Moving and Retirement

Rose Mula writes: I’m lucky I don’t have children who want to take my car keys because they think I’m too old to drive. However, not having kids to restrict my independence doesn’t mean I’m off the hook, because Mother is threatening to confiscate my keys. Wait. I need to amplify that statement as well. I’m sure you’re thinking if there’s a question of my being too old to drive, how can my mother still be in the picture? That’s because I didn’t mean my mother; I meant Mother Nature, who is forecasting a miserable winter, complete with semi-weekly blizzards. more »

The Consumer Financial Protection Bureau found actual losses and attempts at elder financial exploitation reported by financial institutions nationwide were $1.7 billion in 2017... studies published from 2016 to 2020 from three states — New York, Pennsylvania, and Virginia — estimated the costs of financial exploitation could be more than $1 billion in each state alone. HHS does not currently ask states to submit cost data from APS casefiles to NAMRS, though officials said they have begun to reevaluate NAMRS with state APS agencies and other interested parties, including researchers, and may consider asking states to submit cost data moving forward. Adding cost data to NAMRS could make a valuable contribution to the national picture of the cost of financial exploitation. Recognizing the importance of these data, some APS officials GAO interviewed said their states have developed new data fields or other tools to help caseworkers collect and track cost data more systematically. more »

Even as average personal incomes rose during the pandemic largely because of government aid, millions of people who didn’t receive such help have fallen into poverty, struggling to pay for food and other basic expenses. That group, trying to get by with the help of local charities, may have been excluded from the federal payments because of immigration status, lack of time in the labor force needed to claim unemployment benefits, or just red tape in states that have been slow to pay jobless claims. And lawmakers in some states such as New York are proposing measures that would create relief funds for workers shut out of jobless payments. Houston-area food banks are employing some out-of-work restaurant employees to help with food distribution, regardless of immigration status, through a relief initiative called Get Shift Done. more »

"The negative economic effects of the pandemic come from two sources: capital obsolescence and belief scarring. The pandemic and lockdowns forced consumers to work and consume differently, which can generate persistent changes in tastes and habits for years to come. Capital obsolescence reflects this long-lasting change in the economic value of installed capital. For example, in the post-pandemic world there might be more online shopping instead of in-store purchases. Hence, some installed capital, for example, commercial real estate such as shopping malls, could become obsolete." more »