On September 26, 2024, the Longevity Project of the Stanford Center on Longevity presented the first in a series of webinars entitled "How Ageism Affects Our Lives." It explored everything from gendered ageism, to ageism in healthcare, to innovations in intergenerational living - plus discussed the roots of ageism in the US and how it is felt across work, healthcare, and community.

An excellent panel of speakers, moderated by Ken Stern, joined in a lively conversation:

• Janine Vanderburg, CEO of Encore Roadmap + Founder/Former Director of Changing the Narrative

• Dr. Sonja Rosen, Chief of Geriatrics at Cedars-Sinai

• Kyrié Carpenter, Co-Founder of Old School Anti-Ageism Clearing House

These are a few of the takeaways from the webinar:

• Everyone at every age is different. Aging may be universal, but the decline during aging is not the same for everyone. In addition, not all older people necessarily think the same way.
• Ageism is a gateway to other "isms." It is good to know and understand other -isms, such as racism and sexism, so you can see people for who they are, not just as a group classification. A common thread that runs through all -isms is unconscious bias.
• Intergenerational experiences are increasingly important as we age. These experiences are particularly helpful when you share common goals and each individual has equal status during interactions.
• Look at every public or government policy with an eye toward ageism and see if ageism plays a role that affects the policy.
• Technology can be a separator of generations. You have to determine if the convenience of using technology is worth the ultimate loss of control you may have. Older people shouldn't automatically think they are stupid when using technology -- it may in fact be that the technology is imperfect and not as user-friendly as it should be.
• Social media has become the cigarettes of this era -- addictive and potentially harmful.

To gain more insights from this webinar, you can view it in its entirety here:

https://www.longevity-project.com/how-ageism-affects-our-lives

Guest Post byJack Wallace, Director at Yrefy

The Fall is a great time to review your retirement budget. Here's what to look for.

Review income and expenses

The first step is to review and analyze your retirement budget including your current income and expenses. Review your income and expenses line by line. Compare your YTD 2024 income and expenses to your income and expenses for 2023. Chances are, given the inflation and high-interest rate environment we have experienced for the last two years, you may need to make some more lifestyle adjustments for the remainder of 2024 and beyond which you would much rather figure out sooner rather than later. (Note: Given the recent 50 basis point reduction in interest rates on September 18, 2024, by the Federal Reserve Bank, and an indication that there are more interest rate reductions to continue, you also may have to adjust your income assumptions downward if you have money market accounts or bank CD’s coming due.)

Essential vs. non-essential expenses

Next you need to review what you consider essential versus non-essential expenses, aka needs versus wants! How much of your monthly spending is discretionary as compared to necessary expenses? How much could you save making more meals at home? Could you cut back on your entertainment expenses and look for more, free, and/or senior discount things to do around town? Budgeting for your housing repairs, health care (particularly medications), transportation and food are the priority expenses not to mention essential, so be sure you’ve allocated enough for your essentials before budgeting for discretionary expenses.

Take advantage of discounts

Whether you’re a member of AARP or the Association of Mature American Citizens, take advantage of senior discounts whenever and wherever you can. It is a fantastic way to save money and still do the things you like. You’ve earned it! Get the senior rate when traveling, look for pharmacies offering prescription card discounts and check out discounts offered to seniors at local retailers, restaurants and entertainment venues.

Consolidate your debts

As of June 2024, 50 percent of credit card holders don’t pay off their credit cards monthly and carry balances from month to month. Given the high-interest rate environment of the last two years, many people are barely able to make the minimum monthly payment. If you have a lot of credit card debt and other loans that you’re struggling to make payments on, consolidate the credit card debt into one credit card with the lowest interest rate possible (pay attention to the fine print for those teaser rates), so you can factor in paying down this debt each month. This can give you peace of mind, and eventually keep more of your money in your pocket. Try setting aside extra money each month to pay down more debt than the minimum that is due so you can get the mountain of debt down as quickly as possible.

Pay off big debts

If you have high floating rates or fixed rates of interest on your auto loan, credit cards, private student loans, or mortgage, shop around and see if you can get a lower interest rate, particularly given the recent action by the Federal Reserve. Make sure you are paying by ACH since most banks will reduce your interest rate 25 basis points or more for doing so. Paying this way may also increase your credit score since you will not have any delinquent payments. You should see an increase in your credit score which could put you in a better credit score category that will get you a lower interest rate.

If you still have Federal student loan debt that you are repaying for your education or for your children or grandchildren, go to www.studentaid.gov to see what Income-Driven Repayment Plan works best for you to lower your monthly payment.

Good luck!

With over 40 years’ experience in corporate, education and housing finance, Jack Wallace has and continues to collaborate with clients and the financial community to develop debt and equity funding sources for new and existing asset classes and businesses. Jack currently serves as a Director of Governmental Affairs for Yrefy, a Phoenix based private student loan refinance company.

Image by Rilson S. Avelar from Pixabay

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On August 14, 1935, President Franklin D. Roosevelt signed the Social Security Act into law. It was a cornerstone of the forward-looking reforms that were packaged together as the “New Deal.”

Social Security was born at a moment in history when the Great Depression had put over half of the aged population in the U.S. in jeopardy because they could not support themselves. Prior to Social Security, destitute older Americans had only their families, “poorhouses,” and paltry social services to rely upon. While some states tried to remedy the situation by instituting state pensions, it was an inadequate solution for most seniors.

Labor Secretary Frances Perkins lobbied Roosevelt to support a package of social welfare benefits that would include Social Security. While Social Security had vocal critics, especially those who objected to a payroll tax, once the American public understood its value, Social Security became arguably the federal government’s most popular program.

Social Security today

Today, 96 percent of the population is eligible to receive Social Security benefits when they reach their retirement age. According to the Social Security Administration:

• In 2024, an average of almost 68 million Americans per month will receive a Social Security benefit, totaling about $1.5 trillion in benefits paid during the year.
• Nearly nine out of 10 people age 65 and older were receiving a Social Security benefit as of June 30, 2024.
• Social Security benefits represent about 30 percent of the income of people over age 65.

Social Security: looking forward

In 1940, five years after the Social Security Act was signed into law, the life expectancy of a 65-year-old was almost 14 years (79 years of age). Today it is over 20 years (85+ years of age). The number of Americans 65 and older will increase from about 61 million in 2023 to about 77 million by 2035.

There has been much reporting about the concern that, by 2034, the Social Security Trust Fund could be exhausted, causing a gap between Social Security tax revenues and benefits due. If Congressional action is not taken, Social Security tax revenues are projected to then cover only about 80 percent of benefits due. In the past, changes were made to Social Security to cover that gap when it existed.

Like millions of Americans, my wife and I currently draw Social Security benefits. Our combined work history, plus the fact that we waited as long as possible to take these benefits, enables us to draw monthly amounts that are essential in helping to ease the financial burden of retirement. I’d bet that is true for many Crow’s Feet readers.

So as I look forward to the future of Social Security, I very much want it to be financially sound for at least 10 years (for our selfish benefit!). Beyond that, I believe the payroll tax should be expanded so that wealthy wage earners pay their fair share into Social Security. This would make it more likely that future generations will not have to see a reduction in benefits.

The elimination of most company pensions, combined with the fact that the American populace in general has underfunded their retirement savings, suggests that Social Security will become more vital as America ages. I hope it remains a viable program that every older American can look forward to in retirement.

This article originally appeared in "Crow's Feet," a Medium publication. You can find the original article here: https://medium.com/crows-feet/social-security-is-89-years-old-84a765d98ba9?sk=ac18dd3800dd159edcb1b1a343b85c62

Image of Social Security card: Public domain via Wikimedia Commons

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Buried by national politics and international upheaval, the release of "A Strategic Framework for a National Plan on Aging" that was sent to Congress probably missed your attention. According to the "Interagency Coordinating Committee on Healthy Aging and Age-friendly Communities" (ICC) that issued the report:

The vision for the plan is aspirational and encouraging, even if it is a lofty statement:

"Our vision is an America that values older adults, embraces aging, and recognizes that all people have the right to live with dignity, make their own choices, and participate fully in society. We want to be a nation that prioritizes independence, inclusion, well-being, and health across the lifespan."

That just gives you an inkling of the implications of a "national plan on aging," You can read the entire Strategic Framework here.

While the framework appears to have a great deal of merit, Richard Eisenberg, reporting for Next Avenue, asked seven experts on aging about it. They "expressed skepticism about whether the government plan's goals were achievable given today's political climate and federal budget constraints."

As the well-known aging expert Ken Dychtwald, CEO of consulting firm AgeWave, told Eisenberg, "I really do hope that they're wildly successful, and reading it I thought, 'Wow, look at all they pulled together.'" But, he added, "I was struck by the baked-in complexity and the absence of a time-based game plan."

It's well worth reading Eisenberg's reporting on the Strategic Framework, as well as reviewing the Framework for yourself.

My first impression is that, like many visionary plans, this one looks great on paper. However, an attempt to implement or coordinate a national plan on anything that suggests the need for broad consensus and agreement on funding likely has little chance of gaining traction.

Until the branches of the U.S. government can coalesce around what's important in caring for and meeting the needs of our aging population, I regret saying I don't think we'll approach something resembling "a national plan on aging."

Still, let's remember that there was great skepticism when Social Security and Medicare were new ideas -- but somehow, they became law. Today, Social Security and Medicare provide vital support to those 65 and older and prove that, to some extent, the federal government can do right by seniors.

It is important to note that the ICC was only just funded in federal fiscal year 2023, so its work has just begun. One can only hope that it will continue on the visionary path it has already established -- and that it will make a real difference in the future.

Image from the cover of the report, "Aging in the United States: A Strategic Framework for a National Plan on Aging."

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On June 11, 2024, a class action lawsuit was filed by the AARP Foundation and two law firms in U.S. District Court in Massachusetts. The complaint accuses RTX Corporation, formerly known as Raytheon Technologies, of discriminating against older workers, specifically through “Recent Graduate” employment ads.

The complaint reads, in part:

“The language and content of these job advertisements discourages and deters many older workers from even applying for the Recent Graduate Positions and prevents older workers who do apply from advancing in the hiring process because too much time has passed since they graduated … and/or entered the workforce.”

The suit claims the ads indicate a preference for younger workers in violation of the federal Age Discrimination in Employment Act (ADEA).

While the only named claimant is Mark H. Goldstein, it is being brought on behalf of “all others similarly situated.”

Goldstein, a 67-year-old engineer, has some forty years of professional experience, including as a contractor for the U.S. Department of Homeland Security. He has held a federal government security clearance and has certifications in information security and privacy.

Goldstein applied for at least seven positions at Raytheon between 2019 and 2023. The suit alleges that he met all qualifications for the “Recent Graduate” positions except for those which referenced recent degrees and short duration of experience. He was not granted interviews for any of the positions.

The complaint said:

“Despite the fact that Mr. Goldstein has been genuinely interested in a position with Raytheon, committed to relocating, if necessary, and has skills that Raytheon needs to address a years’ long labor shortage, Raytheon has not hired Mr. Goldstein for any of the positions to which he applied, has never offered him an interview, and has failed to seriously consider Mr. Goldstein’s applications based on his age.”

The EEOC is on board

The Equal Employment Opportunity Commission (EEOC) in 2021 already found that Goldstein’s complaint has merit. A letter from the EEOC stated at that time that its “investigation revealed that [Mr. Goldstein] was denied the opportunity to be considered for the [Recent Graduate Positions] he had applied for because of his age, and not because he did not meet the minimum qualifications required for the jobs.”

After Raytheon slightly modified the ads in question, Goldstein filed another claim in 2023 with the EEOC, which it is still investigating.

Just another example of age discrimination

Targeting job ads to younger workers with less experience is just one way companies discriminate. Another is firing older workers under the guise of layoffs or “restructuring.” For example, a 2018 investigative report by Pro Publica in association with Mother Jones found that IBM “targeted people for layoffs and firings with techniques that tilted against older workers” and “told some older employees being laid off that their skills were out of date, but then brought them back as contract workers, often for the same work at lower pay and fewer benefits.”

In September 2023, two plaintiffs ages 62 and 66, both top-performing HR professionals with decades of experience, brought a suit against IBM alleging they were unlawfully terminated because of their age. The suit claims job cuts included “IBM’s best and brightest” HR workers, who “were also some of the Company’s oldest and most senior HR partners.”

Why the class action lawsuit is important

For years, companies have used job requirements to classify older workers as “over-qualified” for positions — effectively a form of age discrimination. Even when older workers are willing to take a cut in salary requirements to accommodate hiring companies, they are excluded from consideration as a matter of course.

It is common practice to discriminate using a number of devious methods that are unethical and immoral even if not blatantly unlawful. Despite the existence of the ADEA, proving age discrimination in the courts has not been easy.

The most recent class action lawsuit brought against RTX Corporation is significant because it directly challenges the use of employment advertising that openly discriminates against older workers.

Going forward, such a suit if successful could have vast implications, because projections indicate that one in four U.S. workers will be 55 or older by 2032, and almost 10 percent of them will be 65 or older.

This article originally appeared in "Crow's Feet," a Medium publication. You can find the original article here: https://medium.com/crows-feet/older-workers-have-had-enough-79be170b4101?sk=67e813cd316071fdc84985924b6919a0

Image by Imagine That Studio on Pixabay.com

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For the whole month of July 2024, you can purchase any of these great eBooks for boomers at half price! This special sale is available only at Smashwords.com, where you can download the eBook in your choice of format, including Mobi (Kindle), ePUB and PDF.

To get 50% off every one of the books listed, simply click on the title and use the code SSW50. You'll go directly to a page where you can order the eBook at half price. This offer is only good for the month of July 2024, so order today!

Boomer Brands: Iconic Brands that Shaped Our Childhood

Regularly $4.99, now $2.49

Boomer Brands is a unique, acclaimed book reminiscing about the beloved brands Boomers first met in the 50s and 60s. Brand maven Barry Silverstein shares “Boomer Brand Cameos” of over fifty of the brands Boomers grew up with: Disney, Kellogg’s Frosted Flakes, Good Humor, Howard Johnson, Hush Puppies, MAD, Ovaltine, Twinkies, WIFFLE Ball and many more. Most of these brands began during the Boomer era and are still around. Plus, Boomers will gain rare insight into how these iconic brands shaped their childhood and have a lasting impact on their life. Boomer Brands is meant to be read by Boomers, shared with Boomers, and savored for the memories!

Boomer Brand Winners & Losers: 156 Best & Worst Brands of the 50s and 60s

Regularly $4.99, now $2.49

Boomer Brand Winners & Losers is a remarkable collection with fascinating stories of 156 best and worst brands of the Boomer era. Relive the days of Cap’n Crunch and Cocoa Puffs, E-Z Pop and Pop-Tarts, cap guns and comic books. Recall the time when automobiles ruled the road and a transistor radio was “advanced technology.” Learn how television played a key role in brand advertising. Discover which brands blossomed and which were a bust. Boomer Brand Winners & Losers is the companion book to Boomer Brands and it's a wondrous walk down Memory Lane!

World War Brands: World War II and the Rise of the Modern American Brand

Regularly $5.99, now $2.99

World War Brands traces the development of the American brand from World War I through the 1920s and 1930s. It then explores the interrelationship of World War II and American brands, showing how the war itself was "branded," how brand advertisers leveraged the war, and how the post-war economy helped birth the modern brand. Included are 38 vintage ads and scores of stories about some of the best-known brands of the '40s and '50s. The book also examines brands in the context of American post-war culture, moving from the war's end into the 1950s and 1960s. Many brands from this time have survived and thrived into the 21^st Century.

Let's Make Money, Honey: The Couple's Guide to Starting a Service Business

Regularly $6.99, now $3.49

By a baby boomer couple who start a small service business as a second career, Let's Make Money, Honey is a how-to guide for couples who want to start and grow a small business together. It covers planning, financing, outfitting, and launching a service business, as well as operations, marketing, sales, customer service, and managing growth. Included are useful tools to help couples assess their business interests and compatibility. Let’s Make Money, Honey is a must-read for Boomer couples, especially those exploring encore careers.

Don't miss this special sale -- order today!

In her new book, Ageless Aging, Maddy Dychtwald focuses on how women can increase their healthspan, brainspan and lifespan by taking small steps to move in the right direction. In an interview with MarketWatch, Dychtwald said, "Women, in some ways, won the lottery when it comes to lifespan in terms of living longer. But there’s a dark side to that story. Our healthspan and our brainspan do not match our lifespan. Women spend the last 12 to 14 years in a cascade of health issues. The silver lining to that is science."

Dychtwald, who co-founded the aging consultancy Age Wave, wrote the book because she thinks most women are not taking advantage of the knowledge that could lead to them living better longer. The book provides a holistic action plan based on leading science that helps women take advantage of the scientific, medical, psychological, and spiritual tools, tips, and advice available to them as they thrive in the second half of life. Sections include cutting-edge information on the body—fitness, food as medicine, sleep, and hormones—and the science of living longer. It explains the truth about the body’s role in the recipe for longevity, debunks long-held myths around healthcare and health products, and presents the relatively new concept of “precovery.”

Another aspect of ageless aging, according to Dychtwald, is the financial side. She tells MarketWatch, "Finance is part of the holistic recipe. Financial fitness is as important as physical fitness. Financial stress creates chronic stress, high cortisol levels on a chronic level which can manifest as inflammation, cancer, heart disease, cognitive decline, even — all sorts of ailments. There’s this beautiful symphony of different ingredients that impacts each of us and we need all the parts playing together."

Dychtwald wants women to understand that aging is not something to hide or be ashamed of, despite society's tendency toward depicting older people in a negative light. She believes as women age, they have the ability to gain a sense of personal freedom and find more flexibility in their lives.

Ageless Aging will help women address such areas of importance as:

• Make use of your longevity bonus years with maximum impact and purpose
• Learn the truth about your hormones and their impact on ageless aging
• Clear up the confusion about nutrition and supplementation
• Supercharge your immunity and find more energy in every day
• Take steps to potentially prevent or delay cognitive decline
• Explore key strategies for improving your sleep
• Successfully navigate the healthcare system
• Fight back against youth-obsessed culture that conspires against women in particular
• Create more financial freedom and security for a longer, better life.

Learn more about the book here.

HappilyRewired.com is a Wearever Top 20 Senior Blog and a Top 75 Baby Boomer Blog

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Guest Post
by Jack Wallace, Director at Yrefy

Jack Wallace is the Director of Governmental Relations at Yrefy. With over 40 years’ experience in corporate, education and housing finance, Jack has and continues to collaborate with clients and the financial community to develop debt and equity funding sources for new and existing asset classes and businesses.

Image by Andreas Lischka, Pixabay.com

HappilyRewired.com is a Wearever Top 20 Senior Blog and a Top 75 Baby Boomer Blog

Check out Books for Boomers!