes in Federal Taxes

Sep 12th, 2010 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

It’s time again for SCJ to address some of the fears senior citizens are expressing about taxes.  Fear is generated by experts using fear-mongering tactics; it can only be countered by responsible people and organizations telling the truth, and trying to expose fear-mongering for what it is. A lot of information is being bandied about [...]