Kerry Hannon has written for Next Avenue about work and personal finances since the site was founded in 2012. The journalist, 61, recently became a Yahoo! senior columnist; launched "The Second Act Show," a biweekly streaming livecast with career coach John Tarnoff; and published a book, appropriately called "In Control at 50 Plus: How to Succeed in the New World of Work."
I recently chatted with Kerry, a longtime friend and colleague, to hear how and why older adults can take control in the new world of work, whether she thinks the hot job market has reduced age discrimination and to share lessons she learned after not getting another job recently.
Following are some highlights from our conversation:
Richard Eisenberg: Why did you call the book 'In Control at 50 Plus?'
Kerry Hannon: Often, we get to this stage in our lives, and we feel like we've lost control of our careers. And this is a time, especially coming out of the pandemic with all the workplace changes, that we have to step it up.
When you talk about the word career, some people might think that's for younger people. Tell me why that's not true.
The word 'career' is very loaded, right? I think of it as a path, and the path twists and turns. So, it's not necessarily moving toward something I'm going to do in thirty years. A career is just your body of work.
It's important to embrace your career. That's not just putting one foot in front of the other to get to the finish line, but to keep pushing that finish line back. Because that's what excites us.
If you're fifty or fifty-five, you could easily have twenty-five more years [of work] ahead of you if you choose to.
"Career transitions used to be just for outliers over fifty, but they're now part of the mainstream." 
Your book has a chapter called 'Older Workers Rock.' Tell me why older workers rock. 
We bring to the job this sense of stability, of loyalty, of being able to roll with the punches. This sense that an experienced worker brings of 'I've seen this, we're going to get through it.' There's this emotional and workplace intelligence we bring with us. We have the ability to work with people of different ages, because we've had to do that over the years.
You write about 'the new world of work.' What do you mean by that?
Many of these trends had started prior to the pandemic, but the pandemic has accelerated them.
For instance, career transitions used to be just for outliers over fifty, but they're now part of the mainstream. People are saying: 'I'm going to redeploy my skills in a new direction.'
Entrepreneurship for older workers really lit up in the last two years. Workers who were laid off or took early retirement and want to get back in are saying, 'I think this is my time to really try something new.' We're talking microbusinesses — side hustles that grow into something a little bit more.
Another big thing is online education, which has really changed reskilling, upskilling and making yourself a viable candidate to work in a new industry, to get a promotion or to move ahead in your work. There are so many new offerings online that sprung up during the pandemic.
Why is remote work such an important and enduring workplace change for people fifty-plus?
I think it's huge for fighting ageism because having the opportunity to work remotely allows you to keep from being judged based on your age. You are being judged on your performance and your productivity in a way that maybe doesn't happen when you're in the physical workplace.
Plus, if you have any health issues that make commuting difficult or for the workplace to be set up appropriately for you, being able to work remotely offers a whole window of opportunities.
Author Kerry HannonThere is a lot more contract work these days, where people get a job for a specific number of weeks or months. Is that good for older workers?
It's not necessarily a great trend for older workers. Part-time contract work is fantastic, and it keeps your resumé alive, but if you are still looking for health benefits or employer-provided retirement accounts, this is a dangerous place to go.
So, if you will be putting together a patchwork of part-time things, sit down with your accountant to figure out how to save for retirement and set yourself up for success.
With the hot labor market, I'm seeing signs that some employers are more willing to hire and keep people over fifty than before. Are you?
I'm seeing that to a certain extent. Some older people are coming back into the workplace.
But many employers used the pandemic to get rid of some of their older workers and they may not be offering them those opportunities. I think the challenges are there for older workers as much as they have ever been.
The fact is: You have to go that extra step and stand out even more than a younger worker might to show an employer why you can make a difference in their company.
How should people look for work wisely these days?
See what jobs are open on employers' websites, and then go to LinkedIn and say to yourself, 'Who the heck do I know that works there?' You still need that personal introduction to get in the door.
Chances are, you're not going to get a job from a job board posting. It's very hard to get through some of those computerized screeners. But if you can get someone to march your resumé down to the person in charge, you have a better chance.
"Ageism is more of a subject being discussed publicly. I think the more awareness we bring to it, the more opportunity there will be for older workers."
Some workforce analysts think this trend of employers hiring and keeping older workers will continue for a while because there aren't going to be enough younger workers. Others think that as soon as the job market cools down, we'll go back to the age discrimination we were seeing before. What do you think?
I think if you're there and keep raising your hand for new duties or showing that you're engaged in your work, they're going to keep you.
So, is age discrimination by employers over?
Ageism is more of a subject being discussed publicly. I think the more awareness we bring to it, the more opportunity there will be for older workers.
Your book has a section specifically for women over fifty. What do you think they need to know and what should they be doing that might be different than what you would tell men?
If you stepped out of the workplace for caregiving, you need to be able to explain that in a way to show that 'No, I didn't lose track of my work path. These are the skills I was honing during that time.'And there's the pay issue. We must work three times as hard as men to make sure we are being valued in the workplace.
For older women looking for jobs, find out what those jobs are paying. Go to websites like Glassdoor and PayScale that give you an idea. And reach out to everyone you know at employers you're considering to get a feel for what a certain position is paying.
How the Job Market Has — and Has Not — Changed 
What are some of the biggest changes in the job hunt compared to doing it twenty or thirty years ago? What should people be doing differently than the last time they looked for a job?
Don't just write down your previous job titles in your resumé. Include the duties you had and what you accomplished — the projects you brought in ahead of time and the quantifiable effects that you had in your jobs. It's a deeper dive of your accomplishments that you didn't need to do previously.
Also, don't put all your years of experience on your resumé. Keep it to the last ten years; keep it tight.
Should job seekers do more research about the employer than they might have done in the past? It's easier to do that now.
Absolutely. Your ability to seamlessly do this kind of research online has really ramped up. It's not hard to find out a lot of the current things in a Google search or by following the company on Twitter and LinkedIn. This shows that you're truly engaged and want to work there.
What's your advice for somebody thinking about starting a business?
Take it slowly. Do your research on what it is you want to do and how you are going to make a difference. Then, talk to people in that field. Most people are flattered to be asked for their advice.
If you can first volunteer or moonlight at that particular job, you will get a sense of whether it's really as dreamy as you expect it might be. And you need to be financially set up, because as an entrepreneur, you're probably not going to pay yourself initially. Or if you do, it's not going to be anywhere near what you made when you were with a full-time employer.
Be honest with yourself about how much time and money you have to put into this venture.
The final thing I would say is once you start your business, don't be afraid to delegate. In the new world of work, you can find people who want to work as virtual contractors — your virtual assistant, your virtual bookkeeper, whatever it might be.
Employers Want to Know: What Can You Do for Me?
There's a section of your book that was very different than what you've written before, because it was very personal. You talked about how you were asked to apply for a job recently and then didn't get it. Can you talk about that experience and what other people can learn from it?
When I got into the interview process for it, I found myself breaking the rule I tell everyone: Don't go back to 'in my day' or 'way back when.' I realized that I was harking back to jobs I had twenty years ago and needed to push myself to stay present in what I could do today.
And I focused too much on doing my song and dance about me, about 'Aren't I wonderful?' In retrospect, I spent a lot of time talking about myself and bragging about my abilities without focusing on what the company wanted.
What they wanted to know was how I could solve their problem. I was focusing too much on Kerry and Kerry's ambitions.
It's important to remember when job hunting that it is always about them. That was a good lesson for me to learn. They ended up hiring somebody younger, who would work in house and who didn't want to be a remote worker.


How to Take Control of Your Career After 50

Richard Eisenberg

Listen to Episode 1: Finding a Job After 50
Interview with Kerry Hannon, who is a career expert, author and Next Avenue blogger
Summary:
Advice on dealing with age discrimination, changing careers, working part-time in retirement, encore careers, job interviews, resumés, LinkedIn, networking, where the jobs are, job boards and becoming a consultant. Read the detailed show notes from this episode.
Details About This Podcast:
Kerry Hannon, a Next Avenue blogger and the author of books including Great Jobs for Everyone 50+, Getting the Job You Want After 50 for Dummies, What’s Next: Putting Your Passion and Your Dream Job in Your 40s, 50s and Beyond offers practical advice on finding a job after 50.
She explains how to combat age discrimination from employers by proving you are up for the job; the best ways to make a career change successful; how to find fulfilling part-time work in retirement; switching to an encore career for the greater good; preparing for 21 century job interviews; the keys to a winning resume; how to use LinkedIn and network to find your next job; riding the “age wave” to find a job in a hot field and how to become a consultant as your second act.
Read These Kerry Hannon Articles From Next Avenue:
How to Keep Working Into Your 60s and Beyond
Laid Off? Tell the World on Social Media
7 Ways to Find Career Satisfaction After 50
Kerry Hannon Books:
Great Jobs for Everyone 50+
Getting the Job You Want After 50 for Dummies
What’s Next? Finding Your Passion and Your Dream Job in Your Forties, Fifties, and Beyond
More from Kerry Hannon: 
Kerry Hannon Website: Kerryhannon.com
Follow Kerry Hannon on Twitter @KerryHannon 
Like Kerry Hannon on Facebook
Connect with Kerry Hannon on LinkedIn


Your Next Avenue: Season 1, Episode 1 Podcast Notes

What is the state of the job market for older workers? How can we better manage our careers as an asset that is part of a retirement plan? What are the prospects for people thinking of launching second careers as entrepreneurs?
Kerry Hannon and John TarnoffThis special edition of my RetirementRevised.com podcast features answers to these questions from two experts: Next Avenue blogger and author Kerry Hannon and career coach and author John Tarnoff. They’ve each written books advising older workers on how to navigate the job market, but look at the subject through somewhat different lenses.
Hannon, a journalist by background, has written Great Jobs for Everyone 50+. This spring, she’ll release her newest book (co-published by Next Avenue and Wiley): Never Too Old to Get Rich: The Entrepreneur’s Guide to Starting a Business Mid-Life.
Tarnoff, a Next Avenue Influencer in Aging, has worked as an executive and producer in the entertainment industry and as a technology entrepreneur. His own career hit a wall at 50, which led him to his current work as a reinvention career coach, helping people navigate job transitions. In 2017, he published Boomer Reinvention: How to Create Your Dream Career Over 50.
(The conversation with Kerry and John is part of my weekly subscription newsletter and podcast on retirement and aging — here's a sample edition —featuring my recent interview with CBS business analyst and author Jill Schlesinger.)
 
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Listen: RetirementRevised.com's Podcast on Working After 50

Mark Miller

How do 25 years go by so quickly? My father used to call this phenomenon, “the collapse of time.” I’m feeling it. On the Fourth of July, my husband, Cliff, and I celebrated our 25 wedding anniversary, visiting the charming town of Asheville, N.C. The arrival of this signature anniversary made me think about what I have learned about couples and money over the years.
Kerry Hannon and Cliff Hackel on their wedding dayDon’t worry: there are not 25 tips. I’ve boiled them down to five that I believe are worth their weight in gold even on this “silver” milestone:
1. Splurge on experiences, not on things. As Cliff and I demonstrated in Asheville, doing new things together, such as exploring the world, has been a key to our marriage. It’s an investment in building shared memories and learning together that has stood the test of time.
We’ve traveled from China’s Great Wall to the Canadian Rockies, from Morocco to Mendocino, and scores of other places in between. Each year, we commit to doing at least one trip together; just us. We both travel a lot on business and visiting family and friends, so it’s important that we set aside time and commit the cash to making this part of the fabric of our marriage.
“What appeals to me is the discovery aspect of travel, not knowing what you are about to see,” Cliff says. “When you’re open-minded, almost anything becomes heightened because it’s new and different. “It’s seeing for the first time, especially if you can approach it in a non-touristy, accidental way and get a flavor for what it’s like to live there.”
Ditto. This discretionary spending bucket, though, is not just reserved for travel. We earmark these funds for other experiences, too, such as date nights to D.C. restaurants; movie and play tickets or to hear a concert by a musician we admire. We lose ourselves in the moment, but live on it for years.
Cliff and I believe that outlays on possessions and material objects aren’t terribly satisfying. You value them for a time, but the joy of the purchase fades pretty quickly. We prefer to shell out for experiences that truly make us happy over the long haul.
One caveat: We don’t have kids, and I realize that may make it easier to carve out together time from a personal and financial perspective.  But for the cash flow necessary to fund these experiences, try to set aside a set amount each month for your slush fund, Maybe schedule an automatic transfer from your checking into a liquid savings account each month for just these kind of expenses.
2. Go easy on debt. The only debt Cliff and I have had since we bought our modest house in Washington, D.C., just before our marriage, is an affordable mortgage. We still live in that same house, all these years later. All our credit cards are paid in full each month and we pay cash for our cars and drive them for years. My current auto has over 100,000 miles.
3. Maintain individual and joint accounts. We hold joint savings, checking and investment accounts. But we also have separate retirement accounts (which we’re diligent about funding) as well as separate bank and credit card accounts. This is vital, especially for women. Having your own accounts allows you to establish a good credit record of your own. I call this financial independence.
Keeping a few accounts individually also lets Cliff and me have autonomy for a portion of our spending, so we don’t have to ask permission to invest (within reason) in something we love or put money towards a hobby that sustains our work/life balance and inner ballast. For me, it’s my horse, Caparino Z; for Cliff, it’s tickets to sporting events and travels to spend time with his best pals who live in other parts of the country and the world.
4. Pull together as a team. Neither Cliff nor I plan to retire completely because we both love what we do. Lucky for us, we each run our own business (Cliff’s an independent film and television producer/editor; I'm a journalist/author/speaker) and have skills and careers that give us the ability to not have an age stamp. That said, throughout our marriage we have had cycles when one of us out-earns the other. Money is power, so we are mindful of how that shift can impact our equilibrium, even if it’s subtle.
When one person is carrying the load, there can be a subtle unexpressed resentment or a feeling of guilt by the other. This can fester, so we talk about it when appropriate and make adjustments in our spending accordingly. To quote Bruce Springsteen’s lyrics: “I'll wait for you. And if I should fall behind. Wait for me.”
5. Have regular money conversations. To be honest, these talks are stressful for me. Even after 25 years, I can easily swing into the ‘I can spend what I earn!’ mindset. But we’re in this together, so Cliff is firm about reminding me from time-to-time of that commitment. Importantly, we review our overall financial picture at least once a year with our financial planner; we rebalance our accounts, discuss new investments and marvel at how far we’ve come. In those meetings, we allow ourselves to dream a little too, about what our lives might look like a decade or more down the road and how much savings we might need to meet some of those goals.
The best part about being married: We are a team and each other’s biggest fans — as The Beatles sang, “the kind of thing that money just can't buy.”
Here’s the blessing Herbie Blinder, the Ethical Culturalist, who married us read to us on our wedding day:
Navajo Wedding Blessing
"Now you will feel no rain,
for each of you will be shelter to the other.
Now you will feel no cold,
for each of you will be warmth for the other.
Now there is no room for loneliness,
for each of you will be [a] companion to the other.
Now you are two persons, but there is [but] one life before you.
Go now to your dwelling place to enter into the days of your togetherness.
And may your days be good and long upon this earth."


Couples and Money Advice After 25 Years of Marriage

Kerry Hannon

Whether 2022 is the year you've resolved to manage your money better or you have an adult child or grandchild you'd like to learn some personal finance basics, have I got some books for you!
Actually, they're 13 money book recommendations from my "Friends Talk Money" podcast co-hosts Pam Krueger, Terry Savage and me and come from our most recent episode (you can hear it wherever you get podcasts or at the end of this article). They're an eclectic bunch of books — some newly published and others that are classics. But I promise that all are helpful.
As Kruger said on the podcast, these are "books that might actually help you realize that goal of making yourself financially stronger" and "can be life-changing when it comes to how you approach your personal finances."
Incidentally, Krueger, Savage and I are all personal finance authors and we're voracious readers of this ilk. So, we know a thing or two about money books that are worth the price.
That leads me to two caveats about personal finance books that I shared on the "Friends Talk Money" podcast.
Number One: If the book has advice about taxes or retirement planning, check the publishing date. You don't want to purchase a book with outdated financial advice.
Number Two: Read the author's bio. Some personal finance books are little more than cleverly disguised sales come-ons for insurance and annuities from authors who sell them.
Savage's advice when selecting a money book: Ask yourself "what profound attitude adjustment can this give me towards money and what new ways of thinking about money and financial topics are there that it makes it worth my time to read?"
Now to the 13 books (some with the longest titles you've ever seen), starting with five Krueger said she's "actually tried to live by" and has "read and reread."
Ask yourself: "what profound attitude adjustment can this give me towards money and what new ways of thinking about money and financial topics are there that makes it worth my time to read?" 
"The Little Book of Common-Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns" by John Bogle. The author is the late founder of Vanguard mutual funds, the father of the low-cost index fund (typically a mutual fund that buys shares of the entire stock market) and the man known as champion of small investors. First published in 2007, Bogle's seminal, plain-English investing book was updated in 2017. Said Krueger: "It slices through the Wall Street noise, getting to the heart of how you and I as investors can do the little things to prosper."
"The Millionaire Next Door" by Thomas Stanley and William Danko. First published in 1996 and reissued in 2010, it's all about ways to spend frugally to save more — the way modest small business owners often do to help them become millionaires. Krueger said the authors "can change your life by changing your habits." (I interviewed Stanley when I was a writer at Money magazine, just before the book first came out, and was impressed by his research and advice.)
"Get Good With Money: 10 Simple Steps to Becoming Financially Whole" by Tiffany "The Budgetnista" Aliche. This 2021 book could be a great primer for your grown child or your grandchild. Its author is also young; Aliche is a former preschool teacher turned financial educator. Krueger's suggesting it to her niece who just turned 30. "It's a good book to get kids thinking about budgeting and living without debt," she said.
"The Intelligent Investor: The Definitive Book on Value Investing" by Benjamin Graham. Talk about a classic; Graham, an economist, professor and investor, first published this book about value investing (finding stocks trading for less than their intrinsic value) in 1949. It's been updated, of course; most recently by Wall Street Journal "Intelligent Investor" columnist Jason Zweig. Krueger — who has read this book at least three times — said on the podcast that when she interviewed legendary investor Warren Buffett a decade ago, he said this is the one investing book that changed his life.
"The Savage Truth on Money: Third Edition" by Terry Savage. Krueger insisted she'd recommend this 2019 book even if syndicated personal finance columnist Savage wasn't one of our co-hosts. "What I like about this book the most is that these are [personal finance] strategies that actually work for real people, especially for people who are getting ready to retire," Krueger said.
Savage's four picks:
"The Warren Buffett Book of Investing Wisdom: 350 Quotes From the World's Most Successful Investor" by Robert L. Bloch. Savage called Buffett "the current modern-day iteration of Benjamin Graham."
"The Price You Pay for College: An Entirely New Road Map for the Biggest Financial Decision Your Family Will Ever Make" by Ron Lieber. The author is a New York Times personal finance writer and his excellent 2021 book is all about funding college tuitions and selecting colleges; we excerpted it on Next Avenue.
"Money Magic: An Economist's Secrets to More Money, Less Risk, and a Better Life" by Laurence J. Kotlikoff. Hot off the press, this 2022 book by an iconoclastic Boston University professor and Social Security maven, is filled with smart and sometimes provocative personal finance tips. Next Avenue recently published a Kerry Hannon interview with him about his book's advice. One of Savage's favorite parts: Kotlikoff's section on "why your daughter might be better off being a plumber than a doctor."
"What I like about this book is that these are [personal finance] strategies that actually work for real people, especially people who are getting ready to retire." 
"Success Through a Positive Mental Attitude" by W. Clement Stone and Napoleon Hill. Savage concedes this 1960 self-help book, which she recommends for young adults, has a flaw: it talks only about men achieving success with a positive mental attitude. But if your child or grandchild can get past that, she said, they'll find the advice inspirational. Savage said she first started reading it in her 20s when her father had the book on his desk. (A former newspaper reporter, Savage wrote Stone's obituary just after his 100 birthday.)
And here are my four recommendations:
"This Is the Year I Put My Financial Life in Order" by John Schwartz. This 2018 book is helpful and funny (how many personal finance books can you say that about?). Schwartz — now a University of Texas journalism professor — recounts his prior year, in his 50s, finally figuring out how to manage his money; he interviewed financial smarties to show him where he'd gone wrong and what to do instead. I interviewed him for Next Avenue when the book came out.
"How to Make Your Money Last: The Indispensable Money Guide" by Jane Bryant Quinn. One of the greatest personal finance writers (Newsweek, AARP) and commentators (CBS), Quinn published this 2020 book especially for people looking for smart, practical and straight-from-the-hip retirement planning advice. I interviewed her about the book for Next Avenue, too.
"Great Jobs for Everyone 50+: Finding Work That Keeps You Happy and Healthy… and Pays the Bills" by Kerry Hannon. A perfect book for this Great Resignation era, it's all about full-time and part-time job opportunities and the skills you'll need to snag them. Hannon, as you may know, is a longtime Next Avenue writer; here, she really delivers the goods.
"Right Place Right Time: The Ultimate Guide to Choosing a Home for the Second Half of Life" by Ryan Frederick. Recently published and featured on Next Avenue, Frederick's book can be hugely helpful if you're thinking about where to live, whether to downsize or how to age in place.
Happy reading, happy wealth-building and happy new year!


13 Great Money Books Worth Reading

Laurence Kotlikoff, the provocative Boston University economics professor and Social Security expert, has written an excellent new book, "Money Magic: An Economist's Secrets to More Money, Less Risk, and a Better Life." In it, he offers counterintuitive and surprising personal finance tips regardless of your age.
You'll want to hear them.
I had to smile at some of what Kotlikoff expounds on because they're often thought, but rarely verbalized. 
Take this nugget: "Marrying for money may sound crass," he writes. "But it's one of the oldest financial practices. For most of us, love transcends money. But we humans have the capacity to fall in love with lots of people. And there's no shame in targeting your swooning on someone who can provide you with a higher living standard. The bottom line: If you're going shopping for a partner or a spouse, you might as well shop for someone who is earning a lot more than you."
Laurence Kotlikoff's 'Money Magic' Views
He's not being playful. That's not his style. He's serious. In fact, it's exactly because Kotlikoff's views are worth hearing that Next Avenue named him a 2015 Influencer In Aging and why the site has republished pieces he wrote for "PBS NewsHour."
In his new book — his 20th— Kotlikoff digs into how to maximize Social Security benefits, why mortgages are "not your friend" and why he's a fan of Treasury bonds and Treasury bond funds whose returns are tied to inflation known as TIPs. But maybe his two most important pieces of advice: tie your financial plans to our longer lives and don't retire too early.
Let's just say this onetime presidential candidate (it's true; a write-in) is a bit of a rabblerouser when it comes to conventional financial advice. For example, he urges retirees to tap their Individual Retirement Account (IRA) first and Social Security second and to cash out their IRAs to pay off their mortgages.
Who says that?!
And Kotlikoff had my total attention when I read his take on managing careers for the long run, which can be summarized in three words: Don't be complacent.
"Keep thinking about tomorrow," he writes. "Are you in the best possible career for the rest of your working days? Should you make a switch? Is your current career in danger? In other words, keep your options open by keeping your eyes open. Set a date every few months to do a career review with a spouse, partner, parent, or friend."
I interviewed Kotlikoff to learn more. Highlights:
Kerry Hannon: Why did you write this book now?
Laurence Kotlikoff: This book is a wholesale attack on conventional financial planning, which is all about saving the wrong amount when you're young, too little planning and spending too much when you're old.
Under these assumptions, if you've got a conservative portfolio, you have a very high probability of running out of money.
We have an urgency because the baby boomers are retiring too early. They're coming into retirement with too little assets and they're taking their Social Security way too early.  I see all these massive mistakes. I think the first paper I wrote out of grad school was on the inadequacy of saving. I've been concerned with this issue for forty years.
You write that someone should plan their financial lives for their 'maximum age' — their actuarial life expectancy. What's your thinking behind that?
There is a financial risk of living too long after retiring too early. We have to plan to our maximum life because we might live that long. There's no getting around the fact we can't count on dying on time.
We have to look at the financial worst-case scenario, which is the catastrophic scenario. Financially speaking, that's living to your maximum age because you have to pay for yourself the whole time.
The probability of making it to your maximum is so low, but you can't ignore the future and the potential of living that long — that's your planning horizon.
Tell me a little about your secrets to maximizing Social Security to get the biggest retirement benefits possible.
One thing is to know all your benefits, because it's use it or lose it with Social Security. If you don't know about them, and you apply too late, they're just gone.
Be patient would be another top secret. For every year you delay claiming between your Full Retirement Age [66 to 67 depending on when you were born] and age seventy, your Social Security benefits increase by eight percent.
These days, the Social Security Administration overpays us at an astounding rate for being patient because the benefit is going to rise dramatically if you wait to take it at [age] seventy.
"Social Security is yielding a positive, real return that is really quite enormous if you wait to take it."
It's going to be roughly seventy-six percent higher after inflation then if you take it at sixty-two [the earliest year you're allowed to begin claiming]. That's a huge difference.
Being patient with your retirement benefit will also raise the benefit to your surviving spouse and children and your ex-spouses, if they were married to you for ten or more years.
Another secret is to not  ask the representatives at Social Security any questions whatsoever because half the time they will have the wrong answer or a misleading or incomplete answer.
You recommend people tap their retirement accounts to delay taking Social Security retirement benefits. Why?
You have to pay taxes on the 401(k) or the IRA in one way or the other, and one of the advantages of delaying that withdrawal was to get a lower tax bracket. But that is not as big an advantage any more since the tax law changes in 2017.
People will say, 'I want to leave my money in my 401(k) and take my Social Security early because I know the stock market's going to make a killing.'
But we can't count on stocks. Social Security is yielding a positive, real return that is really quite enormous if you wait to take it.
Laurence KotlikoffThe financial industry is trying to sell products and they can keep earning fees on money that's in people's 401(k) or the IRA.
You write that mortgages are 'not your friend.' Why?
They're expensive financially. They're financial losers. The other thing is that they're tax losers because the standard deduction has been raised so much and nobody's really taking the itemized deduction [for mortgage interest] anymore.
Taking money out of your IRA, paying taxes on it and paying off that thirty-year mortgage can make you a bundle if we're talking a big mortgage. It's a way of getting a safe, real return.
You write about the magic of delayed retirement, and that's one of my favorite things to tell people. Can you explain?
Choosing when you take retirement is very complicated because it affects how much you need to spend this year, how much you need to save or can spend on an ongoing basis and how much you need to save until you do retire. It affects your taxes. It affects how much your employer's going to be contributing to your 401(k).
If you retire early, there's going to be fewer [retirement plan] contributions. It impacts your health insurance; you may have to go buy a policy. There are all these interconnected issues.
It's not an easy decision, but every year you wait, you know that you're lowering the risk of outrunning your money. The earlier you retire, the more years that you have to self-finance. I think of retirement for most people as financial suicide. It's a decision to take the longest vacation of your life.



Smart Money Advice From a Personal Finance Iconoclast

When it comes to shopping, Southern California e-commerce marketplace senior executive Mary Hannon is an expert. But when Hannon became a caregiver in her 50s for her 80-year-old mom with mid-stage Alzheimer’s disease, she realized she needed to look at shopping in a whole new way.
“My mom has been a widow living alone for twenty-five years, so she has a fierce independence streak,” said Hannon. “But Alzheimer’s wreaks havoc on independence in a lot of ways, such as my mom not driving anymore. And that has been my challenge as a caregiver.”
One big issue for Hannon: shopping in stores with, and for, her mom. Sometimes, Hannon’s mom gets fatigued. Or the shopping experience proves fruitless. Hannon recalls spending about three hours with her mother unsuccessfully going from store to store to find her mom’s favorite makeup. Ultimately, Hannon gave up and ordered it on Amazon.
Although 82% of caregivers who shop for their loved ones prefer to do it in stores, 84% end up shopping online because it is so much easier.
And, said Hannon, “it’s not the shopping time that has been a challenge, lately it’s the process of just getting to the store.” Recently, her mother has been hiding her purse out of paranoia that people are stealing from her. “My mom insists on paying for her own groceries and other items, but when it takes me thirty to forty minutes to find her purse, that puts an emotional toll on me,” noted Hannon.
AARP Study on Caregiving Shopping Challenges
A new AARP study on the caregiver shopping dilemma, conducted by NORC at the University of Chicago (a social research organization), found that nine in 10 family caregivers shop for the person they’re assisting, but it often isn’t easy for them. And, the survey of 1,127 unpaid caregivers discovered, the time commitment, in-store experiences and other inconveniences pose a challenge for 31% of family caregivers.
According to AARP, although 82% of caregivers who shop for their loved ones prefer to do it in stores, 84% end up shopping online because it is so much easier. AARP experts and others spoke about these challenges last week at The Price of Caring AARP Executive Summit in Washington, D.C., last week.
As for Hannon, she wants to take her mom shopping because, she believes, it’s good for her mother and good for their relationship. By getting her mother out and moving, the physical activity helps manage her mom's anxiety and agitation, two hallmarks of Alzheimer’s disease. It also works to combat her mom’s social isolation — a worry of Hannon’s, due to her bouts of depression from realizing the limitations the disease has placed on her once-full social life.
“Having me there for safety and comfort in case she gets confused is essential,” Hannon said. “At the same time, I get a lot of my important tasks done, and I get to share that quality time with my mom.”
The AARP study also found other dilemmas for caregiver shoppers who want the bricks-and-mortar store experience, like limited seating and narrow aisles.
The Parking Problem
Parking can be a real struggle, too. Having to park far away means forcing an older loved one to either walk with you long distances or dropping him or her off to wait alone until you find a spot and meet up.
To solve this problem when shopping with her grandmother who has Type 2 diabetes and heart disease, Arizona caregiver Lisa González, has turned to on-demand rideshare services.
González’s grandmother raised her since age 10 when her single mother died from cancer. To González, providing caregiving for her grandmother is a blessing, not a burden. “Keeping up traditions for my Lita is important, so we still go to Target every Sunday after church, which we’ve been doing since I was a little girl,” said González. “When I was younger, we took the bus. But now I use Lyft or Uber.”
One Sunday excursion to Target when Gonzalez drove helped convince her not to try that again. “As I was loading the groceries into the car’s trunk, my grandmother fell getting into the car by herself. Uber just became an easier alternative because I can focus on her and not the driving.”
While González said the $20 to $30 roundtrip rideshare cost is a consideration, she sees it as an investment in her grandmother’s happiness.
How Retailers Are Trying to Help
Fortunately for family caregivers, some large national retailers are trying to help. Said AARP Chief Advocacy and Engagement Officer Nancy LeaMond: “We are starting to see momentum across a range
AARP's Nancy LeaMond at AARP Caregiving Summitof stakeholders — policymakers, employers, consumer-facing businesses, academia and nonprofits — working on solutions to better support caregivers.”
Walmart, Target, Sam’s Club and Kroger’s, are addressing caregiver shopping challenges with a “bricks and clicks” solution. Customers use a smartphone app to shop, and then pick up items curbside when it’s convenient for them.
Other retailers, like Best Buy, come to the shoppers.
“We’re offering curated health care technology which helps caregivers make decisions easier,” said Sarah Jones, vice president of commercial product at Best Buy/GreatCall, speaking on a Caregivers As Consumers panel at the AARP event.
The consumer electronics retailer offers customers an in-store aisle with expert guidance on home safety remote monitoring, video doorbells, smart locks, voice assist devices and other items. If customers buy any of these types of products through Best Buy’s Assured Living program, the store’s Geek Squad technicians come to the home to install them and then provide ongoing technical support by phone.
Last year, Best Buy bought Great Call, whose customers own that company’s Jitterbug phones as well as its wearable and home-safety remote monitoring devices. Live operators are trained on challenges faced by older adults and family caregivers.
5 Tips to Help Family Caregivers Shop
Here are five ideas to help family caregivers shop more easily:
Online: Family caregivers can find medical equipment, such as walkers and grab bars for showers, at online retailers like Amazon, firstSTREET, Active Forever and CaregiverProducts.com.
Delivery Services: Many dry cleaners now pick up and deliver. Meal delivery services can help reduce trips to the grocery store, although they charge premium prices. González uses a service called Mom’s Meals, because it has diabetic-specific meals. Apps such as Postmates deliver from restaurants and other retail shops.
Pharmacies: CVS has daily delivery of medications and its in-store Minute Clinics provide health services. Most CVS stores have a Higi Station — a wheelchair-accessible booth where caregivers and their loved ones can sit and receive health readings such as blood pressure, pulse, weight and BMI.
Since acquiring Aetna last year, CVS has also piloted HealthHUB in Houston and is expanding this year to several places around the country including Atlanta, Philadelphia, southern New Jersey and Tampa. An in-store and digital program, it offers: a learning tablet to help customers find out about wearables and other health items, as well as an in-store care concierge, dietician and other health care experts for weight loss programs, sleep apnea tests and diabetes care. CVS plans to have HealthHUB in 1,500 stores by 2021.
“Retail isn’t dead, bad retail is dead,” said Christopher Cox, senior vice president for CVS Health, at the AARP event.
Tech-enabled and Human Personal Assistants: Ordering home-delivery items through a voice assist device such as Amazon Alexa or Google Home can be a time saver. And human-based ones like Takl, Task Rabbit or Free Hands, can take care of chores, so caregivers find time for in-store shopping.
Discounts and Coupons: Some employers offer their workers access to online marketplaces for discounted goods and services, such as LifeMart. Caregivers can also use apps like Fetch to scan in grocery receipts and receive reward points for cash gift cards. Unlike some other coupon and rebate apps, you don’t necessarily have to take surveys or watch videos to unlock rewards.


Shopping Made Easier for Family Caregivers

Sherri Snelling

A story caught my attention on the NBC Nightly News a few months back. It was about Clockwork Active Media, a Minneapolis, Minn.-based digital strategy agency and its 75 employees say they love, love, love to work.
Clockwork staffers can come in and leave any time and their vacation time is unlimited as long as they get their work done. Ice-cold beer is always on tap and the employees can bring in their kids whenever they want. “WE LOVE MONDAYS,” is emblazoned across the company’s home page and “it’s true,” says CEO Nancy Lyons.
Great for them. Most employees, however, aren’t so lucky. Just four in 10 are highly engaged, according to the Towers Watson 2014 Global Workforce Study. Little wonder that Americans are quitting their jobs at the fastest pace since early 2008, according to a U.S. Labor Department survey.
But I believe there are a few ways you can fall in love with your job even if you don’t like it right now. (In fact, I’ve written a new book to inspire you: Love Your Job: The New Rules for Career Happiness.)
When I hear people whining about their jobs or their boss I want to shout: suck it up! Do something about it. Stop being a victim. If you can make it work where you are right now, you’ll save yourself a lot of trouble.
Here, taken from my  book, are 10 ways to do it:
1. Focus on what you like about your work and ramp it up. This will give you the strength to tackle the tough parts. Consider things like your coworkers, your (perhaps only occasionally) stimulating assignments, opportunities for learning, the respect you engender and the perks —  whether that’s cold beer or a 401(k).
2. Make a change — even a small one. Boredom is often at the root of unhappiness at work. So take a single step toward modifying what’s getting you down. Challenge yourself to look for one area that would give you more joy at work and then make it happen. If you persistently add worth to what you bring to the job, chances are your boss will notice and reward you for it.
One way to do this: sign up for continuing education or professional development programs offered by your employer. When you acquire knowledge, you notice the world around you. Your mind turns on.
As author Bruce Rosenstein writes in Create Your Future The Peter Drucker Way, it’s your responsibility to “remain relevant” in your work. Rosenstein told me: “Drucker [a management guru] believed that education never ended for a successful knowledge worker.”
3. Declutter your office. When people feel low on energy, often it’s because they’re not clearing out as they go. Their inbox is overflowing. Their desk is a disaster. Their file drawers are jammed.
Decluttering is liberating and empowering. Says career coach Beverly Jones: “You are saying, ‘This is valuable, this is not.’ It’s a physical, practical way to engage in making decisions about your life and what you want to do with it.” Getting rid of stuff brings a new perspective, she adds.
4. Find a positive image to inspire you and help you cope with a job. I call mine “going to my happy place.” I close my eyes and visualize a green field in the Virginia countryside with a sweeping view of the Blue Ridge Mountains. I go there in my head and sit. It calms me down, I feel peaceful and my attitude shifts.
If you want a more concrete focal point, tape a picture of a special image on your office wall, away from your computer and phone. That way, you’ll have to turn to look directly at it, which can be transporting. The very action of directing your attention away from your work opens up the door in your day for a respite, a restart, and a new view. It’s reviving and centering at the same time.
5. Volunteer — either through work or on the side. Helping out at a nonprofit gets you out of your own head and that swamp of negativity and lets you gain perspective on others’ needs. When the volunteer effort is initiated by your employer, it builds relationships with co-workers (and perhaps your boss), as you work side-by-side to make a difference.
Check with your HR department or supervisor to learn about volunteer projects that may already be in place and how you can get involved.
6. Get up to speed on your field. If you become complacent about trends, you’ll get left behind. Then, when new and interesting opportunities do arise at work, you might not be nimble enough to grab them.
Make a practice of reading trade publications. And set up a Google Alert to notify you about the latest news in your industry. Being in the know can inspire you to think of projects you might be able to nominate yourself for at work or start on your own.
7. Raise your hand and ask for new duties. Dissect your current position to pinpoint a new responsibility you can add that will refresh your focus and maybe even scare you a bit. Keep your ear to the ground to get the scoop on positions opening up or emerging projects — even if they’re short-term. Then throw your name into the hat.
Say "yes" to new assignments. If you’re worried you’re not up to the task, accept the invitation gracefully and with confidence and then get moving to figure out how to do it. The adrenaline will charge you up and when you succeed, the rewards will be internal and external.
8. Explore finding joy around the edges. For example, if you have a musical bent, form a band with a group of coworkers to play music or start an a cappella group. Maybe you can arrange to play gigs gratis at local assisted living and nursing homes or hospices.
As Richard Harris wrote on Next Avenue, The National Institutes of Health, for example, has the N.I.H. orchestra, drawing on the musical talents of its staff around Bethesda, Md. Marsh & McLennan Companies, a global professional services firm, has an employee choir: The MMC Chorale.
Alternatively, if your interests are more physical, join or organize a company team sport— say, softball, kickball, or bowling. Or create a walking, biking, or running group with co-workers.
9. Look into telecommuting. When it comes to what makes people love their jobs, this is a biggie. Telecommuting employees are happier, more loyal and have fewer unscheduled absences, according to a survey by outplacement firm Challenger, Gray & Christmas.
Working from home without a boss hovering over you also gives you more flexibility to get your job done when you want and how you want. In my own research and interviews with hundreds of workers, I’ve discovered that more flexibility in scheduling day-to-day activities leads to greater happiness on the job. And this is especially true as you get older.
10. Finally, laugh more. A recent Gallup poll found that people who smile and laugh at work are more engaged in their jobs. And the more engaged you are, the happier and more enthusiastic you’ll be. This won’t just trickle down to the quality of your work; people will want to have you on their team. Plus: couldn’t we all use a laugh?


How to Love Your Job Even If You Don't Like It

After a wonderful lunch in New York City a few weeks ago with Next Avenue writers Kerry Hannon and Chris Farrell, I needed to buy a bus ticket for the trip home to New Jersey. The ticket booth clerk had posted a sign reading "Today Is My Last Day Before Retirement" and was wearing an "I'm Retired" sash, along with a huge smile. I'm about to retire, too (from my job as Next Avenue's managing editor and editor of the site's Money & Policy and Work & Purpose channels). Although I don't have a sash, I did want to share a few reflections and advice as I sashay out.
Next Avenue Managing Editor Richard Eisenberg in his home officeAlthough it may seem to some Next Avenue readers that our site has been around forever, truth is that my fellow launch team members started working here just over 10 years ago — in November 2011. I was brought on as editor of the site's Money and Work & Purpose channels.
Our small team — then split mostly between St. Paul, Minn., and the New York City area — tinkered quietly for six months, mostly to figure out what Next Avenue would be; the site went live in May 2012.
How Next Avenue Started
The idea for this journalism nonprofit was hatched by two visionaries at Twin Cities PBS (TPT): the station's then-CEO Jim Pagliarini and his Next Avenue co-founder Judy Diaz. I was told they felt PBS should do something for boomers (then roughly 50 to 65) the way it had created "Sesame Street" for kids.
They felt PBS should do something for boomers (then roughly 50 to 65) the way it had created "Sesame Street" for kids.
I'd been a personal finance writer and editor for decades (Money, Yahoo!, Good Housekeeping, CBS MoneyWatch) and was 55 in 2011, so I felt the job was a perfect match. I was right. Over the years, my job broadened and I also became Next Avenue's managing editor and copy editor. At a small-budget journalism nonprofit with big ideas and plans, you often wear several hats. 
These days, our audience now includes Generation X, since some of them are 50-plus, too.
For the personal finance and career channels at Next Avenue, I've written pieces that were highly personal ("Sorry, Nobody Wants Your Parents' Stuff" after my father died), exclusive (parts of our annual Influencers in Aging list) global (how the oldest people in the world make their money last) and arcane (everything you didn't want to know about backdoor Roth IRA conversions). I've edited pieces on topics ranging from starting a business after 50 to the importance of end-of-life financial planning, too.
After turning 65 in July and realizing I was nearing my 10-year anniversary at Next Avenue, I thought the time was right to retire. At Next Avenue, we really prefer not to use that word, though, because it connotes the 1950s version of no-work/all leisure. Instead, we talk about "unretiring" — a term popularized by Chris Farrell's 2016 book, "Unretirement."
Why I'm Retiring Now
My decision wasn't about the pandemic or about The Great Resignation. And I'm ignoring The Motley Fool article I just read, "3 Reasons Why 2022 May Be a Bad Year to Retire."
I've just decided it's time for me to begin the journey on my next avenue, even if, in the words of the late Stephen Sondheim, "Everybody Says Don't."
Eisenberg's overflowing bookshelvesMy retirement will be what Bruce Feiler, author of "Life Is in the Transitions," calls one of the biggest transitions people go through. When I interviewed him for Next Avenue about his intriguing book, he told me there are three phases of transitions: The Long Goodbye, The Messy Middle and The New Beginning. 
I'm now at the Long Goodbye stage, where, Feiler says, "you say goodbye to a life that is not coming back." I'm hoping to zip through The Messy Middle (where you figure out the new transition) and quickly head into The New Beginning where, as Feiler explains, "you are unveiling your new self. It's time to update your story and tell other people."
Here's how I see my New Beginning: Freelancing for Next Avenue and other sites; continuing to write book reviews for People and co-hosting the "Friends Talk Money" podcast; volunteering; mentoring; traveling with my wife and seeing our L.A.-based sons Aaron and Will and their wives (COVID-19 permitting), learning pickleball (I think it's the law now, isn't it?) and seeing what else comes my way — as well as what strikes my fancy.
I realize I'm enormously fortunate to be able to choose my retirement date; many others can't, due to financial or health circumstances.
I know that, along with some boomers in their mid-60s, I'm in the last generation who'll receive one or more employer pensions; in my case, I'll receive two: from years working at what was once Time Inc., and Hearst.
What I Did to Help Make Retirement Possible
Following the advice I've offered to readers for years, I saved furiously for college bills through 529 savings accounts, mutual funds and U.S. savings bonds; I have socked away money diligently for retirement since my 20s, in 401(k)s and self-employment retirement plans; been serious about keeping an emergency savings fund; paid off our mortgage; lived pretty frugally (my wife and I drive 2010 and 2012 Mazdas, also paid off), and been cautious about debt.
My traditional Medicare, Medigap and Medicare Part D prescription drug plans will take effect in January (that's been a hassle). I expect to delay claiming Social Security until I'm 67, taking advantage of the larger benefits I'll receive by postponing them.
My health is mostly good, with one gigantic caveat: my kidneys are pretty lousy, due to decades with diabetes. It's possible that I'll eventually need a kidney transplant or dialysis, but I'm doing my best to avoid either.
My late mother had dementia and I'd be less than honest if I didn't say that I worry I will get it one day, too. Here, I'm following the advice Next Avenue has offered — trying to stay healthy, challenging myself mentally, continuing to engage with others, working part-time and volunteering. But I also have a long-term care insurance policy, just in case, and hope the insurer will pay up if it comes to that; not all do.
Eisenberg with Next Avenue writers Kerry Hannon and Chris Farrell3 Personal Finance and Career Tips
Speaking of advice, I couldn't conclude this farewell address without sharing a few personal finance and career tips for people in their 50s and 60s that I've picked up at Next Avenue:
Save for retirement and for emergencies. I won't belabor this, since you hear it all the time from personal finance writers. I know it isn't easy, and sometimes isn't possible. But the more you can put money aside today, the more you'll thank yourself tomorrow — whether that's in six months or in six years.
Consult a financial adviser and an estate lawyer. My wife and I met with one financial planner when our sons were small, for tips on paying their future tuition bills (the takeaway: fund a 529 college savings plan and start when your kids are young if you can).
A few years ago, we started working with a fee-only, fiduciary Certified Financial Planner who has taken a more holistic look at our finances, offering wise counsel and recommendations on investing, insurance, taxes and debt.
We also hired an estate lawyer to ensure our final wishes will be met; that was no fun and took too much time and money, but it needed to get done.
Get lucky if you can — and make your luck, too. My luck was finding a wonderful partner in my wife Liz (married 36 years), having two fantastic, loving sons and living during years when both the stock market and housing markets soared. There were also years when both markets crashed, but I didn't panic and waited them out.
I'd say I made my luck in my career.
After getting a journalism degree at Northwestern University and landing a job as a fact-checker at Money, I worked hard and learned all I could to allow me to move up the ranks and then land jobs at other media outlets, ultimately winding up at Next Avenue.
Part of my ability to get these jobs, I think, was networking frequently — on LinkedIn, through phone calls, emails and meet-ups — to be in the right place with the right skills at the right times.
I've written often, and published Next Avenue articles by experts like Nancy Collamer, about how age discrimination by employers can make it difficult for people in their 50s and 60s to get hired. I'll always be grateful to Yahoo! for hiring me at 53 (a recruiter found my LinkedIn profile) and for TPT for taking me on at 55 (a freelancer who'd written for me told me about the job).
Brilliant experts — from AgeWave's Ken Dychtwald to Encore.org's Marc Freedman to authorities on elders Chip Conley and Bob Blancato to retirement gurus such as WISER's Cindy Hounsell and Transamerica's Catherine Collinson (all Next Avenue Influencers in Aging) — have helped let me keep my Next Avenue job by sharing their wisdom in articles I've written, assigned and edited.
I'm grateful, too, to Next Avenue's fabulous freelance writers and especially to my collegial Next Avenue colleagues, current and former, who have made Next Avenue the leader in our field — including Kristi McKinney, Julie Pfitzinger, Kathy Ritchie, Emily Skoblik-Diallo, Sabrina Crews, Megan Germundson, Bryce Kirchoff, Sue Campbell, Shayla Thiel Stern, Donna Sapolin, Emily Gurnon, Liza Hogan, Susan Donley, Grace Birnstengel and Colleen Wilson.
In one of my favorite Sondheim tunes, the star of "Company" belts out the song "Marry Me a Little" saying: "I'm ready! I'm ready now!"
Today's my last day at Next Avenue. Retirement: I'm ready!


Next Avenue's Managing Editor Says Goodbye — But Not Farewell

If you want to know what prospects for the retirement security of women in America look like, you couldn't do better than hearing what a bevy of brilliant experts said at the recent day-long virtual summit of the Women's Institute for a Secure Retirement (WISER).
WISER's Cindy Hounsell is optimistic about retirement prospects for womenI was fortunate to be a participant, where WISER (a Washington-based advocacy group) celebrated its 25th anniversary by looking at how far women have come in their ability to retire well and, sorry to say, how far they still have to go. After the summit, I followed up with some of the speakers for more of their insights.
Cindy Hounsell, WISER's energetic founder and a 2015 Next Avenue Influencer in Aging, reflected on what things were like when her organization began in the late 1990s and how she sees the future for the retirement security of women.
Starting a Retirement Discussion 25 Years Ago
"What we did was we started a conversation early on," Hounsell told me. "Back then, you couldn't find anybody to talk about all of these older women in poverty. People would just look at me and say, 'Well, it's the way it's always been.' That has changed in a big way. People talk about it now."
"When Cindy started WISER, I would say there was practically nobody really thinking about women's retirement issues."
Anna Rappaport, an expert on the impact of change on retirement systems and workforce issues who spoke at the WISER summit, agreed.
"When Cindy started WISER, I would say there was practically nobody really thinking about women's retirement issues. They were oblivious. Whereas today, a lot of people are thinking about them, and a number of financial service companies recognize them," she said. "There's a lot more sensitivity and concern about women's issues."
While many of the WISER summit speakers spoke forebodingly about retirement prospects of older women in America, Hounsell was somewhat upbeat.
"I'm more optimistic than probably a lot of other people, because I think we'll have better tools," she said. Already, Hounsell noted, it's become easier for women to access personalized retirement information — such as through the new, simpler Social Security Statements they can get on the Social Security Administration's website.
"And that's a big part of what we've tried to tell people; that you need to become your own advocate," said Hounsell. "You need to get that financial information like you would with a health situation."
Rappaport was cautiously positive, too.
"There is a greater awareness of women's retirement issues than twenty-five years ago," she told me. "Access of women to professional jobs has improved greatly. Now, that is not to say there are as many women as men in the C-suite. It's still a harder road for women. But nevertheless, there are some women CEOs, there are more women on boards."
Concerns About Retirement Prospects for Women
I was glad to hear some optimism about the future from Hounsell and Rappaport. But there are still many current trends that have me — and many of the summit's experts — concerned.  
As Catherine Collinson, CEO and president of the Transamerica Institute and the Transamerica Center for Retirement Studies, as well as a WISER summit presenter an an Influencer in Aging, recently wrote: "Despite progress made in recent decades, women continue to be at greater risk of not achieving a financially secure retirement than men, in large part due to the gender pay gap and time out of the workforce for parenting and caregiving.
Ramsey Alwin, National Council on AgingAnother WISER summit speaker, Ramsey Alwin, president and CEO of the National Council on Aging, told me she thought that "over the next ten years, women of all ages will be rushing to make up for lost wages and savings due to exiting the workforce for caregiving responsibilities."
But, she feared, "without intentional investment in caregiver supports and quality job creation, it is not clear that we'll be able to restore women's labor force participation to pre-pandemic levels."
That would have implications for long-term personal financial stability, including the adequacy of Social Security benefits, Alwin said.
"Given that women are already more likely to age into poverty, this trend is troubling," she added.
A few other troubling factors at play:
More than half of working women (51%) say their financial situation has been negatively impacted by the pandemic. That's one of the chilling findings in "Life in the COVID-19 Pandemic: Women's Health, Finances, and Retirement Outlook," a new study by the Transamerica Center for Retirement Studies in collaboration with the Transamerica Institute.
"Amid the pandemic, many women have been stretched beyond their limits, balancing work and family. Given these pressures, some have given up their employment and dropped out of the workforce altogether," the report noted.
Nancy LeaMond, AARP's executive vice president and chief advocacy & engagement officer in Washington, D.C. and another Next Avenue Influencer in Aging, presented recent statistics at the WISER summit that were especially bleak: "Since the beginning of 2020, four in ten working women age forty to sixty-five experienced job loss, reduced hours, furlough, temporary layoff, or reduced wage."And, LeaMond noted, 58% of women 65+ now live in poverty.
Boomer women have a paucity of emergency savings. They've saved a median of $7,000 in emergency savings compared to boomer men with $25,000, according to Transamerica.
Women are less likely than men to have saved for future medical bills. A recent survey of over 1,100 beneficiaries 65 and older, by MedicareGuide, found women are twice as likely to not have savings for medical bills, compared to men (21% to 11%). While 41% of men 65 and up have more than $6,000 in savings for medical bills, just 28% of women that age do. No surprise that 51% of the women surveyed said they're concerned a health situation could lead to bankruptcy or debt vs. 40% of men.
Black women are especially vulnerable to health and wealth issues affecting their retirement prospects. Many have spent their careers in low-wage jobs, Rodney Brooks wrote in his excellent new book, "Fixing the Racial Wealth Gap: Racism and Discrimination." And, he wrote, "they are also likely to outlive their partners and are more likely to grow old alone and in poverty."
Brooks noted that Black women in the U.S. who work full-time are typically paid just 63 cents for every dollar paid to white men. Black workers, and Black women in particular, are less likely to work for employers that offer retirement benefits.
Other worrisome trends Rappaport noted: An increasing inequality by economic status, a decline of traditional pension plans and retiree health plans, the growth in gig employment and low-benefit jobs and the small declines in overall gender pay gap. "I would expect modest, but not dramatic, continued change for women in the workforce and pay equity," Rappaport said.
And yet, Hounsell remains optimistic. That's partly because she thinks policymakers will take steps to help.
What Washington Could Do
"The Saver's Tax Credit, which the majority of women are unaware of, will be improved in the future," she said. "This will be a significant benefit for many women."
Black women in the U.S. who work full-time are typically paid just 63 cents for every dollar paid to white men.
It's a tax credit that's effectively a match for retirement contributions made by low- and middle-income people. The lower your income, the bigger the credit rate you qualify for. Congress is considering raising the income limits for claiming the Saver's Credit and simplifying the tax-filing requirements to take the tax break.
Alwin hopes Congress and the Biden administration will also enact what's being called The SECURE Act 2.0. This legislation would, among other things, extend employer-based retirement savings offerings to more part-time workers; increase retirement plan "catch-up contributions" (additional amounts people 50+ can put in) and make the Saver's Tax Credit refundable, to lower your tax liability no matter how much you owe in taxes.
That bill "would go a long way for women, especially women of color," Alwin said.
Alwin also wants to see passage of the Protecting Older Workers Job Applicant Act (which would prohibit employers from age-discriminatory hiring practices) and the Supporting Older Workers Act (which would invest in broader job training and job placement for older workers).
 "This would be a win for all involved — workers, employers, society and the economy," she said.


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