Posts Tagged With ‘ Squared Away ’

Henrietta and Joseph Virchick My husband likes to tell a story about his father, Joseph Virchick, who was a pipefitter for the Standard Oil refinery in Bayonne, New Jersey, starting in the 1950s. It was a union job – the Teamsters – paying solid middle-class wages that supported his family in an upscale Levitt development with its own swimming pool. The point here is that this pipefitter with a high school degree lived about as well as his college-educated neighbors who commuted into nearby Manhattan. Virchick and his wife, Henrietta, who also worked, sent all three kids to college. When he... Continue Reading

The economy expanded smartly in the years before the Great Recession, just as it did before the COVID downturn. But the two recessions were markedly different, with opposite effects on when older workers signed up for Social Security, a new study finds. In 2008, the stock market slid nearly 40 percent. Older Americans with retirement accounts, wanting to recoup their losses, were more likely to keep working or looking for a new job during the protracted downturn. But skyrocketing unemployment pushed many older workers in the other direction. Social Security became an obvious fallback in the Great... Continue Reading

The most COVID deaths were among Americans over age 60, who accounted for 300,000 of the 500,000 U.S. deaths from the disease in its first year. A new study by the Center for Retirement Research finds, not surprisingly, that the oldest survivors of the early months of the pandemic were healthier than those who died from the virus. Taking this into account, the researchers estimated what mortality might look like in a “post-COVID” world in an analysis that was based on a big assumption – that COVID’s deaths were confined to a single year. Factoring in the early impact of the virus, the researchers... Continue Reading

In COVID’s early months, millions of workers’ incomes dried up as the unemployment rate skyrocketed. But older Americans were somewhat shielded from the downturn. That’s because they either are over 62 and on Social Security or receive federal disability benefits every month at higher rates than young adults. And just like everybody else, they got relief checks from Congress to soften the blow from the pandemic. Yet, despite the reliability of a government check, older Americans with disabilities suffered from “acute financial insecurity,” according to a new study that seeks to understand... Continue Reading

The staff at the Center for Retirement Research at Boston College who put together this blog hope our readers have a safe, joyful and delicious Thanksgiving with family and friends. To start getting an email with each week’s blogs on topics ranging from retirement and employee benefits to economic research, consider signing up here. Squared Away writer Kim Blanton invites you to follow us on Twitter @SquaredAwayBC. This blog is supported by the Center for Retirement Research at Boston College.  Originally Published on https://squaredawayblog.bc.edu/ Continue Reading

Americans are fighting back against soaring food prices by shopping at discount grocers, buying lower-cost store brands, or giving up their favorite gourmet items. Yet Medicare beneficiaries usually don’t shop around for a less expensive insurance policy or a higher quality one. It’s also advisable for retirees to review their current plans to make sure they still include the right doctors or prescription drugs for treating any new medical conditions. Open enrollment for Medicare Advantage and Part D plans started Oct. 15 and ends Dec. 7. Over their lifetimes, retirees will spend an average... Continue Reading

When nursing home care uses up a widow’s savings, the federal Medicaid program will kick in and cover her bills for care. But it’s more complicated for couples. If one spouse moves into a nursing home and the bills start piling up, the person who is still living in their home can face serious financial hardship and even poverty. This is a significant risk facing the one in three married people in their early 70s whose spouse will eventually wind up in a nursing home, researchers at RAND found in a study on the financial impact on couples rather than individuals. It’s not unusual to pay roughly... Continue Reading

The pandemic has done good things for paid sick time. Today, 77 percent of all employees in the private sector get paid time off for short-term illnesses and preventive medical care. That’s a modest four points higher than in 2019 but at least it’s going in the right direction. However, coverage remains low at the bottom of the wage scale where workers are much less likely to have any type of employer benefits. Just 55 percent of workers with earnings in the bottom 25 percent of all workers receive paid sick time, according to a 2022 report by the Economic Policy Institute.  Even their coverage... Continue Reading

Medicare Advantage or traditional Medicare with supplemental insurance: which should you choose? A compelling reason so many 65-year-olds are flocking to Medicare Advantage insurance policies is that they tend to have significantly lower premiums than enrolling directly in traditional Medicare. Retirees are also inundated with advertisements on television, online and in the mail urging them to sign up for the Advantage plans, which sometimes cover vision and dental care. But the premium alone is a superficial test for such a consequential decision. Traditional Medicare plans combined with a Medigap... Continue Reading

Picture a worker who has an injury so traumatic that he or she is rushed to the emergency room. A doctor prescribes an opioid to ease the pain. A new working paper adds to the growing evidence that taking opioids, even when necessary, can have serious long-term consequences for workers’ career paths. Michael Dworsky at RAND found that workers who received prescription opioids after visiting Colorado emergency rooms were far more likely to enroll in Medicare before turning 65 than people who didn’t get a prescription to treat an injury. Starting Medicare before 65 almost always indicates that... Continue Reading