This Week In Your Wallet: Working Longer Could Extend Your Life
What do you imagine when you think of retirement? Sure, maybe a beach or golf or skiing or travel come to mind. But what about when you’re not relaxing? Do you see yourself continuing to work? About three-quarters of people in the 50+ range say absolutely; nearly half of current retirees say the same, according to research from Merrill Lynch and Age Wave. Some will work because they want to, some because they have to. But no matter why you venture in, the data seems to indicate it’ll be good for your health.
Researchers from the University of Miami found that, among people ages 65+, those still in the workforce were more likely to report good, very good or excellent health than those who were unemployed or retired. (A different study from Oregon State University found those people who continued to work past age 65 had an 11 percent lower chance of death from all causes.) As for the other perks? Working can keep you mentally sharp, reduce isolation (which, according to Age Wave, is as bad for your health as smoking a pack of cigarettes a day), boost your identity and, of course, give that retirement account of yours more time to grow. For more, check out my TODAY segment.
Changes
Both the House and the Senate set the stage for changes to the healthcare landscape before President Donald Trump took office, and he has since signed an executive order instructing federal agencies to “waive, defer, grant exemptions from, or delay” parts of the law that impose a financial or regulatory burden on patients as well as doctors, hospitals, insurance companies and other providers of care.
What does this mean to you? When is it likely to happen? Kimberly Amadeo broke it down on TheBalance.com. As she reports, your ability to stay on your parents’ plan to age 26 and receive insurance if you have a pre-existing condition — without having to pay a heftier premium — look like it’s staying, as promised. First on the chopping block is likely the individual mandate, which forces you to buy coverage or pay a fee for opting out. But that’s just the tip of the iceberg. Take a look at her piece which nicely breaks it all down, and note: It’ll likely be six months before there’s a full plan on the table.
Protect Yourself From This Security Glitch
Auto-fill on your browser is a great tool for saving time, but there are some security concerns you should know about. Scenario: Let’s say one day, you include your credit card information in a form to purchase something on a retail website, and later that day, you sign up for a newsletter, coupons or something else from a different website. Auto-fill populates the form for you, and since there’s no box for credit card information, you don’t think the site is getting access to that. Wrong. If you use Chrome, it’ll share all that stored card information in the code — even though you can’t see it.
To see for yourself, this web page can show you what information might be stored in your auto-fill. Safari has a similar problem, but it’s not as bad. To protect yourself, disable Chrome’s auto-fill by going to “Chrome,” then “Preferences,” then “Advanced Sync Settings,” select “Choose what to sync” instead of “Sync everything,” and then un-check auto-fill. As for Safari, select “Safari,” then “Preferences,” then “AutoFill.” You can disable it there or click “Edit” to see what it has stored.
For Student Loan Borrowers
Finally, last week The Consumer Financial Protection Bureau filed suit against Navient (the country’s largest student loan servicer, formerly known as Sallie Mae) for “systematically and illegally failing borrowers at every stage of repayment.” As Ron Lieber of the New York Times deftly put it, whether or not you find merit in these allegations, there are lessons for borrowers to learn from them. Lieber has six tips for avoiding the worst student loan repayment traps.
First on the list? Know how much you owe — and to whom. For federal loans, you can find both answers out through the National Student Loan Data System (you can set up an online account here). For private loans, the best advice is to check your credit report from the three major credit bureaus free at AnnualCreditReport.com, as well as your own statements. When it comes to repaying those funds, if you have federal loans, you might be eligible for a payment plan that, because it’s tied to your income, reduces your monthly checks to a more manageable level. If you go that route, it’s on you to stay enrolled and re-submit that information every year. And finally, keep checking your credit reports for late payments, missed payments or other things that look amiss.
Have a great week,
Jean
