AT&T Unexpectedly Cuts Retiree Benefits

A jar of coins with the word retirement written on it.


AT&T has angered many former employees by reducing life insurance and death benefits as of January 1 for approximately 220K former workers.  One former employee, Dean Allison, told The Wall Street Journal that he accepted an early buyout offer to retire in 1998 and was promised a death benefit of $63K would go to his wife.  AT&T notified him that they will pay no more than $15K if he dies.  Managers who retired had their life insurance pegged at 1x their annual pay.  That number has been reduced to just $15K.  Putting more flames on the fire, the company has excluded executives from the death benefit reduction.  The heirs of Randall Stephenson, who left the company in 2020 after serving as its CEO, will receive a massive payout of $3.6 million under his current life insurance plan.  AT&T’s finance chief John Stephens has the most to gain from the benefits reduction.  The company offered to pay him an extra $500K if he meets any one of three financial targets, one of which is cutting $1 billion or more from AT&T’s obligation for retiree pension and benefits.

https://www.wsj.com/articles/at-t-slashed-promised-life-insurance-for-former-workersand-time-runs-out-at-year-end-11640544022

50 Year Anniversary Of War On Cancer

A close up of some blue and yellow cells


It was fifty years ago when President Richard Nixon declared a war against cancer when he signed the National Cancer Act while simultaneously increasing funding for cancer research.  At the time, President Nixon said if we could put a man on the moon in eight years, we should be able to do the same with curing cancer.  Unfortunately, it’s easier said than done.  About 600K Americans still die from cancer each year and we are a long ways from finding an outright cure.  However, that’s not to say that progress hasn’t been made.  Over the past 50 years, death rates dropped by 70% for childhood cancers, 56% for colorectal cancer and 39% for female breast cancer, according to the American Cancer Society.  Sadly, painful cancers like pancreatic cancer and glioblastoma—a horrible kind of brain cancer—remain nearly as deadly as they were during Nixon’s rein.

https://www.usatoday.com/story/news/2021/12/23/cancer-war-screening-genetics/6430979001/?gnt-cfr=1

American Longevity Trend Not Holding With COVID-19

An older woman holding a pink string in her hand.


The trend of Americans living longer and longer was broken last year, thanks in large part to deaths from COVID-19, although not helping was the increase in drug overdoses, growth in deaths from heart disease, diabetes and homicide.  The average life expectancy dropped 1.8 years to 77 years in 2020, well above analyst estimates.  “I knew there was going to be a decline, but I didn’t expect it to be this large,†CDC’s National Center for Health Statistics and author of the report Elizabeth Arias, told The Wall Street Journal.

https://www.wsj.com/articles/life-expectancy-in-u-s-declined-1-8-years-in-2020-cdc-says-11640149261

Seniors Seeking A Reprieve Can Call ITN

A group of people giving thumbs up to the camera.


ITN Monterey County provides a great service for senior citizens looking for a ride but not wanting to go with Uber or take a cab!  This non-profit is staffed mostly by volunteers.  A good opportunity to talk to them is at their party celebrating their new location at 236 Monterey Street in Salinas on Thursday January 20th from 4:30 to 6:00 p.m.  Please RSVP by January 13, 2022 to [email protected] or 831-233-2337.  Wine and appetizers will be served!

Greenfield, CA Home Care Aide (HCA) Senior Alzheimer’s & Dementia Caregiver Jobs Available : Set Your Own Hours! $2/Hour Extra On Weekends

A woman helping an older person with papers


Greenfield, CA Home Care Aide (HCA) Senior Alzheimer’s & Dementia Caregiver Jobs Available : Set Your Own Hours! $2/Hour Extra On Weekends (Also Aromas, Big Sur, Carmel, Carmel-by-the-sea, Carmel Highlands, Carmel Valley, Castroville, Corral-de-Tierra, Del Rey Oaks, Greenfield, Gonzalez, Marina, Monterey, Pebble Beach, Prunedale, Salinas, Seaside, Soledad & Watsonville

We have developed a reputation for having the best caregivers (Home Care Aides or Senior Companions) in Monterey County over the past decade and have recently expanded into Santa Cruz County.   We are currently looking for qualified caregivers.

 

Family inHome Caregiving of Monterey is seeking compassionate, mature and dependable caregivers who want to improve the lives of our elderly Clients by providing in-home, non-medical care.  Our services include:

Caring companionship

Meal preparation

Incidental transportation

Running errands

Light housekeeping

Medication reminders

Monitoring of safety while bathing

Information and referral services

Other services that improve the safety, security and quality of life of seniors.

 

If you believe you would make an exceptional Home Care Aide, we would love to hear from you!  We prefer those with experience helping the elderly, disabled and others with mobility problems.  Having cared for those with dementia and/or Alzheimer’s is a plus.  To work for us, you must have excellent references, a clear criminal record, a good driving record, and an insured reliable vehicle.  To apply, please visit our website www.fhcofm.com, click on home care aides, then careers where you can fill out an application online.  We have immediate openings all over Monterey County.

Congratulations To Betty White As The World Congratulates Another Centenarian


Betty White is about to turn 100 years old and wants the whole world to party with her!  On January 17, she will release a special movie event entitled “Betty White: 100 Years Young –A Birthday Celebration.†The movie is similar to a documentary, with footage of behind-the-scenes work on sets, working with her office staff, entertaining at home and footage of her as an animal advocate.  It culminates with her birthday party with stars like Carol Burnett, Jay Leno, Morgan Freeman, Clint Eastwood, Ryan Reynolds and Robert Redford.  It will also honor her as the first woman to produce a national TV show and the first woman to receive an Emmy.

https://www.cnn.com/2021/12/16/entertainment/betty-white-100/index.html?utm_term=1639741960020564ea815d7c3&utm_source=cnn_Five+Things+for+Friday%2C+December+17%2C+2021&utm_medium=email&bt_ee=zilY%2BiKxIyQxFhT6sptpefltybACnQMrkw3aNyxlhafhFy%2BHpWrSZ0qJdT%2F0wLtw&bt_ts=1639741960022

Support Groups, Adult Day Care Critical For Alzheimer’s Patients

A nurse is smiling next to an older woman.


Becky Barney-Villano wrote a heart-wrenching story about the day in 2009 when she found out that her husband of 26 years had Alzheimer’s Disease, something she knew little about.  She had to train herself to be a caregiver, and learned the emotional toil this can take on both spouses.  She reached out for help, and found a support group for couples with a spouse who had been diagnosed with AD.  She found that the support group and getting help during the day such as using an Adult Day Care Center were critical to keeping her mental health sound.  Since the diagnosis, she has become a Senior Consultant, Fund Development, at the Alzheimer’s Family Center.  As regular readers of my blog know, both my father and my grandmother had Alzheimer’s Disease when they passed away. I found great comfort dealing with the folks at Alzheimer’s Association in Ryan Ranch.  They also have a 24-hour hotline which you can call whenever you need someone to talk to at 800-272-3900.

https://www.futureofpersonalhealth.com/fighting-alzheimers/how-caregivers-can-find-safety-nets-in-a-sea-of-change/

Some Investment Advisors Throwing Out The 4% Rule For Retirees

A jar of coins with the word retirement written on it.


A long-time rule of thumb for retirees is that they can safely take out 4% of their nest egg each year without the possibility of running out of funds before they pass away.  However, with the bull market run we have recently seen, many question whether this is still a safe bet.  Of course, much depends on your asset allocation.  If you are in all cash, you are probably looking at only a 2% withdrawal rate until interest rates start rising significantly.  Those who keep 20-50% in stock can reasonably draw between 2.5-2.8% per year and the money should last for 40 years, a little over 3% and it should last for 30 years, and just over 6% if you want the portfolio to last for 15 years, according to Morningstar Direct.

https://www.barrons.com/articles/retirement-withdrawal-strategy-4-percent-rule-51639177201

Telehealth Has Become The Norm For Seniors During The Pandemic

A person holding a stethoscope in front of a laptop.


Telehealth has become a normal part of the daily life of seniors, although there has been a big behind the scene battle being played out as Medicare has threatened to stop reimbursing for these visits once the pandemic has lifted.  However, with the new Omicron strain of COVID-19 spreading like wildfire, for now, at least, Medicare has backed down and extended coverage of remote health care through at least 2023.  Granted, it does have its limitations.  For instance, patients and physicians worry that the lack of face-to-face visits won’t allow the doctor to pick up on subtle clues about the patient’s health that body language might reveal with a personal visit.  However, with 52.7 million Medicare visits clocked last year versus only 840K in 2019, clearly something is working!

Alliance On Aging Expanding In Oldtown Salinas

A man helping an elderly person in a wheelchair get into the back of a car.


Starting in January, the Alliance on Aging will be expanding with new office space for its partners behind its current space at 236 Monterey Street.  Called “the HUB,†it will offer social activities and educational opportunities in their new Community Room and Conference Room.  They will also have an Internet Café where you can get a cup of coffee, a snack, and schedule one-on-one training on your laptop, iPad or cell phone.  They will also be partnering with the VNA to offer seniors vaccinations in January and February.

www.allianceonaging.org