Connelly Law Offices, Ltd. proudly announces our new satellite office in Mystic, CT located at 18A Stafford Street, Mystic, CT 06355 • 855-724-9400 Volume 15, No. 2 February 2019 Report: Most Working Americans Not Saving for Retirement By Herb Weiss retirement after a lifetime of work now For Senior Digest is a middle-class nightmare. Even among workers who have accumulated savings in Less than four months ago, a research retirement accounts, the typical worker had report released by the Washington, D.C.- a low account balance of $40,000. This is based National Institute on Retirement far off-track from the savings levels Amer- Security (NIRS), using an analysis of U.S. icans need if they hope to sustain their stan- Census data, found that even with the na- dard of living in retirement.” tion’s economic recovery, savings levels of American’s Not Prepared for working age Americans are inadequate for Financially Surviving Retirement Years America’s retirees to rely on. Findings in NIRS’s 32-page research re- The NIRS report provides analyzes the port, “Retirement in America: Out of Reach U.S. Census Bureau’s Survey of Income for Most Americans?,” released on Sep- and Program Participation data released in tember 18, finds that more than 100 mil- 2016 and 2017. Researchers took a look at lion working age individuals (57 percent) workplace retirement plan coverage, retire- do not own any retirement account assets, ment account ownership, and retirement whether in an employer-sponsored 401(k)- savings as a percentage of income, and type plan or an IRA nor are they covered estimates the share of workers that meet by defined benefit plans. Researchers say Stock photo financial industry recommended bench- the data indicated that “those who do own marks for retirement savings. retirement accounts have, on average, more these individual only had a modest account age and income-levels based on working “The facts and data are clear. Retirement than three times the annual income of in- balance of $40,000. “Furthermore, some until age 67 even after counting an individ- is in peril for most working-class Ameri- dividuals who do not own retirement ac- 68 percent of individuals age 55 to 64 have uals’ entire net worth. “Due to a long-term cans,” says Diane Oakley, the report author counts.” retirement savings equal to less than one trend toward income and wealth inequality and NIRS executive director in a state- According to the research findings, the times their annual income, which is far be- that only worsened during the recent eco- ment. “When all working individuals are typical working age American has no re- low what they will need to maintain their nomic recovery, a large majority of the bot- considered — not just the minority with tirement savings. When including all standard of living over their expected years tom half of Americans cannot meet even a retirement accounts — the typical working working individuals —not just individuals in retirement,” say the NIRS’s research re- substantially reduced savings target,” says American has zero, zilch, nothing saved for with retirement accounts—the median re- port. the NIRS report. retirement,” she says. tirement account balance is $0 among all The research study findings indicate that The researchers say that federal and state Oakley added, “What this report means working individuals. For the typical work- 77 percent of Americans can not meet con- is that the American dream of a modest ers who have retirement savings accounts, servative retirement savings goals for their See Saving, page 6 Credit Unions Sound the Alarm on Elder Financial Exploitation By Walter Laskos arrested and carted off to jail. (Please know, For Senior Digest the IRS will not call you on the telephone if you owe money.) Unless you live in isolation, you certain- One of the most pitiful scam tactics I have ly are aware of all the financial scams being heard involves a phone call from a grand- committed against seniors today. They can child who has been arrested and needs you be committed by an aid, a caregiver or even to send money. It goes something like this. a family member. They can arrive with a Using Facebook or another social media knock on the front door or the ring of the platform, scammers learn the name of, let’s telephone. Sadly, everyone is becoming say, your grandson. An imposter will then vulnerable, but most especially seniors. telephone you and identify himself using Chances are, you have already been tar- your grandson’s name and even sounds a geted by scammers with an annoying and lot like your loved one. But he is speaking unsolicited phone call. in a quick and panicky voice, asking for It’s no secret, scammers will go to great your help. He confesses he’s been drinking lengths to trick you to part with your mon- and was in a car accident. Now, he’s been ey, posing as the IRS and alarming seniors arrested and wants you to know a lawyer with an automated voice message that says Credit Unions of Rhode Island join with Lt. Governor Dan McKee at a Lunch & Learn about you owe money. If you don’t pay, you’ll be See Exploitation, page 4 Elder Financial Exploitation at the Johnston Senior Center. Quick-fix “Ask the “The most serious charge which can Winter Lawyer” be brought against New England is Meals - page 3 not Puritanism but February.” - page 19 - Joseph Wood Krutch 2 February 2019 • Senior Digest Embracing a New (Driving) Normal An occupational hazard small wide-angle mirrors much, much more. It was old car ranked #2 on that want cruise control to au- of being someone dispens- attached to my outside mir- all a bit much. What was list. Using a helpful online tomatically slow me down ing advice about aging is rors. But now my system the difference between lane search site www.truecar. if I neared another car or following my own advice, wasn’t working so well. departure warning and lane com, I bought a new model turn that feature off?). It however difficult that might What had changed? keeping warning? I turned with many safety features. was worth it. While I am be. I’ve written about how I had to absolve Rhode to Consumer Reports’ July There was one more step- continuing to learn the fin- aging requires adapting to Island drivers from blame. er points of my new driver a new normal. As my sev- During my commute most assistance technology, the enty-fourth birthday ap- drivers were very accom- “If we’re willing to learn blind-spot warning has al- proached, my new normal modating about letting me ready proven tremendously for driving was becoming over if they had the time helpful. more frequent near misses and space. There was no to use new technology, For many of us who ar- when I started to turn into way around it, I was the en’t near a bus line, driving an adjoining lane and found problem and needed help. I think many of us should as long as we can is the best another car there in my My new normal required a way to remain indepen- “blind spot”. new car, and fortunately I dent. Self-driving cars may could afford it. be able to extend our be decades away. If we’re For the past five years my Since I had bought my willing to learn to use new Senior Digest daily commute home from current car thirteen years technology, I think many of 21 Industrial Court Providence has involved ago, it had been highly re- years behind the wheel.” us should be able to extend Seekonk, MA 02771 merging onto a very busy liable and I became very our years behind the wheel. Route 10 southbound, and attached to it. But as a Email then needing to cross two reader of car magazines, 2017 edition article about --living up to another of my William F. Flynn Jr. is [email protected] Telephone lanes of traffic going up to I knew a lot of new safety “The Top 25 New Cars for aging mantras--- you can executive director of the 508.336.6633 50 miles an hour. I have technology had been added Senior Drivers.” It gave teach an old dog new tricks. Senior Agenda Coalition. Web Site to watch for two things at to cars since 2006. I began heavy weight to four safe- I began working my way Contact him at seniora- www.seniordigestnews.com once—a slowdown by the my research, and was in- ty features: backup cam- through a 99-page own- [email protected]. car straight ahead as well undated with options for era, automatic emergency er’s manual on driver as- PUBLISHED as an opening in the lane driver assistance: forward braking, forward collision sist technology. It required MONTHLY to my left---very excit- collision warning, auto- warning and blind spot understanding different ing I had been checking matic emergency braking, warning (aha!). Best of all, features, and in some cas- Published by my blind spot with two adaptive cruise control, and the latest version of my es making choices (did I Senior Digest Graphic Design/Layout: TCI Press Inc. In Rhode Island Printed by TCI Press Inc. If a Senior is not safe at home call: Contributors: Paul A. Brule, EDITOR’S DEADLINE Department of Elderly Affairs: Deborah L. Burton, MS, AllAll materials materials for for the the August March 20172019 issue 401-462-0555 or 462-3000 Elizabeth Carroll, are due by: Kathleen S.