RetirementRevised

Income inequality is a red-hot topic these days, but one overlooked aspect of the story is how inequality spills over into retirement. Joining me on the podcast this week to examine this question is Dr. Nari Rhee, who directs the retirement security program at the UC Berkeley Center for Labor Research and Education. Nari is co-author of a fascinating new report that documents inequality in financial assets - basically, savings accounts, stocks and bonds - and what that means for retirement security.

The U.S. Government Accountability Office (GAO) reported recently that in 2013, families in the top 10 percent of the wealth distribution held 76 percent of the wealth held by all families in the United States.

While income inequality was relatively stable from the 1940s to the 1970s, since then wage growth at the top of the income distribution has outpaced the rest of the distribution, and inequality has risen. Wealth has become increasingly concentrated as well. By 2013, those families in the top 10 percent of the wealth distribution held 76 percent of the wealth held by all families in the United States.

A GAO analysis of Federal Reserve income data reveals the same trend among older households. GAO divided older households into five groups (quintiles) based on their income and wealth, and found that the top quintile has run away from all other income groups. For example, in 2016, households in the top quintile had estimated average income of $398,000, compared to about $53,000 for the middle quintile and about $14,000 for the bottom quintile.

The picture is similar for wealth accumulation. Low wage growth has created a have- and have-not situation among retirees - well over half have not been able to save at all, and will be relying mainly on Social Security benefits. 

The NIRS report contains several striking findings.

* The share of Baby Boomer financial assets owned by the wealthiest 5 percent grew from 52 percent in 2004 to 60 percent in 2016. Over the same period, the share of financial assets owned by the top 10 percent of Baby Boomer households grew from 68 percent to 75 percent, and the share owned by the top 25 percent grew from 86 percent to 91 percent. Meanwhile, the share of assets owned by the bottom 50 percent of boomer households shrank from 3 percent in 2004 to under 2 percent in 2016.

* Financial asset inequality appears to be growing worse across generations. Generation X and Millennials appear to have reached comparable degrees of financial asset concentration among the wealthiest households as Baby Boomers, at younger ages.

* Financial asset inequality is exacerbated by regressive tax incentives for retirement savings and unequal access to employer-provided retirement plans.

The study recommends several policy solutions, including strengthening and expanding Social Security, making workplace retirement saving plans more widely available and improving the federal Saver's Credit for low-income taxpayers.

Good ideas all, and worth pursuing. But we also will need a policy approach to the broader U.S. income inequality problem. Solve that, and the retirement problem gets better on its own.

Listen to my conversation with Nari by clicking the player icon at the top of this page.

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The podcast is part of the subscription RetirementRevised newsletter. Subscribers have access to all the podcasts, plus my series of retirement guides on key challenges in retirement. Each guide is paired with a podcast interview with an expert on the topic; the series already covers Social Security claiming and the transition to Medicare, and how to hire a financial planner. More are in the works. For a sample, check out the recently-published guide to the cost of healthcare in retirement, featuring a podcast interview with retirement educator and actuary Steve Vernon.

You can subscribe by clicking the little green “subscribe now” link at the bottom of this page, or by visiting RetirementRevised.com. And if you’re listening on Apple Podcasts or Stitcher, I hope you’ll leave a review and comment to let me know what you think.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit retirementrevised.substack.com

For many seniors, the announcement of Social Security’s cost-of-living adjustment (COLA) is one of the most anticipated pocketbook news stories of the year. The COLA for 2020 will be released during October - a time of year when I always check in with Mary Johnson.

Mary is a Social Security and Medicare policy analyst for The Senior Citizens League.  She has been tracking the COLA for more than 24 years, and conducts an annual study on the buying power of Social Security. Mary also writes the free Social Security & Medicare Advisor (subscribe at the League’s website).

Ahead of the 2020 COLA news, Mary joins me on the podcast this week to talk about all things COLA, including:

* The history of the COLA (it has been awarded annually only since 1975)

* How the COLA is figured, its recent COLAs, and why they have been stingy

* What will the COLA be in 2020 (probably about 1.6%)

* How the COLA interacts with the Medicare Part B premium

* What seniors can do to protect themselves from inflation

Listen to the podcast by clicking on the player icon at the top of this page.

Subscribe now!

This is a listener-supported project, so please consider subscribing.

The podcast is part of the subscription RetirementRevised newsletter. Subscribers have access to all the podcasts, plus my series of retirement guides on key challenges in retirement. Each guide is paired with a podcast interview with an expert on the topic; the series already covers Social Security claiming and the transition to Medicare, and how to hire a financial planner. More are in the works. For a sample, check out the recently-published guide to the cost of healthcare in retirement, featuring a podcast interview with retirement educator and actuary Steve Vernon.

You can subscribe by clicking the little green “subscribe now” link at the bottom of this page, or by visiting RetirementRevised.com. And if you’re listening on Apple Podcasts or Stitcher, I hope you’ll leave a review and comment to let me know what you think.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit retirementrevised.substack.com

Social Security faces a financial shortfall in the years ahead that requires action by Congress. The combined trust funds for Social Security’s retirement and disability programs are on course to be depleted in 2035; without changes, funding from payroll tax receipts will be sufficient to pay only 80 percent of currently scheduled benefits. That would mean immediate, across-the-board benefit cuts, but the pain would be felt most acutely by today’s younger workers and low-income retirees.

But Democrats are aiming to do more than simply address the solvency issue - they want to expand benefits. Their plans range from the relatively centrist proposal now advancing in the House of Representatives from Rep. John Larson, to more bold proposals from Elizabeth Warren and Bernie Sanders.

On the podcast this week, we break down the proposals, and take a look at prospects for the Larson bill in the House this fall. My guest is Nancy Altman, one of the most knowledgeable people in the United States on Social Security. You may have heard of Nancy’s work as a progressive advocate for Social Security expansion - she heads up Social Security Works, one of the key grassroots group pushing for expansion as part of an overhaul that also would restore 75-year solvency to the program. But Nancy also wrote the book on the history of Social Security and why it should be expanded. Correction, she actually has written three authoritative books on Social Security. Nancy has been involved with Social Security policy since the 1980s, having served as a staffer on the Greenspan Commission, which crafted the last major Social Security reforms.

In this conversation, Nancy and I cover:

* The 2035 problem (she doesn’t really see it as a “problem,” tho)

* Ways to restore solvency - basically, higher taxes, benefit cuts or a combination of both

* Why we both think higher taxes are the way to go

* An overview of the plans from Larson, Sanders and Warren - also, where does Joe Biden stand on this issue?

* The politics of Social Security reform this fall and in the 2020 presidential election

Read about the three leading Democratic reform proposals here:

* Social Security 2100, sponsored by Rep. John Larson in the House of Representatives

* Expansion proposals from Sen. Bernie Sanders and Sen. Elizabeth Warren. expansion plan.

Listen to the podcast by clicking on the player icon at the top of this page. The podcast also is available on Apple Podcasts and Stitcher.

Subscribe now!

This is a listener-supported project, so please consider subscribing.

The podcast is part of the subscription RetirementRevised newsletter. Subscribers have access to all the podcasts, plus my series of retirement guides on key challenges in retirement. The series includes topics like Social Security claiming and the transition to Medicare. The series also will include guides to housing strategies for retirement, working longer as a retirement plan and much more. For a sample, check out the recently-published guide to the cost of healthcare in retirement, featuring an interview with retirement educator and actuary Steve Vernon.

You can subscribe by clicking the little green “subscribe now” link at the bottom of this page, or by visiting RetirementRevised.com. And if you’re listening on Apple Podcasts or Stitcher, I hope you’ll leave a review and comment to let me know what you think.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit retirementrevised.substack.com

This week, the podcast dives into the topic of Medicare’s fall enrollment period. Every fall, enrollees have the opportunity to do a check-up on their prescription drug or Medicare Advantage insurance coverage, and shop for new insurance plans if their coverage doesn’t meet current needs. This is done during a fall enrollment period that runs from October 15th through December 7th.

Most Medicare enrollees don’t bother to do this check-up, but they should. Insurance plans can - and do - change what will be covered from year to year, and the list of health care providers in Advantage plans can change. And studies show that updating your coverage often saves money.

I’ll be writing several articles about fall enrollment over the next few weeks, but already have done some reporting on a new wrinkle that comes along with this year’s enrollment season. The wrinkle has to do with the go-to shopping resource people use to shop for plans. This is the Medicare Plan Finder - the official government site that posts insurance plan offerings.

The Plan Finder has had some problems. Studies have found that users are confused by the site navigation. The information displayed is often incomplete or incorrect. Even expert counselors who are trained to help people with their selections give the site poor marks.

Just before Labor Day, Medicare launched a new version of the Plan Finder  that aims to correct some of these problems. The jury is still out on the new site, but the timing of the rollout has alarmed many of the experts who work with people on enrollment, because they have not had time to adequately train people to use it or test it for bugs. And Medicare says it will keep making tweaks between now and the start of fall enrollment. 

My guest on the podcast today is one of those experts. Ann Kayrish is the senior program manager for Medicare at the National Council on Aging.  She focuses on helping groups around the country that provide counseling to Medicare enrollees with their applications and benefit enrollment. Prior to joining NCOA, Ann directed operations for the State Health Insurance Assistance Program in Montgomery County, which helps the most vulnerable populations gain access to the health care benefits and services.

So Ann is one of the people very close to the issues with Medicare Plan Finder and what’s been going on with it lately.

Listen to the podcast by clicking on the player icon at the top of this page.

Subscribe now!

This is a listener-supported project, so please consider subscribing.

The podcast is part of the subscription RetirementRevised newsletter. Subscribers have access to all the podcasts, plus my series of retirement guides on key challenges in retirement. The series includes topics like Social Security claiming and the transition to Medicare. The series also will include guides to housing strategies for retirement, working longer as a retirement plan and much more. For a sample, check out the recently-published guide to the cost of healthcare in retirement, featuring an interview with retirement educator and actuary Steve Vernon.

You can subscribe by clicking the little green “subscribe now” link at the bottom of this page, or by visiting RetirementRevised.com. And if you’re listening on Apple Podcasts or Stitcher, I hope you’ll leave a review and comment to let me know what you think.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit retirementrevised.substack.com

Is a recession on the way? The bond market seems to think so, judging by the inverted yield curve, and so does the Trump administration, if the somewhat desperate call from the White House for more tax cuts is any indication.

If a downturn is coming, what can you do to prepare? My guest on the podcast this week addressed that question in a recent post for NextAvenue.org. Chris Farrell is the senior economics contributor to "Marketplace," the public radio business and economic program, and his post examines reasons why odds of a recession are rising, and ways to shore up household finances.

I wanted to push the conversation in a different direction - how would a recession impact retirees, and people close to retirement? Our podcast chat centers on these points:

* How to think about your retirement portfolio allocation, and the perils of marketing timing;

* The job market and how a downturn can lay waste to your retirement plan;

* The spending side of the equation - how can you trim spending if the economy heads south?

Chris has written extensively on these themes. His most recent book is Purpose and a Paycheck: Finding Meaning, Money, and Happiness in the Second Half of Life. He takes a close look at the labor market for older Americans, and of course that is a big part of what we discuss on this podcast. One of his earlier books, The New Frugality, also comes into play in our conversation.

By the way - kudos to The New York Times for trying to explain the invested yield curve to all of us with a 3-D graph, and a comparison to pro football. Points awarded here for effort, although I bet most of us still cannot stand on one leg and explain it. I have trouble enough doing it standing on two legs.

Subscribe now!

This podcast is part of the subscription RetirementRevised newsletter. Subscribers have access to all the podcasts, plus my series of retirement guides on key challenges in retirement. The series includes topics like Social Security claiming and the transition to Medicare. The series also will include guides to aging in place, working longer as a retirement plan and much more. For a sample, check out the recently-published guide to the cost of healthcare in retirement, featuring an interview with retirement educator and actuary Steve Vernon.

You can subscribe by clicking the little green “subscribe now” link at the bottom of this page, or by visiting RetirementRevised.com. And if you’re listening on Apple Podcasts or Stitcher, I hope you’ll leave a review and comment to let me know what you think.

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This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit retirementrevised.substack.com

This week, the podcast takes a dive into some important changes coming down the pike in the Medicare program. For the first time in its history, Medicare will soon begin to pay benefits for some non-medical services that could help improve the health of seniors who are facing major functional limitations. The new benefits are contained in legislation passed by Congress last year called the Chronic Care Act. The law will allow Medicare Advantage plans to pay for things like grocery deliveries, transportation, caregiver support, and retrofitting homes to support older adults with chronic conditions.

Joining me this week to talk about the changes -- and when we can expect to see them cropping up in Medicare plans -- is Dr. Bruce Chernof.

Bruce is the president and CEO of The SCAN Foundation, one of the largest foundations in the country focused solely on improving the quality of life for seniors. The foundation has a special focus on promoting a coordinated, and easy-to-navigate system of high-quality health services for older adults that preserve dignity and independence. 

I asked Bruce what these benefits actually will look like, and why they could mark an important change in Medicare. I also asked him why these benefits will be offered only in Medicare Advantage plans, and when we could see something similar rolled out in traditional fee-for-service Medicare. 

Finally, I asked for his thoughts on the country’s ailing system of providing long-term care support and services, and how that can be improved.

Listen to the podcast by clicking the player icon at the top of this page.

Subscribe now!

This podcast is part of the subscription RetirementRevised newsletter. Subscribers have access to all the podcasts, plus my series of retirement guides on key challenges in retirement. The series includes topics like Social Security claiming and the transition to Medicare. The series also will include guides to aging in place, working longer as a retirement plan and much more. For a sample, check out the recently-published guide to the cost of healthcare in retirement, featuring an interview with retirement educator and actuary Steve Vernon.

You can subscribe by clicking the little green “subscribe now” link at the bottom of this page, or by visiting RetirementRevised.com. And if you’re listening on Apple Podcasts or Stitcher, I hope you’ll leave a review and comment to let me know what you think.

Work in the retirement field? Subscribe your team!

If you work in the retirement field, consider a group subscription to RetirementRevised newsletter and podcast for your team at work. Click here to get started.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit retirementrevised.substack.com

This week, my guest on the podcast thinks the 401(k) is a failure.

Teresa Ghilarducci is a labor economist at the New School in New York City who specializes in topics related to older workers and retirement security. She has been arguing for years that our current self-directed system of saving for retirement in 401ks and IRAs is not up to the job of helping people build for a secure retirement. She thinks it works just fine for the top five percent of households by income, but not for the rest of us - and all the advice that people like me dispense is somewhat useless and frustrating for most people. 

Teresa has a different idea that she has been promoting in the halls of Congress, called the Guaranteed Retirement Account (GRA). The idea is a mandatory, government-run saving program; any employer that doesn’t offer their own plan would be required to contribute and sign up workers. Here’s a link to an article I wrote in 2015 for The New York Times on Teresa’s GRA idea, along with a discussion of her unusual partnership on this project with a top Wall Street executive. And here’s a primer on the GRA on the New School website.

Teresa also is launching her own podcast later this month called Reset Retirement. The program will feature interviews with working Americans who have encountered problems navigating the retirement system, and comments from experts on how those problems can be handled. You can subscribe via Apple Podcasts or Spotify.

A tidbit: Teresa says she drew inspiration for the podcast from my recent book, Jolt: Stories of Trauma and Transformation. How, exactly? You’ll have to listen to this week’s podcast to find out. Do that by clicking on the player icon at the top of this page.

Subscribe now!

This podcast is part of the subscription RetirementRevised newsletter. Subscribers have access to all the podcasts, plus my series of retirement guides on key challenges in retirement. The series includes topics like Social Security claiming and the transition to Medicare. The series also will include guides to aging in place, working longer as a retirement plan and much more. For a sample, check out the recently-published guide to the cost of healthcare in retirement, featuring an interview with retirement educator and actuary Steve Vernon.

You can subscribe by clicking the little green “subscribe now” link at the bottom of this page, or by visiting RetirementRevised.com. And if you’re listening on Apple Podcasts or Stitcher, I hope you’ll leave a review and comment to let me know what you think.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit retirementrevised.substack.com

This week the podcast digs into a topic that doesn’t come up all that often these days: inflation, and the risk it can pose to your retirement plan. 

In one sense, it’s no big surprise that inflation isn’t much of a topic in retirement planning circles - after all, it hasn’t been a major threat for the economy since the early 1980s. But those of us old enough to have experienced the stagflation of the late 1970s remember how damaging it was - low economic growth coupled with inflation that peaked at 13 percent.

The big risk with inflation is that it cuts your purchasing power. That’s problematic for retirees living on fixed incomes. Most sources of retirement income are not inflation-adjusted (the one big exception being Social Security - more on that below). Even the low inflation rates we have experienced in recent years can take a big toll. For example, my guest on the podcast this week, Dirk Cotton, calculates that two decades of average inflation at three percent would cut your purchasing power in half over that time. 

Dirk is a one of the smartest retirement researchers around. He has a great eye for important topics that don’t get covered enough that he writes about at The Retirement Cafe. 

Dirk recently posted two articles about retirement planning and inflation that caught my eye. The first looks at historic patterns of inflation - and how unpredictable the trends can be. He also examines generational differences in perspectives on inflation (spoiler alert - boomers worry about it, GenXers and younger don’t). The second post discusses a recent paper that Dirk co-authored with economist Zvi Bodie of Boston University, examining inflation-adjusted annuities - specifically, why there is almost no market for them.

To hear my conversation with Dirk Cotton, click on the player icon at the top of this page.

Subscribe now!

This podcast is part of the subscription RetirementRevised newsletter. Subscribers have access to all the podcast, plus my series of retirement guides on key challenges in retirement. The series includes topics like Social Security claiming, the transition to Medicare. The series also will include guides to aging in place, working longer as a retirement plan and much more. For a sample, check out the recently-published guide to the cost of healthcare in retirement, featuring an interview with retirement educator and actuary Steve Vernon.

You can subscribe by clicking the little green “subscribe now” link at the bottom of this page, or by visiting RetirementRevised.com. And if you’re listening on Apple Podcasts or Stitcher, I hope you’ll leave a review and comment to let me know what you think.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit retirementrevised.substack.com

Surveys show that many Americans worry that healthcare costs will consumer a large portion of their resources. One reason is that we are exposed to a steady stream of news headlines with daunting forecasts of what you will need to spend over the course of your entire retirement. Fidelity Investments, for example, estimates that a 65-year old couple retiring in 2019 can expect to spend $285,000 on health care and medical expenses throughout retirement. The Employee Benefit Research Institute found that a 65-year-old couple could need nearly $400,000 to meet lifetime expenses in a worst-case scenario.

But these forecasts can be misleading, since you won’t be spending these big sums all at once. And much of your healthcare spending can be managed very well - because it can be predicted and covered by health insurance. The more important questions: What are the outsize risks that could upset your retirement plan? And, what can you do to mitigate those risks?

This week, I’m releasing my new guide to the cost of healthcare in retirement. As always, the guide is paired with a podcast interview with a top expert on the topic. For this one, my guest is Steve Vernon. Steve is an actuary by background, and he worked for years as a consultant to large corporate retirement plans before starting his own consumer retirement education firm. He also is a research scholar at the Stanford Center on Longevity, and writes a column for CBS MoneyWatch.

Steve’s latest book is called Retirement Game-Changers. In it, he focuses on helping older workers navigate the critical decisions they need to make as they transition from employment to retirement. And the book provides very thoughtful insights on how to think about health care in retirement.

Click on the player icon at the top of this page to listen to our conversation. And download your copy of the guide here.

Subscribe during the Spring Sale!

This podcast is part of the newsletter I distribute to subscribers to the RetirementRevised.com newsletter. It’s a listener-supported endeavor, and I hope you’ll consider subscribing. Along with the podcast, you’ll get access to the series of retirement guides that I’m publishing right now - brief, downloadable resources to help you understand challenges like optimizing Social Security benefits, transitioning to Medicare from other types of insurance and how to hire a financial adviser. Each guide is paired with a podcast interview with a top expert in the field.

Right now, you can take advantage of the Spring sale - half off your first year. Check it out using the “subscribe now” link at the bottom of this page, or visit the website for more details.

If you’re listening on Apple Podcasts or Stitcher, please leave a review and comment to let me know what you think. You’ll be helping me get more visibility for the show. If you like what you see here, I hope you’ll consider subscribing, too.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit retirementrevised.substack.com

This week, the podcast takes a look at the first major retirement legislation to move through Congress in more than a decade According to some policy folks, it is the most significant retirement legislation since the passage of the Pension Protection Act (PPA) in 2006. That’s hard to debate, but only, as mentioned, because it’s the only retirement legislation to come along since PPA was passed.

Several much more pressing (“significant”) retirement matters need to be addressed by lawmakers and policymakers. One is the looming implosion of multi-employer pension plans covering more than 10 million workers and retirees. These were created under collective bargaining agreements and jointly funded by groups of employers in industries like construction, trucking, mining and food retailing. Congress has been working on a solution, and it was good to see a bill advance out of the House Education & Labor Committee this week.

Another big issue is weakened fiduciary protection for retirement savers. The Securities and Exchange Commission approved its Regulation Best Interest regulation this month; as expected, it is far weaker than the now-deceased fiduciary rule implemented by the Obama-era Department of Labor. The SEC rule relies on disclosure - here’s 100 pages of fine print, and you’re on your own.

And of course the other enormous, looming issue is Social Security reform - if nothing is done by 2035, we’re all looking at a haircut on benefits of about 25 percent.

But I digress - back to the legislation at hand - the Setting Every Community Up for Retirement Enhancement Act of 2019 - SECURE for short. The bill recently passed the House of Representatives by a lop-sided, bipartisan margin, and it is under consideration by the Senate now.

You can find more in my most recent Reuters column, but in brief, SECURE contains a laundry list of provisions that the financial services industry has wanted passed for a long time. It focuses in four key areas:

* Increasing access to employer-sponsored workplace savings plans';

* Getting people in these plans to save more;

* Add features to workplace plans that get people to focus on how their savings translate to income in retirement

* Increase financial literacy on how savings translate into spending and income in retirement.

One of the key provisions make it possible for employers to band together to offer a single workplace retirement plan to workers. This typically would be small employers. I’ve been skeptical that this will put much of a dent in the country’s workplace coverage gap. For one thing, it’s not at all clear many plan providers will jump into this market to offer plans. And more-competitive low-cost options for small employers have surfaced since this idea was first hatched some years ago.

SECURE also would make it much easier for employers to add the option of converting part of your 401k savings to an annuity at the point of retirement. The idea here is to help assure people of a higher amount of guaranteed income in retirement. Then there’s some small stuff. For example, recognizing that more people are working longer, the age when required minimum distributions must begin would increase from 70.5 to 72. And the maximum age for contributing to an IRA (also 70.5) would be repealed. (Insert yawn here.)

But I wanted to get a reasoned defense of the SECURE Act for the podcast. For that, I turned to Melissa Kahn, managing director of retirement policy for the defined contribution team at State Street Global Advisors - a very large company that manages nearly $3 trillion in assets worldwide. Melissa is an attorney with extensive experience in the world of employee benefits and regulation. Before joining State Street, she worked as a consultant in the industry and also for more than a decade working in the life insurance business. She wrote an excellent article recently that does a great job distilling what’s in the SECURE Act.

Subscribe during the Spring Sale!

This podcast is part of the newsletter I distribute to subscribers to the RetirementRevised.com newsletter. It’s a listener-supported endeavor, and I hope you’ll consider subscribing. Along with the podcast, you’ll get access to the series of retirement guides that I’m publishing right now - brief, downloadable resources to help you understand challenges like optimizing Social Security benefits, transitioning to Medicare from other types of insurance and how to hire a financial adviser. Each guide is paired with a podcast interview with a top expert in the field.

Right now, you can take advantage of the Spring sale - half off your first year. Check it out using the “subscribe now” link at the bottom of this page, or visit the website for more details.

If you’re listening on Apple Podcasts or Stitcher, please leave a review and comment to let me know what you think. You’ll be helping me get more visibility for the show. If you like what you see here, I hope you’ll consider subscribing, too.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit retirementrevised.substack.com