AARP Report: Using Public Wireless Network Can Be Costly

Published in Woonsocket Call on August 2, 2015

This week Rhode Islanders learned about a secret NSA map obtained exclusively by NBC News detailing China’s cyber attack on all sectors of the U.S economy, including major firms like Google and Lockheed Martin, as well as the U.S. government and military.

But, they also learned that the stealing of personal and financial information isn’t just taking place nationally at federal agencies and Fortune 500 companies but throughout the state, too.  Internet users who put convenience ahead of protecting financial information stored on their laptops and mobile devices are becoming more susceptible to hackers, too, says a newly released 21 page AARP report.

Giving Hackers Easy Access to Your Personal Info

A new survey of internet users, ages 18 and over, released on July 29, 2015, shows that the freedom and convenience of public wireless networks may come at a cost. Nearly half failed a quiz about online and wireless safety, while tens-of-thousands admit to engaging in activity that could put them squarely in the sights of hackers looking to steal their personal information.

An AARP Fraud Watch Network report, “Convenience versus Security,” shows that among adults who access the Internet, a quarter (25%) use free public Wi-Fi once per week or more. “A free Wi-Fi network at an airport, hotel or coffee shop is convenient,” said Kathleen Connell, State Director of AARP Rhode Island. “But without a secure network, Americans risk over sharing, leaving themselves vulnerable to attacks by con artists and hackers.”

In response to these cyber threats recognizing the need for greater awareness of the risks of internet scams, the Washington, DC-based AARP is launching the “Watch Your Wi-Fi” campaign to educate Americans about the risks of free public Wi-Fi and how they can protect themselves.

Researchers identified a high incidence of risky online behaviors that might lead to financial theft and fraud.  According to the findings, among those who say they use free public Wi-Fi, more than a quarter of respondents (27%) say they have banked online via public Wi-Fi in the last three months.  Similarly, 27% of those who use free public Wi-Fi have purchased a product or service over public Wi-Fi using a credit card.

Additionally, the findings noted that 26% of the respondents who use smartphones do not use a pass code on their phones.  Sixty one percent do not have online access to all of their bank accounts.  Finally, among those who have set up access to all or some of their online banking accounts, almost half (45%) say they have not changed their online banking passwords in the past 90 days. Experts say that online bank account passwords should be changed every 90 days.

Ignorance Is Not Bliss

The researchers found that nearly half of survey respondents (45%) failed a quiz about online and wireless safety.  The findings also indicated that approximately 40% of respondents were not aware that it is not okay to use the same password on more than one site even if it contains a complex mix of letters, numbers and symbols.  Even if you are not using the Internet, if you’re in a location with a public Wi-Fi network, you should disable your wireless connection, say the researchers, adding that it is NOT safe to access websites with sensitive information, such as banking or credit cards, while using a public Wi-Fi network, even if the website is secured by https.

More than 8 in 10 (84%) people surveyed did not know that the most up-to-date security for a home Wi-Fi network is NOT WEP — Wired Equivalent Privacy.  Experts advise using at least WPA2 wireless encryption for better protection.

“The Fraud Watch Network’s “Watch Your Wi-Fi” campaign is giving Rhode Islanders the information they need to stay connected without sacrificing their personal security,” Connell added.

Protecting Yourself on Public Wi-Fi

A newly launched FWN cyber scam website features “Four Things Never to Do on Public Wi-Fi”   You can protect your financial data by following these website pointers.  First, “Don’t fall for a fake.”  Scam artists often set up unsecure networks with names similar to a legitimate business, coffee shop, hotel or other free Wi-Fi network.  Always “Mind your business.”  To reduce indentity theft and fraud, do not access your email, online bank or credit card accounts using public Wi-Fi.  Always “Watch your settings” too.  Keep your mobile device from automatically connecting to nearby Wi-Fi.  Finally, “Stick to your cell:” Don’t surf the internet by using an unknown public network if the website requires sensitive information – like online shopping.  Your cell phone network is safer to use. .

“The survey by AARP on Americans’ knowledge of how to protect themselves online is alarming.  With more people online than ever before, the public needs to be more aware of the dangers that lurk in cyberspace and take the necessary measures to protect to protect themselves from being a victim of cyber crimes and scams,” said Attorney General Peter F. Kilmartin, whose Consumer Protection Unit is often the first place consumers call when they have been victimized online.

Attorney General Kilmartin offers these pointers on how to protect yourself while cruising cyberspace:  When creating a password for an online account, the key to remember is to make it “long and strong,” with a minimum of eight characters and a mix of upper and lowercase letters, numbers, and symbols.  Always use dual verification and ask for protection beyond passwords based on information only you would know, like your first elementary school or the name of your first pet. Many account providers now offer additional ways for you verify who you are before you conduct business on that site.  Finally, use different passwords for different devices and different accounts.

According to Kilmartin, it may be easier to remember one simple password for all your accounts, but you make it easier for hackers to figure out your password and gain access to all your online accounts.  “I write down my passwords in a notebook which is kept in a safe place, separate from my electronic devices. This may seem like a cumbersome step, but trust me, it’s much easier than trying to reclaim your identity and clean up your credit if someone steals your identity,” he says.

Pawtucket Police Chief Paul King sees increase in identity theft and fraud in the City of Pawtucket.  It’s a national trend, he notes.

“In many incidences these crimes are perpetrated far beyond the borders of the United States,” says King, noting that Detective Hans Cute is assigned to the cyber and financial crimes beat.  Detective Cute has received specialized training and works very closely with the US Secret Service, US Postal Service, and other state and federal agencies when this type of crime occurs, he says.

Pawtucket residents can report a cyber and identity theft crime to Detective Cute at (401) 727-9100, Ext. 758.  For Woonsocket residents, call the Woonsocket Police Department at (401) 766-1212.

If you would like to schedule the Attorney General’s Office to visit your organization for a consumer protection presentation, please visit www.riag.ri.gov or call 401-274-4400 and ask for the Consumer Protection Unit.

Herb Weiss, LRI ’12 is a Pawtucket writer covering aging, health care and medical issues.  He can be reached at hweissri@aol.com.

Unpaid Caregiver Care Saves State Money

Published in Woonsocket Call on July 26, 2015

With the graying of state’s population, Ocean State caregivers provided 124 million hours of care—worth an estimated 1.78 billion —to their parents, spouses, partners, and other adult loved ones in 2013, according to a new AARP Policy Institute’s report.  The total estimated economic value of uncompensated care provided by the nation’s family caregivers surpassed total Medicaid spending ($449 billion), and nearly equaled the annual sales ($469 billion) of the four largest U.S. tech companies combined (Apple, Hewlett Packard, IBM, and Microsoft) in 2013, says the 25 page report.

AARP’s report, Valuing the Invaluable: 2015 Update, noted that family caregiving for relatives or close friends with chronic, disabling, or serious health problems – so they can remain in their home – is nearly universal today.  In 2013, about 134,000 family caregivers in Rhode Island helped another adult loved one carry out daily activities (such as bathing or dressing, preparing meals, administering medications, driving to doctor visits, and paying bills), says the report issued on July 16.

Log on to AARP Rhode Island’s caregiving Web page (www.aarp.org/ricaregiving) to download the report as well as access information on recent caregiver legislation passed by the General Assembly and other resources: www.aarp.org/ricaregiving.

The Difficulty of Caregiving

The AARP report detailed how caregiving can impact a person’s job, finances and even their health, says the researchers.   More than half (55%) of family caregivers report being overwhelmed by the amount of care their family member needs, says the report.  Nearly 4 in 10 (38%) family caregivers report a moderate (20%) to high degree (18%) of financial strain as a result of providing care. In 2014, the majority (60%) of family caregivers had full- or part-time jobs, placing competing demands on the caregivers’ time.

According to AARP Rhode Island State Director Kathleen Connell, AARP’s study on caregiving affirms the state’s record as a trailblazer in the field of caregiving. In 2013, Rhode Island became just the third state to enact paid family leave, which is known as Temporary Caregiver Insurance (TCI). Also in 2013, Rhode Island enacted the Family Caregivers Support Act, which requires a family caregiver to receive an assessment,” she said.

Connell said that this year the Ocean State remained in the forefront of helping caregivers with passage of the Caregiver Advise, Record, Enable (CARE) Act, which calls for hospitals to provide instruction to designated caregivers. Additionally, Rhode Island became the 42nd state to enact the Uniform Adult Guardianship and Protective Proceedings Jurisdiction Act. In Rhode Island, a court-appointed guardian can make important decisions across state lines.

“This new report, however, does demonstrate that we need and can do more to assist the many caregivers in our state,” said Connell. “Some of the ways we can help family caregivers include continuing efforts to improve workplace flexibility, respite care, tax credits and home care services,” she says.

Adds Charles Fogarty, Director of the state’s Division of Elderly Affairs (DEA), “This study demonstrates that the backbone of long-term services and supports are family members and informal caregivers.  Quantifying the hours and economic value of caregiving provided by Rhode Island families and informal caregivers raises public awareness of the impact these services have upon Rhode Island’s health system and economy.  It is clear that there is a significant need to support caregivers who, at a cost to their own health and economic well-being, work to keep their family members in the community.”

DEA works with the state’s Aging Disability and Resource Centers and local nonprofits and agencies such as the RI Chapter of the Alzheimer’s Association, Office of Catholic Charities of the Diocese of Providence, local YMCAs and Adult Day Care programs, to provide programming, support groups and information to Rhode Island’s caregivers, according to Fogarty.  “Rhode Island also requires that a caregiver assessment be conducted when a recipient of Medicaid-funded Home and Community Based Services has a caregiver providing support in the home,” he says.

Improving State Support for Caregiving

            Although Maureen Maigret, policy consultant for the Senior Agenda Coalition of Rhode Island acknowledges Rhode Island as being a leader with progressive laws on the books supporting caregivers, specifically the Temporary Caregiver Insurance Program, more work needs to be done.

Maigret calls for better dissemination of information to caregivers about what services and programs are available.  “In this day and age we should have a robust Rhode Island specific internet site that offers caregiving information about state specific resources,” she says, noting that too often caregivers “just do not know where to turn to find out about programs like DEA’s co-pay program.”  This program pays a share of the cost for home care and adult day care for low-income persons whose incomes are too high to meet Medicaid eligibility.

          Rhode Island also falls short in providing subsidies to caregivers of frail low income elderly to keep them out of costly nursing homes, says Maigret, noting that the program’s funding was cut by 50 percent in 2008, creating waiting lists which have occurred over the years, It’s “short sided” to not allocate adequate resources to this program. The average annual cost of $ 1,200 per family for the caregiver subsidy program can keep a person from going on Medicaid, at far greater expense to Rhode Island taxpayers, she says.

          This AARP report must not sit on a dusty shelf.  It gives an early warning to Congress and to local lawmakers.  As Americans [and Rhode Islanders} live longer and have fewer children, fewer family members will be available for caregiving duties. Researchers say that the ratio of potential family caregivers to the growing number of older people has already begun a steep decline. In 2010, there were 7.2 potential family caregivers for every person age 80 and older. By 2030, that ratio will fall sharply to 4 to 1, and is projected to drop further to 3 to 1 in 2050.

With less caregivers in the trenches providing unpaid care to keep their loved one at home, the state will have to step in to provide these programs and services – for a huge price tag to taxpayers.  State lawmakers must not be penny wise and pound foolish when it comes to caregiver programs.  Funding should not be slashed in future budgets, rather increases might just make political sense especially to tax payers.

Herb Weiss, LRI ’12 is a Pawtucket writer covering aging, health care and medical issues.  He can be reached at hweissri@aol.com.

Survey: Older Americans Puzzled About LTC Programs and Services

Published in Woonsocket Call on July 19, 2015

Planning for your golden years is key to aging gracefully.  But, according to a new national survey looking at experiences and attitudes, most Aging Boomers and seniors do not feel prepared for planning or financing their long-term care for themselves or even their loved ones.

This Associated Press (AP)-NORC (NORC) Center for Public Affairs Research study, funded by The SCAN Foundation, explores a myriad of aging issues, including person-centered care experiences and the special challenges faced by the sandwich generation.  These middle-aged adults juggle their time and stretching their dollars by providing care to their parents, even grandparents while also financially assisting their adult children and grandchildren.

Older American’s Understanding of LTC

This 21 page survey report, released on July 9th, is the third in an annual series of studies of Americans age 40 and older, examines older Americans understanding of long-term care, their perceptions and misperceptions regarding the cost and likelihood of requiring long-term care services, and their attitudes and behaviors regarding planning for possible future care needs.

The survey’s findings say that 12 percent of Americans age 40 to 54 provide both financial support for their children and ongoing living assistance to other loved ones.   Federal programs are often times confusing to these individuals, too.   More than 25 percent are unsure whether Medicare pays for ongoing living assistance services like nursing homes and home health aides. About 1 in 4 older Americans also overestimate private health insurance coverage of nursing home care.

Researchers noted that about half of the respondents believe that a family member or close friend will need ongoing living assistance within the next five years. Of those who anticipate this need, 7 out of 10 reports they do not feel very prepared to provide care, they note.

More than three-quarters of those surveyed age 40 or older who are either receiving or providing ongoing living assistance indicate that their care includes at least one component of “person-centered care.”  This approach allows individuals to take control of their own care by specifying preferences and outlining goals that will approve their quality of life.

The survey also finds that most of those reporting believe that features of “person-centered care” have improved the quality of care

Paying for Costly LTC Services

The 2015 survey findings are consistent with AP-NORC survey findings from previous years, that is older Americans continue to lack confidence in their ability to pay the costs of ongoing living assistance.  Medium annual costs for nursing homes are $91,260; the cost for at-home health is about half that amount, $45,760, says the report.

Finally, only a third of the survey respondents say that they have set aside money for their care. More than half report doing little or no planning at all for their own ongoing living assistance needs in their later years.

“The three surveys on long-term care [by AP-NORC] are helping us create a comprehensive picture of what Americans 40 and older understand about the potential need for these critically important services,” said Director Trevor Tompson, at the AP-NORC Center in a statement. “Experts estimate that 7 in 10 Americans who reach the age of 65 will need some form of long-term care, and our findings show that many Americans are unprepared for this reality,” he says.

Dr. Bruce Chernof, President and CEO of The SCAN Foundation, says that the 2015 study takes a look at public perception regarding long-term care and most importantly, how people can plan for future long-term care needs.  “The insight provided by this research is critical because it will help us promote affordable health care and support for daily living, which are essential to aging with dignity and independence.” he says.

AP-NORC’s 2015 study results are validated by other national research studies, says AARP Rhode Island State Director Kathleen Connell.    “AARP’s research, both nationally and state by state, reveals that people in the 50+ population are concerned about the cost of retirement and especially long-term care,” she says, observing that “very few people seem worry free on this question and rightfully so.”

 Beginning the Planning Process

Connell adds, “I would say our response to this survey is that it adds to the awareness that people need to start thinking about this at an earlier age. And that means not only focusing on saving but also getting serious about health and fitness.”

What can a person do to better prepare for paying for costly long-term care and community based services?   “AARP.org has an abundance of information on long-term care. There’s advice on long-term care insurance, a long-term care cost calculator and many other resources. We also need to remain strong as advocates for programs that support seniors. Social Security, Medicare and Medicaid need to remain strong in order to support Americans entering the most vulnerable chapters of their lives,” she says.

Amy Mendoza, spokesperson for the American Health Care Association (AHCA), a Washington, DC-based trade association that represents over 12,000 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers and homes for individuals with intellectual and development disabilities, calls for increased conversations to help planning for potential future need.  “Given that the need for long-term or post-acute care is a life changing event, it demands some considerable thought, discussion and research,” says Mendoza.

“AHCA’s “Care Conversations” program helps individuals have the honest and productive discussions needed to plan and prepare for the future long-term care needs,” adds Mendoza.  Care Conversations has a Planning Tools page on its website which provides information on advance directives. Learn more at: http://careconversations.org/planning-tools.

Todd Whatley, a certified elder law attorney, notes that some of his best clients are middle age adults who after taking care of their parents want to avoid costly nursing home or community based care services.  “They are then suddenly very interested in some type of [insurance] coverage for the extraordinary expense of long term care when a year earlier, they had no interest whatsoever,” he says.

Whatley, President-Elect of the Tuscan, Arizona-based National Elder Law Foundation, suggests contacting a financial planner or Certified Elder Law Attorney when purchasing long term care insurance, “Get early advice from someone with their best interest at heart.  There are many times that a person simply doesn’t need this product financially, but most people do.

To locate a Certified Elder Law Attorney, contact Lori Barbee, Executive Director, National Elder Law Foundation.  She can be reached at 520-881-1076 or by email: Lori@nelf.org.

For a copy of the study, go to http://www.longtermcarepoll.org/Pages/Polls/long-term-care-2015.aspx.

Herb Weiss, LRI ’12 is a Pawtucket-based writer covering aging, health care and medical issues.  He can be reached at hweissri@aol.com.

 

 

David Barber Dies at 60. the Face of “Straight from the Gavel”

 

Published in Woonsocket Call on July 12, 2015

David Barber, an award-winning broadcaster veteran with extensive experience in talk radio programming, radio and TV sales management, television programming and commercial production and ad agency and public relations expertise, died on July 4, 2015.  He was 60.

On a trip to Flint Michigan to attend a friend’s wedding, Mr. Barber died, Saturday, July 4, from a stroke and heart attack he had on Thursday, June 25, says his brother Larry Barber.  The family is planning to hold a memorial service in Rhode Island and will announce the specifics shortly, he says.

He grew up in Flint, Michigan, graduated from Mount Morris High School  and received his bachelor’s degree in business from Central Michigan University in Mt. Pleasant, Michigan.

A Watch Dog for the Public

The Flint Michigan native, a seasoned award-winning radio broadcaster on WTRX-AM (1130), WTAC (600), and WFDF (910) radio stations, became the watch dog for his listeners in his hometown and the surrounding area, using his microphone to protect the public interest.  Known as an outspoken and controversial and opinionated talk show host, Mr. Barber’s listeners regularly tuned into to see him taking on some of the biggest political heavy weights and corrupt elected officials in Michigan.

In 2006, recognizing the need to move up in his radio career, Mr. Barber took a professional risk relocating to Providence, Rhode Island radio market, taking the helm of  WPRO’s daily talk radio show, from 9:00 a.m. to Noon, the time slot formerly held by Steve Kass.  After a year, even after getting an excellent rating on his first job performance review, Mr. Barber was suddenly let go, when John DePetro, a former WHJJ radio host left his job in Boston and was hired by the station.   During his brief hiatus for WPRO, as a talk radio host he brought his liberal blue-collar views to New York-abased Air America Radio Network , specializing in progressive talk programming.

Mr. Barber made Talker’s Magazine’s Heavy 100, listing of the nation’s talk show hosts, getting this prestigious designation three times. His show was selected along with the likes of Rush Limbaugh, Sean Hannity, Don Imus, Dr. Laura Schlessinger and others.

Bringing the General Assembly to the People

Ultimately, when hired by the Rhode Island General Assembly’s Capitol Television in 2008, Mr. Barber traded in his WPRO radio mic for a hand-held mic on a state cable channel. .

As Capitol Television host, as the only on-air person, Mr. Barber interviewed the state’s elected and government officials and even cultural icons.  With experience gleaned from being a talk show host in the Flint/Twin Cities radio market, at WEYI Television NBC, he easily brought the mysteries of political sausage making (that is the political process) to the tens of thousands of viewers who tuned into “Straight from the Gave,” a half hour sit down segment with state legislators.  He was never happier being in a job surrounded by politics 24/7.

According to Capitol Television, considered Rhode Island’s C Span, it is estimated that Mr. Barber hosted 390 episodes of “Straight from the Gavel, and about 600 Capitol Spotlights, a five-minute stand-up segment with members of the state’s General Assembly.

As a Trustee of Slater Mill, Mr. Barber, considered by many to be a marketing wiz with his skills honed at Davison, Michigan-based Parr Media Advertising, brought the nuts and bolts of media and public affairs to America’s most historic mill.  Mr. Barber also served on the Board of Directors of the Salvation Army in Pawtucket and did charitable work for the Boys and Girls Club of Pawtucket.  Before relocating to the Ocean State from Michigan, he served on the Board of Directors of the American Lung Association and hosted television telethon’s for the Easter Seals Society, the American Diabetes Association, United Way and Big Brothers and Sister, among a few.

An entertainer at heart, Mr. Barber, an avid Frank Sinatra fan, would take any opportunity to sing the songs of  Sinatra, one of the nation’s best selling musical artist of all time.  On many occasions, he sang at Millonzi’s Bar and Grille in West Warwick and other local lounges, even taking the opportunity to sing with the legendary Cowsills, in Pawtucket’s Slater Memorial Park during the Pawtucket Arts Festival.

Work hard, play hard might have even been Mr. Barber’s mantra. After a long- work week, on weekends you might just see him, very tanned and immaculately dress,  puttering around South County on his creamed-colored Vespa to view “the majestic Narragansett surf” at Bonnet Shores Beach Club (he was a member), even enjoying an occasional ride over the iconic Newport Bridge.  Or may be you might have seen the Warwick resident leisurely reading a New York Times at his favorite East Greenwich breakfast joint, the Main Street Café.

Making a Home in Rhode Island

It was not easy for Mr. Barber to leave his family and friends to relocate to a new state where nobody knows who you are.  “The move was far more difficult than I expected,” he says in a 2010 blog, posted by Rich Frost with What The Hell…

“I did not know a single person and to be honest with you, I don’t know if I would have made a move if I knew what I know now,” noted Mr. Barber in his interview.

Television Director Jason Golditch, who directed many of Mr. Barber’s programs at Capitol Television, Television Director, noted that Capitol TV’s new host ultimately adapted well to his new state.  “Over time he truly grew to love this state,” Golditch says, noting that his colleague would often say, “It doesn’t get much better than this, can you believe it.”

According to Golditch, when a film shoot took place, the Capitol Television’s only on air person would just start talking to people and they got along so well they began swapping stories. “He would find so much joy in meeting new people and talking with them on any subject,” he says.

Adds, Editor Carlos Diaz, at Capitol Television, Mr.Barber was a “real friend,” to him and hundreds of others who could count on his help at any time of the day or night.  “He helped who ever he could, even those he did not know,” he says.

“There were postings on Face Book from people all over the nation, from all walks of life, friends he made throughout his 60 years of living,” says Diaz, all praying for his recovery. “That was amazing,”

Herb Weiss, LRI ’12, is a Pawtucket writer covering aging, health care and medical issues.  He can be reached at hweissri@aol.com.

 

AARP Pushes for Higher Standards When it Comes to Financial Advisors

Published in Woonsocket Call on June 28, 2015

AARP continues its efforts to push for a proposed U.S. Department of Labor (DOL) Fiduciary Rule that would require financial advisors to put their client’s interests first when giving retirement advice.  In advance of last weeks hearing, before the House Education and Workforce Committee, the nation’s largest aging advocacy group delivered nearly 60,000 petitions containing the signatures from every state to support a higher standard in financial advising to prevent conflicts of interest.    .

In a June 16 release, the Washington, D.C.-based AARP stated that the June 27th Congressional hearing only showcased financial firms and their concerns, but did not provide much of an opportunity to hear directly from consumers about how the new proposed rule would benefit them.  But, AARP’s petitions drive should send a powerful message to Congress, that the nonprofit group, representing 37 million older Americans, and 60,000 voters identified on those petitions want to have their voices heard by Congress on this very pressing retirement issue.

When Advising, Do No Harm

“While a number of investment advisers also support a rule requiring advice to be in the best interest of clients, some opponents have recently weighed in with comments that offer time worn code words for harming consumers,” said Nancy LeaMond, Chief Advocacy and Engagement Officer, AARP.  She says that the delivered petitions would ensure “that all, not just some, financial advisers put their clients’ interests first.”

“Many opponents of the proposed new rule, who are asking for delays or say the regulatory costs are too high, are simply looking to protect high fees at the expense of consumers.  But consumers deserve advice in their best interest, not advice that benefits the adviser,” says LeaMond.

In addition to forwarding petitions to the Department of Labor, AARP volunteers continue their efforts to call on Congress to prevent legislation that seeks to stop or slow an updated “best interest” standard.  According to the AARP, “each year hidden fees, unfair risk and bad investment advice rob Americans of $17 billion of retirement income.”

LeaMond says that AARP plans to submit comments to the DOL on the proposed rule in the weeks ahead. The nonprofit group’s petition delivery included over 33,000 signatures and follows an initial petition delivery last month that included over 26,000 signatures that support eliminating conflicts of interest in retirement advice.  “It is important that the Department hear from individuals who are negatively impacted by the current standard, not just financial firms who benefit from it,” she said.

AARP’s petition drive efforts followed President Obama’s February visit to AARP Headquarters where he used the opportunity to publicly support the proposed DOL rule, endorsed by a coalition of aging, labor and consumer groups that limits conflicts of interest, increases accountability, and strengthens protection for Americans receiving retirement investment advice.

At the AARP press event, Obama called for the updating of DOL rules and requirements that would mandate higher standards for financial advisors, requiring them to act solely in their client’s best interest when giving financial advice.

Obama noted that the existing rules governing retirement investments written over 40 years ago “outdated,” filled with “legal loopholes,” and just “fine print,” to be in need of an overhaul.  The existing rules governing retirement investments were written “at a time when most workers with a retirement plan had traditional pensions, and IRAs were brand new, and 401ks didn’t even exist,” said the President.

According to Megan Leonhardt, senior editor for WealthManagement.com, in a June 15th article, “New Coalition Pushes for DOL Fiduciary Rule,” DOL’s proposed rule has “been delayed multiple times since the agency first rolled it out in 2010.  It was expected to be released in August according to the agency’s regulatory agenda, but an update in May pushed back the date to January.”

“Industry lobbyists have mounted significant pushback. The Securities Industry and Financial Markets Association and the Financial Services Institute have argued a rule similar to the DOL’s initial proposal could limit the public’s access to quality financial advice,” says Leonhardt.

Acting in the Client’s Best Interest

“Rhode Island has been part of the national effort to move the Labor Department rule forward,” said AARP Rhode Island State Director Kathleen Connell. “We’ve talked to people who have been quite surprised to know that their savings could be at risk by having an adviser fail to act in their client’s best interest. The response to the petition campaign is a measure of the concern. Retirement planning is daunting for the vast majority of Rhode Islanders. There’s plenty to worry about. Having confidence that your financial adviser is working in your best interest would relieve some of the anxiety.  That’s why there seems to be overwhelming support for the rule change.”

Along with AARP, Rhode Island federal lawmakers are weighing in on this key retirement issue, seeing its importance to older Rhode Islanders.

Rep. David N. Cicilline (D-RI) says, “Protecting the financial well-being of our seniors is a top priority for me, and ensuring that they have access to complete and accurate information before making investment decisions is an essential component of that effort.  President Obama and Labor Secretary Perez are leading a good faith effort to protect consumers, including seniors and I look forward to evaluating the final rule after the public comment period ends and I have had the benefit of considering these comments.”

Adds, U.S. Senator Sheldon Whitehouse (D) “Investors should have the security of knowing that the advice they receive is in their best interest.  I applaud the Obama Administration for updating regulations on retirement investments and for working with a wide range of stakeholders to ensure the new rules help Americans save more for retirement.”

For this writer, hiring a financial advisor is like purchasing a used care, that is you always feel that you might have made the wrong decision.   New DOL requires that call for higher standards for financial advisors, who would be required to act solely in their client’s best interest when giving advice, just might give me peace of mind, when planning my retirement…and probably to millions of older Americans, too.

Herb Weiss, LRI ’12, is a Pawtucket-based writer covering aging, health care and medical issues.  He can be reached at hweissri@aol.com.

Freelance Economy Can Be Powerful Economic Engine

Published in Pawtucket Times on June 22, 2015

Last week, it took three days for Sign Painter Jayson M. Salvi to put the final touches on the façade of the Camera Werks on Hope St.   As he sat on the pavement printing the signage, passerbuyers would stop and chat, admiring his craft.

For the 41-year-old Salvi, his passion for sign painting began in high school, ultimately continuing in his eight year stint in the U.S. Navy.  Salvi says that he usually ended up painting logos and signs on doors wherever he was assigned.

With an honorable discharge from the Navy in 2000 and a degree in business administration he earned at Norfolk University while serving in the military, Salvi came to Providence to be near family.  He began his sign painting business at the former Providence-based Tazza Restaurant after an unsuccessful venture in the candle making business, followed by several retail jobs.  Word of mouth advertising about his artistic talent led to more freelance painting opportunities at the Trinity Brew House, RISD’s Second Life, a nonprofit student run recycling material center, and the Camera Werks, to name a few.

Working a full-time retail job pays for his health insurance, for him and his wife, Kate, a self employed photographer and card designer.     Salvi estimates that he pulls in around $30,000 a year from his freelancing.  “Try buying a Cadillac with that,” he says.  But in a blink of an eye he would leave retail forever to make a living from full-time sign painting, he says. “Self employed people do whatever they need to do to pay the bills to do the things they love to do,” he says.

Spotlight on Rhode Island Freelances

According to federal census data released last month, Salvi and his wife join over 73,700 sole proprietors in Rhode Island who earned a total of over $3.3 billion in annual income. These Ocean State residents are self-employed, sole proprietors, freelancers, independent contractors and non-employee small businesses, says Olon Reeder, of Olon Reeder Associates, a public relations consulting firm that represents self employed clients.  .

The federal census data, culled from 2013 sole proprietor income tax filings from the U.S. Internal Revenue Service, indicate that the top work performed by Rhode Island’s self employed workers included Professional/Technical/Scientific services; Other Non-Governmental services; Real Estate; Construction; and Health and Social services, says Reeder.

Reeder, 56, states that despite an improving jobs market in Southern New England [the latest state unemployment numbers drop to 5.9 percent, the lowest since 2007], it’s still very difficult for many unemployed Rhode Islanders to get back to full-time work.  But, the Ocean State has been able to maintain stable job growth, in particular, the state’s freelance workforce, says the North Providence resident and businessman.

Reeder, who has been a public relations consultant for almost 28 years, notes that many sole proprietors active in Rhode Island are “baby boomers” aged 50 and over that are turning to freelance work full time because they were laid off from regular work or early retirees; are encoring into lifelong ambitions they feel are essential in the marketplace; or are working for themselves out of necessity due to long term unemployment.

Nationally, the latest Census Data figures report that for 2013 there were 23 million Americans working solo earning $1 trillion in receipts, that’s up from 2011 figures, which showed at that time there were only 22.5 million people who worked for themselves and collectively earned at that time $989.6 billion, says Reeder..

”The latest figures, from 2013, also show that Rhode Island’s sole proprietors had receipts of $3.3 billion.,” Reeder adds, noting that when compared to similar numbers from 2011, self employment increased by 700 jobs over the last three years (over 200 annually) and income went up by $2 million over the last three years (over $300 thousand annually).

Interestingly, next door in Massachusetts, self employment went dramatically down in the “Bay State,” as Federal figures indicated that only 263,500 freelance workers in 2013, compared to the 471,800 solo workers employed in 2011. Earnings for Massachusetts independents also fell in 2013, with only $15.2 million in receipts, compared to $24.4 million in 2011, he said.

“Finally, Rhode Island has something we do best when it comes to our self-employed workers,” he says, noting that the state now rates better than its next door neighbor. “It’s something we can boast about,” he says.

Self-Employed, an Economic Engine

State and local politicians tend to focus their energy on attracting large companies to the state [like 38 Studios], but tend to ignore the self-employed, charges Reeder, a long time tireless and passionate advocate for self-employed workers.  “The self employed are a powerhouse that can no longer be ignored and must be reckoned with,” he says.

“Rhode Island’s self employed are a best kept secret that need to be taken advantaged of to improve our state’s long tern economic development and quality of life,”  says Reeder.  “Very few businesses create over 200 jobs a year and pay per capita per sole proprietor an average of over $44,000 a year. This is how the freelance economy is changing our lives,” he says.

With the ending of this years’ legislative session, Reeder calls on lawmakers to look down the road to investing in state’s self-employed work force.  Usually the General Assembly tackles the tax code to make it more business-friendly for large corporations or targeted industries without considering providing incentives or tax incentives to the state’s self employed.

Like previous years, Reeder opposes any revisiting of placing fees or expansion of sales taxes on services provided by the self-employed.   “There must be a level playing field for all business,” he says, ‘everyone should be treated equally.”.

Reeder believes Rhode Island has become a leader in growing its free lance work force and this could just become a powerful economic engine to revitalize the state’s  sputtering economy.

Herb Weiss, LRI ’12, is a Pawtucket-based writer covering aging, health care and medical issues.  He can be reached at hweissri@aol.com.

 

 

Rhode Island General Assembly Seeks to Assist State’s Caregivers

Published in Woonsocket Call on June 14, 2015

With the graying of America’s population, the profile of the typical family caregiver has changed, says a new report released by the National Alliance for Caregiving and AARP. The findings trouble aging advocates who warn that as care givers age they require more long term care support and community based care services.

Taking a Look at Today’s Caregiver

The report, “Caregiving in the United States 2015,” tells us that the “typical” family caregiver is a 49-year-old woman who takes care of a relative, caregivers on the whole are becoming as diverse as America’s population.

According to the 81 page report, today’s family caregiver also provides unpaid care for at least 21 hours a week, and has been care giving for an average of 5-1/2 years.  These individuals expect to continue providing care to their loved ones for another 5 years. Nearly half of these higher-hour caregivers report high emotional stress (46 percent), too.

Men, often stereotyped as failing to take on caregiving responsibilities, currently represent a whopping 40 percent of family caregivers, also providing an average of 23 hours a week being a caregiver to their loved ones, adds the report.

The study’s data indicates that today nearly a quarter of the nation’s caregivers are millennials between the ages of 18 and 34 and they are equally likely to be male or female. On the other end of the spectrum, 75 and older caregivers are typically the sole support for their loved one, providing care without paid help or assistance from relatives and friends.

Meanwhile, caregivers, with an average household income of $45,700, tell the researchers that they are not only emotionally strained, but financial strained as well. These higher-hour older caregivers report difficulty in finding affordable care giving services, such as delivered meals, transportation, or in-home health services, in their community, for themselves and their loved ones.

The report also notes that “Caregivers of a close relative—like a spouse or a parent—who are likely to provide care for 21 hours or more, indicate that being noted as a family caregiver in the medical records of the care recipient would be helpful in managing their caregiving responsibilities.”

Finally, the study’s findings indicate that caregivers who live more than an hour away from their care recipient also report higher levels of financial strain (21 percent), perhaps because 4 out of 10 long-distance caregivers report the use of paid help (41 percent).

Report Calls for Supporting Caregiver Needs

As previous AARP research has shown, we’re facing a caregiving cliff,” said Dr. Susan Reinhard, senior vice president and director, AARP Public Policy Institute; and chief strategist, Center to Champion Nursing in America. “By mid-century, there will be only three family caregivers available for each person requiring care. That means, to avoid putting them at higher risk as they age, we need to provide support for existing caregivers who are underserved by the current long-term services and support system.”

We’re especially concerned that not enough is being done to support family caregivers in the public or private sector as they age,” says Gail Gibson Hunt, president and CEO of the National Alliance for Caregiving. “There’s a double-edged sword when we fail to support caregivers, because we put both the caregiver and the care recipient at risk,” she warns.

Hunt observes, “Rhode Island is a unique state in that it has the highest percentage of persons over age 85. The data in this report speaks to some of the challenges of a graying population, particularly the needs of caregivers who are 75 or older.”

“We know from the data that the ‘typical’ caregiver over 75 is caring for a spouse or close relative, and spends about 34 hours a week providing care. This can be extremely challenging for an older person who may be managing their own mobility and health issues, as they help a loved one with basic needs like bathing or everyday tasks like grocery shopping,” said Hunt.

Hunt says, “Rhode Island has an opportunity to continue supporting older people and their caregivers, who are also growing older and need care.”

Lawmakers Posed to Pass Caregiver Law

           In June 4th, the Senate passed SB 481 A, the CARE (Caregiver Advise, Record  and Enable) Act, to provide caregivers with timely information to allow them to provide post-discharge care.  The House Chamber passed its measure, HB 6150 Sub A on June 10th.  Both chambers must now approve the legislation from the opposite chamber.  If passed, they go to the Governor for approval.  This legislation will be invaluable to the state’s 148,000 caregivers who provided 142 million hours of care for loved ones.

“We are delighted that – upon the CARE Act becoming law – Rhode Island will join seven other states that  have enacted CARE Act legislation, with bills in three other states awaiting their respective Governor’s signatures,” said AARP State Director Kathleen Connell.

“Together, AARP worked with a strong coalition of stakeholders, as well as the House and Senate sponsors, Representative Eileen Naughton, and Senator Gayle Goldin, and the members of the House’s Health, Education and Welfare Committee and the Senate’s Health and Human Services Committee,“ notes Connell.

“The passage of the CARE Act dovetails with the release of “Caregiving in the United States 2015,” which  presents a portrait of unpaid family caregivers today. It specifically addresses vulnerable groups of caregivers who face complex, high burden care situations. They tend to be older caregivers, who had no other option but to take on caregiving duties.” adds Connell.

Connell says, “It is sobering to conclude that in Rhode Island, with its above-average older population, we risk seeing more and more of old sick people caring for older sicker people. Clearly, that’s not a good thing and it needs addressing sooner than later.”

“One thing we noticed as the CARE Act made its way through the General Assembly was that a number of lawmakers shared their own personal caregiving stories. Some issues are harder to personally identify with than others, but when it comes to caregiving, it’s good to know we have this kind of attention. The report adds data and statistics that should help frame solutions,” says Connell.

 

Director Charles Fogarty, who oversees the state’s Division of Elderly Affairs (DEA), sees the value of AARP’s report highlighting the “critical role” of caregivers taking care of their loved one.  “Family support is essential to allow seniors to stay in their own homes and live as independently as possible, he says, noting that federal funds allows DEA to administer respite and care giver support programs.

“As the baby boomer generation ages, DEA will continue to seek out resources that provide support to family members who care for their loved one,” says Fogarty.

The CARE Act can provide assistance to those tirelessly care for their aged or disabled loved ones.   Kudos for the Rhode Island General Assembly giving them the tools to do a better job.

Herb Weiss, LRI ’12 is a Pawtucket-based writer covering aging, health care and medical issues.  He can be reached at hweissri@aol.com.