Aging News Alert

Financial Services

 
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Older Adults Especially at Risk due to Equifax Data Breach

The Equifax data breach is one of the largest in history, affecting half of the United States population and nearly three-quarters of consumers with credit reports. The stolen information contains sensitive personal data that can be used for identity theft, including Social Security numbe...

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Do You Know Where Your Data Are? Here’s Why You Should

Do you know where your financial data are being stored? And do you know who’s storing it and how? Those are questions that should have been addressed by thousands of Scottrade customers -- many of them seniors looking to boost their retirement funds.

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Study: Reverse Mortgage Misunderstanding Prevails among Seniors

Older homeowners have considerable financial worries, but most do not see tapping their home equity as a strategy for creating greater retirement security, according to the results of new research released by the National Council on Aging (NCOA) through its subsidiary NCOA Services, LLC.

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Advocacy Group Offers Free Family Equity Lending Guide

California Advocates for Nursing Home Reform (CANHR), a nonprofit advocacy organization dedicated to improving the choices, care and quality of life for California’s long term care consumers, releases its Home Equity Protection Program Toolkit. This is a free set of tools designed to help low-income seniors protect the equity in their homes. The Toolkit includes a Family Equity Lending Guide, a “do-it-yourself” alternative to exorbitant reverse mortgage loans.

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White Paper Examines ‘Financial Security for the Caregiver’

Aging News Alert readers may want to check out a new white paper from Merrill Lynch on caregiving and the impact it can have on women’s long-term finances – titled “Financial Security for the Caregiver.”

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New Rules Will Increase Tax Burden on Inherited Retirement Plans

Congress is exploring legislation that could dramatically affect retirement plans and IRAs. Guest author James Lange, a CPA and attorney, provides some thought-provoking ideas on ways you can protect your savings.

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Tax Pros Be Warned: New Phishing Email Scam Targets You

The Internal Revenue Service is warning tax professionals about an emerging phishing email scam that pretends to be from tax software providers and tries to trick recipients into clicking on a bogus link.

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Financial Industry Self-Regulator Moves to Protect Seniors

The Financial Industry Regulatory Authority (FINRA), a non-governmental organization that regulates member brokerage firms and exchange markets, is seeking comment on proposed rules addressing the financial exploitation of seniors and other vulnerable adults.

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Proposed Rule Creates Standards for Harassment Claims

The Department of Housing & Urban Development issues a proposed rule that would formalize standards for victims of harassment in housing to bring claims under the Fair Housing Act. While no formal regulation has been in place, HUD and courts have long held that harassment in housing or housing-related transactions on the basis of race, color, national origin, religion, sex, disability, and familial status is prohibited under the Fair Housing Act. The proposed rule specifies how claims of “hostile environment” and “quid pro quo” harassment would be evaluated in both private and publicly assisted housing.

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More Financial Management Resources Available for Older Adults

The Consumer Financial Protection Bureau continues to roll out resources designed to help families and caregivers manage finances of older adults.

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