Elder Issues

News & Analysis as of

Privacy Tip #19 – Protecting seniors from scams

A surprising number of seniors are embracing digital technology, including computers, tablets and smartphones. Many use social media and email to stay in touch with friends, children and grandchildren. All of which is good....more

Pennsylvania Court Rules Background Screening Law Unconstitutional

On December 30, 2015, the Commonwealth Court in Pennsylvania unanimously found the Older Adults Protective Services Act’s (the Act) lifetime prohibition on the ability of individuals with convictions to hold certain jobs in...more

UK Financial Regulatory Developments - January 2016 #3

FCA publishes pensions report - FCA has published its Retirement Income Market Data report for the period of July to September 2015. It covers: - choices made by consumers accessing their pensions; -...more

Social Security Changes & Your Retirement Plans

As Congress attempts to balance the national budget, they are making adjustments to the Social Security program that will have far reaching impacts on seniors in their golden years. These changes are part of a broader...more

FINRA and NASAA Proposals to Protect Vulnerable Customers

The Financial Industry Regulatory Authority (FINRA) is seeking comments on proposed rules addressing financial exploitation of (i) seniors (age 65 or older), and (ii) other adults with mental or physical impairments that...more

FOS publishes Ombudsman News

The November/December issue of Ombudsman News discusses the challenges faced by older people and those in retirement, including potential financial abuse, early repayment charges for lifetime mortgages and unsuitable advice...more

Tax Planning Before Turning 70: What You Should Know About RMDs

Tax payers aged 70 ½ or older this year must take a Required Minimum Distribution, or RMD, from their traditional IRAs (Individual Retirement Arrangements), SEP (Simplified Employee Pension) IRAs, SIMPLE (Savings Incentive...more

Two for Further Review?

It's that time of year again. Time for "Further Review." By that, I mean it's football season, and almost every week, millions of Americans watch in anticipation as black-and-white-striped NFL arbiters retreat to the...more

The Use of Condominium Regimes in Senior Housing Facilities

Given the degree of flexibility created by the condominium form of ownership of real property, it is probably not surprising that condominium regimes are often employed in connection with senior living facilities. Such...more

Deinstitutionalizing Living and Cost

Looking ahead to the brave new world of Boomer assisted living, the question arises: what do Boomers want, and can they pay for it? One recent article in the New York Times (November 21, 2015) reviews the Green House...more

Who Will Be Able To Afford It?

The World War II generation was raised in the depths of the Great Depression, and came out the other side with a strong penchant for saving their money. Many accomplished the goal of retiring with no mortgages, and in...more

CFPB plans national survey on financial well-being

The CFPB has published a notice in the Federal Register indicating that it is planning to conduct a “Financial Well-Being National Survey.” In the notice, the CFPB states that through its prior research, it has determined...more

Silver Tsunami or Fool’s Gold?

Much of the predicted strength and growth of the Senior Housing Market is predicated on the retirement of the Baby Boomers – a veritable silver tsunami of potential residents for senior living facilities. To meet that demand,...more

CFPB Releases Retirement Tool

On November 12th, 2015 the CFPB released “Planning for Retirement,” an interactive, online tool designed to help consumers decide when to claim social security....more

CFPB Releases Tool to Help Consumers Decide When to Claim Social Security

On November 12, the CFPB released “Planning for Retirement,” an online tool intended to help older consumers make informed decisions regarding Social Security retirement benefits. On the same day, the CFPB published a report...more

CFPB Director Delivers Remarks on Financial Literacy at Annual ABA Convention

On November 10, CFPB Director Richard Cordray delivered remarks at the annual American Bankers Association convention. Cordray addressed efforts by the CFPB and financial institutions to collaborate in strengthening financial...more

Financial literacy highlighted in Director Cordray’s remarks to the American Bankers Association

Financial literacy was the focus of Director Cordray’s remarks last week at the American Bankers Association Annual Convention. He identified three areas where the CFPB is focusing its efforts and where financial institutions...more

President Obama Signs Bill to Encourage PACE Program Innovation

On November 5, 2015, President Obama signed into law S. 1362, the Program of All-Inclusive Care for the Elderly (PACE) Innovation Act. The PACE Innovation Act authorizes the Secretary of Health and Human Services (HHS) to...more

FINRA Proposes Rules to Combat Financial Exploitation of Seniors

FINRA Reg. Notice 15-37 (Oct. 2015) requests prompt comment (by November 30) on proposed Rules aimed at detecting and minimizing financial exploitation of seniors and other “vulnerable” adults....more

Top 10 Ways To Be Disinherited (And How To Avoid That) (Part 2)

This is Part 2 in the series of the top 10 factors that I’ve seen that lead to people being disinherited from a relative’s or friend’s estate plan. In Part 1, I discussed 5 of the 10 factors, and the following round out the...more

CFPB to hold retirement planning event

The CFPB has announced that it will be holding an event about retirement planning with the Social Security Administration in Washington, D.C. on November 12, 2015. After remarks from Director Cordray and Acting Commissioner...more

Brain Injuries More Common than Many Americans Think

Traumatic brain injury is a trauma to the brain that is caused by an external force. A significant brain injury can leave an individual with cognitive impairments that affect perception, memory, communication or judgement, as...more

Health Care Update - October 2015

Senate Working Group Pressing Forward on Telehealth - As Congress focuses on bigger picture policy decisions, including broad budget negotiations and raising the debt ceiling, there are some exciting developments on the...more

FINRA Proposes Rules to Help Avoid Financial Exploitation of Seniors

Avoiding financial exploitation of older investors has been on our regulators’ radar screens for several years. With new rules proposed in October 2015, FINRA seeks to make investing safer for seniors and other vulnerable...more

Financial Services Weekly News - October 2015 #3

Regulatory Developments: FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults - On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more

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