Welcome to the Financial Wellness for Longer Lives: New Approaches to Working and Saving Symposium resource page including tools developed by industry leaders to educate and to promote financial wellness throughout the life course. A brief description of each resource is also provided.

Symposium Content

Slideshow

Naomi Karp, Consumer Financial Protection Bureau, Office of Older Americans
Naomi Karp, Consumer Financial Protection Bureau, Office of Older Americans
Kevin Crain, Managing Director, Head of Workplace Financial Solutions, Market Integration Executive for New York City, Bank of America Merrill Lynch
Kevin Crain, Managing Director, Head of Workplace Financial Solutions, Market Integration Executive for New York City, Bank of America Merrill Lynch
Michael Hodin, GCOA and Kevin Crain, Managing Director, Head of Workplace Financial Solutions, Market Integration Executive for New York City, Bank of America Merrill Lynch
Michael Hodin, GCOA and Kevin Crain, Managing Director, Head of Workplace Financial Solutions, Market Integration Executive for New York City, Bank of America Merrill Lynch
Jason Karlawish, University of Pennsylvania and Bruce Wolfe, BlackRock Retirement Institute
Jason Karlawish, University of Pennsylvania and Bruce Wolfe, BlackRock Retirement Institute
James Appleby, Gerontological Society of America and Judith Salerno, MD, President of The New York Academy of Medicine
James Appleby, Gerontological Society of America and Judith Salerno, MD, President of The New York Academy of Medicine
Mark Halloran, Transamerica; Josephine Amendola, BlackRock; Robert Brazier,BlackRock
Mark Halloran, Transamerica; Josephine Amendola, BlackRock; Robert Brazier,BlackRock
Gary Mottola, FINRA; Nanette Blandin, The Nexus Institute; Don Blandin, Investor Protection Trust
Gary Mottola, FINRA; Nanette Blandin, The Nexus Institute; Don Blandin, Investor Protection Trust
Robert Freedman, Schiff Hardin and Carol Raphael, Manatt Health Solutions
Robert Freedman, Schiff Hardin and Carol Raphael, Manatt Health Solutions
Bei Wu, NYU Incubator, Lindsay Goldman, The New York Academy of Medicine and Judith Salerno, The New York Academy of Medicine
Bei Wu, NYU Incubator, Lindsay Goldman, The New York Academy of Medicine and Judith Salerno, The New York Academy of Medicine
Liz Lowey, EverSafe and Ramsey Alwin, AARP
Liz Lowey, EverSafe and Ramsey Alwin, AARP
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Elder Law

Commission on Law and Aging

The ABA's website, Commission on Law and Aging, has information on capacity assessment, dispute resolution and mediation, elder abuse, emeritus pro bono, equal access to justice, ethics and counseling older clients, guardianship law and practice, health care decision making, international rights of older persons, long term services and supports, Medicare, voting, and cognitive impairments.

Financial Caregiving

The Many Faces of Caregivers: A Close-Up Look at Caregiving and Its Impacts

Transamerica Institute's new research report, The Many Faces of Caregivers: A Close-Up Look at Caregiving and Its Impacts, is its first-ever collaboration between Transamerica Center for Retirement Studies and Transamerica Center for Health Studies. Transamerica Institute survey of 3,000 non-professional family caregivers nationwide provides a deep understanding of caregivers’ duties and the impact caregiving has on the personal health, well-being, employment, finances and retirement preparations of caregivers.

The Journey of Caregiving: Honor, Responsibility and Financial Complexity

The Journey of Caregiving is a collaboration between Merrill Lynch and Age Wave on a new research initiative to gain a greater understanding of the experiences and challenges people face during different life stages.

2017 Annual Cost of Care Survey

The 2017 Genworth Cost of Care Survey is the foundation for long term care planning. The website provides a calculator to estimate the cost of care provided at home or in a facility. The survey covers 440 regions in the United States and based on data collected from more than 15,000 completed surveys.

Managing Someone Else’s Money

To assist financial caregivers, the Consumer Finance Protection Bureau (CFPB)  created an easy-to-understand guide with information on the fiduciary's responsibilities and tips on how to spot financial exploitation and avoid scams. The guide includes a section of relevant agencies and service providers to go to for help.

Help for Agents Under Power of Attorney

This guide helps agents under power of attorney to understand what they can and cannot do in their role as a fiduciary. Brief tips to help avoid problems and resources for family and friends serving as an agents are provided.

 Help For Court-Appointed Guardians of Property and Conservators

This guide is for family and friends serving as guardians. The guide offers tips to avoid problems and resources for finding more information about the role of a fiduciary in managing property for someone else.

Help For Trustees Under A Revocable Living Trust

This guide is for trustees under a revocable living trust and offers brief tips to help avoid problems as well as resources for finding more information in what can and cannot be done in the trustee role.

 Help for Representatives Payees and VA Fiduciaries

This guide is for family and friends serving as representative payee or VA fiduciary and provides brief tips to help avoid problems, clarifies the roles, and gives resources for finding more information.

Tools for Financial Security in Later Life

These resources aim to help older adults and their caregivers navigate some of the important decisions that can affect later-life financial security, including managing debt, planning for later-life financial security and understanding reverse mortgages.

Valuing the Invaluable 2015 Update: Undeniable Progress, but Big Gaps Remain

Part of the Valuing the Invaluable series on the economic value of family caregiving, this report udpates national and individual state estimates of the economic value of family caregiving. The report also explainst the key challenges that family caregivers face, highlights key policy developments for family caregivers since the last Valuing the Invaluable report was released in 2011, and provides policy and research recommendations to better support caregiving families.

Financial Empowerment

Your Money, Your Goals, A Financial Empowerment Toolkit

This toolkit for financial empowerment is designed for anyone who works directly with low-income or economically vulnerable people. The toolkit provides information about important financial topics and tools to put this information into practice.

Report and Recommendations: Fighting Elder Financial Exploitation through Community Networks

The report presents CFPB's recommendations to existing community networks and key stakeholders to develop and enhance their community's collaborative efforts to fight financial exploitation. Accompanying this report is a resource guide with promising practices, sample documents, and resource materials.

Financial Well-Being: The Goal of Financial Education

 The purpose of the report is to understand financial well-being as a key measure of effective financial education. Based on how people responded to financial well-being in the study, researchers examine how it will inform evidence based financial literacy programs.

Planning for Retirement: Before You Claim

The Consumer Financial Protection Bureau website contains information to prepare for retirement, estimating your benefits calculator and information for claiming Social Security.

Fair Lending  Report of the Consumer Financial Protection Bureau

This report gives a summary of CFPB's work in Fair Lending in  2016. The report covers supervision and enforcement activity for mortgage lending activities, auto lending, credit card market and small business lending.

National Education and Resource Center for Women and Retirement Planning

The National Education and Resource Center on Women and Retirement Planning aims to provide women with access to a one-stop gateway that integrates financial information and retirement planning, health, and long-term care resources through Older Americans Act of 1965 (OAA) programs.

Trick$ of the Trade: Outsmarting Investment Fraud film

Trick$ of the Trade: Outsmarting Investment Fraud was developed by the FINRA Investor Education Foundation, in partnership with AARP. Utilizing compelling stories of victims and perpetrators, this hour-long, award-winning documentary uncovers the persuasion tactics that con artists use to defraud their victims and the basic tools investors can use to defend against fraud.

FINRA, Investor Education Foundation, Thinking Money Documentary 

Thinking Money: The Psychology Behind Our Best and Worst Financial Decisions uses a mix of humor, on the street interviews and provocative insights from innovative thinkers to explore why we spend, why we save (or don't) and how we think about money.

Con'Em If You Can

Con'em  If You Can is an interactive game developed by the FINRA Investor Education Foundation and Commonwealth to help players learn how to spot and avoid investment fraud.

Serve Our Seniors

The Serve Our Seniors webpage is an initiative of the North American Securities Administrators Association. The website was developed to provide resources for older adult investors, family caregivers, professionals in the securities industry, and policymakers.

Saving and Investing 

The webpage provides information on saving and tips to begin investing.

Confidently Planning Your Retirement 

The webpage provides information and resources on retirement planning. NASAA developed the Confidently Planning Your Retirement as a pre-retiree outreach initiative designed to bring investor education to the workplace through on-sight seminars.

National Resource Center on Women and Retirement Planning

The WISER website contains links to publications on money and retirement, caregiving, elder financial abuse, financial decision making, and minority women and retirement income.

Pension Rights

The Pension Rights Center website has information on retirement planning, pension legislation, pension regulation, blogs, reports and court cases.

Senior Investor Protection

The Senior Investor Protection webpage from SIFMA contains blogs, press releases, and resources to protect older investors.

Making Rent Count: How NYC Tenants Can Lift Credit Scores and Save Money

This report from the office of the New York City Comptroller Scott M. Stringer offers a first-of-its-kind estimate demonstrating how reporting rent payment information to credit bureaus could help lift credit scores across the city. The report offers policy recommendations that couples new financial opportunities and consumer protections including: empowering tenants to report their rent, rent reporting for public housing, give rent more weight in credit, safeguarding renters in housing court, protections for prospective renters, giving consumer access to their scores and helping consumers cultivate credit.

Retirement

The AARP website has information on Social Security, saving and planning and planning for retirement.

Eight Ways to Measure Financial Health

This paper takes a closer look at the eight indicators that the Center for Financial Services Innovation has identified  to measure financial health.  The eight indicators include: spend less than income, pay bills on time and in full, have sufficient living expenses in liquid savings, have sufficient long term savings or assets, have a sustainable debt load, have a prime credit score, have appropriate insurance, and planning ahead of expenses. These indicators establish a framework for shifting the financial services industry towards a focus on financial health and  improving consumers’ lives.

LISC study: Employment and Financial Services Help Low-Income People Make Progress

LISC researchers recently analyzed outcomes from 40,000 people who visited Financial Opportunity Centers (FOC) all across the country as a way to improve their economic circumstances. The data show that those who took advantage of bundled services that focused on employment, income supports and financial management skills made significant, lasting progress-with incomes expanding by an encouraging 76%.

First Steps on the Road To Financial Well-Being: Final Report from the Evaluation of LISC's Financial Opportunity Centers

The independent study on LISC's Financial Opportunity Centers found that clients that participate in LISC's FOC have more success meeting their financial goals than people in programs offering employment assistance alone. Their gains include landing and keeping a job, growing credit and increasing annual earnings.

Meeting People Where They Are: Five Lessons for Integrating Financial Capability Services

The report from Prosperity Now is written for community-based organizations that provide direct services and want to learn more about successful strategies for integrating financial capability services into their existing programs. 

Financial Exploitation

Prevalence of Financial Fraud and Scams among Older Adults in the United States: a Systematic Review and Meta-Analysis

Knowledge of the prevalence of elder financial exploitation is mostly limited to the category of financial abuse, which occurs in relationships involving an expectation of trust. Little is known about the other major category of elder financial exploitation - elder financial fraud and scams, which is perpetrated by strangers. A valid estimate of elder financial fraud-scam prevalence is necessary as a foundation for research and prevention efforts.

The Senior's Guide to Online Safety

The guide from ConnectSafely provides tips to keep older internet users safe from online scams. The guide includes information on passwords, online communicating, posting pictures, spam and unsolicited email, abuse, online shopping and health and wellness.

Report and Recommendations: Fighting Elder Financial Exploitation through Community Networks

Through nationwide research, CFPB conducted a focused inquiry on elder financial protection networks' objectives, structure, leadership, funding, members, activities and challenges. The report presents CFPB's recommendations to existing networks and key stakeholders to develop and enhance their community's collaborative efforts to fight financial exploitation.

Older Americans are not alone in the fight to stop financial abuse

The blog from CFPB encourages older adults to work with their banks or credit unions to protect themselves from financial exploitation. Canan and Karp (2016) provide the following tips: report abuse to the bank or credit union if fraud is suspected, consider giving a trusted relative or friend access to monitor transactions, ask about convenience or agency accounts, create a power of attorney or advance plan, and ask the financial institution about educational materials and events.

Financial Education Placemats

The CFPB website has an educational way of informing customers of financial abuse. The website has images of placemats in PDF format. The placemats include information on consumer protection against fraud, scams, and abuse. The website also includes a companion resource guide and lesson plan.

Advisory for Financial Institutions on Preventing and Responding to Elder Financial Exploitation

In the Advisory for Financial Institutions on Preventing and Responding to Elder Financial Exploitation, the CFPB provides  recommendations for banks and credit unions to help them prevent and respond quickly to elder financial exploitation. The CFPB has also identified benchmarks to help financial institutions assess and strengthen their current practices for preventing, detecting, and responding to the financial exploitation of older people.

Recommendations and Report for Financial Institutions on Preventing and Responding to Elder Financial Exploitation

The CFPB Office for Older Americans has identified best practices to assist financial institutions with their efforts to prevent elder financial abuse and to intervene effectively when it occurs. This book should be used with the Advisory for Financial Institutions on Preventing and Responding to Elder Financial Exploitation.

Money Smart for Older Adults: Prevent Financial Exploitation, Participant Resource Guide

Money Smart for Older Adults is a module designed for older adults with information in planning for a more secure financial future, how to guard against identity theft and other forms of financial exploitation as well as how to prepare financially for unexpected life events and disasters.

The National Adult Protective Services Technical Assistance Resource Center, FFY2016 Data Report Release 1

NAMRS is an annual, voluntary system to collect both summary and de-identified case level data on APS investigations. The NAMRS report consists of three components: Agency component, comprised of state policy and practice information. Case component, comprised of data on client characteristics, services and perpetrator characteristics, provided by states that have report-level tracking systems and Key Indicator component, aggregated data on key statistics of investigations and victims, provided by states that do not have report-level data tracking systems or are unable to provide case-level data.

NASAA  Model Act To Protect Vulnerable Adults From Financial Exploitation 

This webpage contains information about the NASAA Model Act to Protect Vulnerable Adults from Financial Exploitation. The website contains the full text of the Model Act, legislative text and updated commentary for the 2018 legislative season, and legislative update center.

Guarding the Guardians: The Red Flags of Guardian Financial Abuse

The document provides signs to watch for if you feel a guardian is financially abusing an older adult.

Elder Investment Fraud and Financial Exploitation Prevention Program (EIFFE)

The webpage provides information for medical professionals who provide front-line elder care. The website has information on how to refer at risk-older adults to the appropriate authorities, whether it's to report investment fraud to securities regulators, suspected abuse to adult protected service workers, or symptoms of mild cognitive impairment.

Money/ Consumer Protection Fraud Watch Network

The AARP Fraud Watch Network provides information on consumer protection, resources, and tips on protecting oneself against scams, fraud and abuse.

Decision Making Ability and Risk of Elder Mistreatment

The NCEA provides information on cognition and decision making, cognitive aging, medical decision capacity and financial capacity.

Understanding and Combating Investment Fraud

This working paper, authored by FINRA Foundation staff, is part of a collection of research titled “Financial Decision Making and Retirement Security in an Aging World,” prepared by Wharton’s Pension Research Council and published by Oxford University Press in October 2017. The FINRA Foundation’s chapter reviews the dynamics of investment fraud victimization, explains how fraudsters use social influence tactics to defraud their victims and describes current investor protection efforts.

Protecting the Elderly from Financial Abuse 

The ABA provides information for older adults and their caregivers on how to protect  themselves from financial abuse and what to do if they become a victim of financial exploitation.

Senior's Lawyer's Division Elder Abuse Prevention Task Force

The brochure from the American Bar Association provides a brief description of common scams.

Elder Fraud is on the Rise: Is a Con Artist Targeting Someone You Love?

The website from Merrill Lynch provides information about protecting oneself and your loved ones from fraud and scams.

At What Age Are You too Old to Manage your Money?

The article from MarketWatch describes a study from the Center for Retirement Research at Boston College which found that " most people with cognitive impairment will need help managing their money to prevent fraud or abuse and providing this assistance effectively will require overcoming several obstacles"

Taking Action: An Advocate's Guide to Assisting Victims of Financial Fraud

Taking Action: An Advocate's Guide to Assisting Victims of Financial Fraud is for anyone who finds themselves in a position to help victims of financial fraud. The guide provides steps on how to report a financial exploitation crime, ways for the victim to get control of their assets and strengthen their chances of recovery, and how to avoid being a victim again in the future.

Investor Protection Campaign Research

The website by the FINRA Investor Education Foundation, provides research papers on financial fraud and investor protection.

Report Fraud

SaveandInvest.org provides information on reporting fraud. The website includes links and resources to reporting investment fraud, identify theft, mortgage and lending fraud and mass marketing fraud.

Regulatory Notice Senior Designations

This report outlines the SEC approved adoption of FINRA Rule 2165 which permits a temporary hold on disbursements of funds from accounts of specified customers where there is a reasonable belief of financial exploitation and FINRA Rule 4512 which requires members to make reasonable efforts to obtain the name and contact information for a trusted contact person for a customer's account. These rules are effective Feb 15, 2018.

Financial Exploitation of Specified Adults

The Rules and Guidance site of the FINRA website has information on rule 2165, Financial Exploitation of Specified Adults. The rules state that a member may place a temporary hold on disbursement of funds or securities from the account of a specified adult if: the member reasonably believes that financial exploitation of the specified adult has occurred, is occurring, has been attempted, or will be attempted.

Report on the FINRA Securities Helpline for Seniors

In 2015, FINRA launched a significant new initiative -the FINRA Securities Helpline for Seniors (HELPS)-to broaden its investor protection efforts. The year end report provides an overview of the Helpline's operation since in April launch, describes how Helpline works and compliments FINRA's broader regulatory programs. The report alerts investors and firms to common scams that target senior investors. Finally, the report shares effective practices that firms should consider.

National Center on Elder Abuse

The NCEA provides the latest research, training, best practices, news and resources on elder abuse, neglect and exploitation to professionals and the public.

Elder Justice Initiative

The mission of the Elder Justice Initiative is to support and coordinate the Department’s enforcement and programmatic efforts to combat elder abuse, neglect and financial fraud and scams that target our nation’s older adults.

Elder Justice

The U.S. Department of Health and Human Services website includes information and links on fraud prevention, elder abuse, identifying financial scams, discrimination, legal assistance, and housing issues

Protect Your Future Self from Financial Abuse

The article describes ways older adults can protect themselves from financial abuse. It also describes how regulatory agencies are taking steps to protect older adults from financial exploitation.

Social Support Can Diminish Effects of Elder Abuse

The research summary by Park and Mulford found that elder mistreatment has a long lasting impact on a range of health and mental health issues and that the level of social support someone perceives to have in their life seems to be protective against the effects of elder abuse.

Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults

 The report clarifies that reporting suspected abuse of older adults to appropriate local, state, or federal agencies does not, in general violate the privacy provision of the Gramm-Leach-Bliley Act (GLBA). The privacy provision of the GLBA permits the sharing of suspected exploitation of financial abuse without complying with notice and opt-out requirements.

Be Vigilant about Scams and Fraud Involving Elder Clients

The article describes ways advisors can educate and protect their older clients from financial elder abuse, fraud and scams. The articles describes common forms of scams that advisors should be aware of: getting a call from the IRS asking for payment, getting a call from a computer technician warning customer of virus in their computer, being a lottery winner, receiving a call about a kidnapped grandchild.

Advisers on Front Lines in Battle Against Financial Abuse of the Elderly

Older adults are at risk of becoming victims of financial exploitation. Financial advisers are on the front line of protecting older clients from abuse and fraud.

From Whistle-Blower To Elder Champion

The article profiles elder champion Philip Marshall and his advocacy efforts to bring greater awareness to financial exploitation targeting older adults. The article also makes note of regulatory changes made by FINRA, the increasing financial abuse cases and the financial loss incurred by the victims and their families.

Advisers Taking Steps to Protect Elderly

The article describes how Wells Fargo and Bank of America Merrill Lynch have taken steps to protect their clients from financial exploitation. Advisers from Wells Fargo and Bank of America Merrill Lynch have been given additional resources and training to prevent and detect suspected cases of fraud and abuse.

Declaring War on Financial Abuse of Older People

The article describes the steps states and regulatory agencies are taking to address financial abuse targeting older adults. 

Financial Services Industry Trends

Embracing a Broader Definition of Well-Being: Eighth Annual Employer-Sponsored Health and Well-Being Survey

Fidelity's Eighth Annual Employer-Sponsored Health and Well-Being Survey was fielded among National Business Group on Health members and clients of Fidelity investments and focused on defining well-being, types of health and well-being programs offered, levels of incentives to engage employees and spouses domestic partners, use of outcome-based incentives to reward for goals/ouctomes, use of non-financial-based incentives to reward for goals/outcomes, measurement tactics and practice participation results, and future of health improvement investment amidst healthcare reform.

Senior Investors

Financial exploitation of older adults is a serious and growing problem. FINRA’s Securities Helpline for Seniors highlighted issues relating to financial exploitation of this group, including the need for members to be able to move quickly and effectively to address suspected financial exploitation of older adults and other specified adults.

National Senior Investor Initiative

This report highlights recent industry trends that have impacted the investment landscape and prior regulatory initiatives that have concentrated on older adult investors and industry practices related to senior investors.

Regulatory Notice Senior Designations

FINRA is publishing this notice to remind firms of their supervisory obligations regarding the use of certifications and designations that imply expertise certification,  training or specialty in advising older adult investors  (senior designations). This Notice also outlines findings from a survey of firms and highlights sound practices used by firms with respect to senior designations.

Memorandum on Financial Institution and Law Enforcement Efforts to Combat Elder Financial Exploitation

This report outlines the role of financial institutions, collaboration among financial institutions, law enforcement and APS, as well as law enforcement's use of suspicious activity reports (SARs) in protecting older adults from elder financial exploitation.

Consumer Financial Health Study: Understanding and Improving Consumer Financial Health in America

The Consumer Financial Health Study explores the state of financial health in America in a groundbreaking examination of consumer behaviors, attitudes, and preferences. It defines seven consumer financial health segments based on a combination of behaviors and attitudes, offering an analysis that goes beyond income, age, education, or credit score.

The Journey to Financial Health: Your Company’s Roadmap

This report attempts to orient businesses around financial health, including expanding companies' definitions of success to include positive outcomes for customers and business.

Decumulation in Defined Contribution

As a burgeoning number of older Americans shift from retirement saving to retirement spending, the central financial question of how to create lasting income in retirement is gaining urgency. This paper argues that target date funds - already a popular option - can be an effective in-plan, end-to-end retirement savings and spending solution for many investors.

Health Concerns Not Taken Seriously- Infographic

The infographic created by Transamerica Center for Retirement Studies and Aegon Center on Longevity and Retirement explains health-related attitudes and behaviors in older age.

BankSafe Safeguards Against Exploitation

The webpage contains information on the AARP initiative BankSafe, including links to promising practices, resources and research.

Healthy Aging

Age-Friendly Health Systems: Their Time Has Come

This article suggests that there is an urgency to address a challenge facing our country and the world: How do we apply what we know is effective in improving quality of life, quality of healthcare, and safety as we age successfully? The urgency and opportunity result from the confluence of an aging society, longevity, and the antiquated health policy structure of Medicare and Medicaid. The triple aim - improving the experience of care, improving the health of populations, and reducing per capita costs of health care - affords the field of geriatrics a golden opportunity to be a major force in achieving these goals.

Early Signs of Impaired Financial Skills in Older Adults

The report by Mason, D et al, (2015) used the COINS1 and the COINS2 datasets to identify early signs of financial decline in cognitively normal older adults. The primary objective is to translate the findings into a set of "early warning sign" of financial decline in the elderly. The study includes a Checklist of Early Warning of Financial Skills Decline in Cognitively Normal Older Adults.

National Institute on Aging

NIA, one of the 27 Institutes and Centers of NIH, leads a broad scientific effort to understand the nature of aging and to extend the healthy, active years of life. NIA is the primary Federal agency supporting and conducting Alzheimer's disease research. The website also includes information on caregiving, cognitive health, doctor-patient communication, end-of-life and physical activity.

Support for People with Dementia, including Alzheimer’s Disease

This resource outlines the Alzheimer's Disease Support Services Program (ADSSP) which supports state efforts to expand the availability of community-level support services to persons with Alzheimer's disease and related disorders and their caregivers.

Whealthcare

The website contains information about whealthcare, a term coined by Dr. Jason Karlawish to describe the paradigm of merging the banking and financial sector. The website includes information about Dr. Karlawish, video presentations and articles describing the work and research of Dr. Karlawish.

Penn Memory Center

The Penn Memory Center website provides information on patient care, research, education, and programs and services for patients and their families experiencing cognitive decline.

Aging with Dignity: A Blueprint for Serving NYC’s Growing Senior Population

This report  analyzes the condition in which New York's older adults live and looks at the senior-focused programs and services run by the City of New York, in some cases down to the neighborhood level. The Office of the Comptroller makes policy recommendations to ensure older adults can age in New York City. The office recommends: Creating safe, healthy, and affordable housing options to age in place, develop livable communities, and support the well-being of older New Yorkers. 

Population Aging and Economic Growth

The Silver Economy as a Pathway for Growth: Insights from the OECD-GCOA Expert Consultation

The Organization for Economic Cooperation and Development and the Global Coalition on Aging convened an expert consultation to develop concrete solutions and accelerate innovation around creating a Silver Economy where aging populations are part of the economic growth equation. The summary report from the consultation identifies possible solutions, captures views on key issues, and develops concrete ideas for a reinvented view of how society can optimistically address the challenges presented by the world's aging population.

Global Aging 2016: 58 Shades of Gray

Global Aging 2016 examines the implications of population aging on sovereign credit ratings. S&P's latest analysis of 58 sovereigns from across the world suggests that, if maintained, the reforms of the past several years should gradually contribute to improved prospects for long-term fiscal sustainability.

The Latin American Demographic Dividend: A Foundation for Retirement Savings

The Latin American demographic dividend explores the interrelationship among savings and retirement systems, the capital markets, demographics, and public policy and its impact on long-term economic growth and fiscal stability for the largest national economies in Latin America.

State of Retirement

Spending Retirement Assets…Or Not?

Spending Retirement Assets…Or Not? Analyzes the "how" and some possible "whys" spending and liquid assets change during retirement, taking into account (non-housing) assets, income, spending, out-of-pocket medical expenses and bequests.

Decumulation in Defined Contribution: The Second Act

As today's employees retire, they will increasingly want (and need) assistance to translate their retirement assets into income. Decumulation in Defined Contribution explores how DC plans can help provide a solution.

Successful Retirement—Healthy Aging and Financial Security (The Aegon Retirement Readiness Survey 2017)

The sixth annual Aegon Retirement Readiness Survey confirms that the gap between people’s expectations for retirement and the reality remains stark. What’s more, it illustrates that health and wealth in retirement are closely linked.

Laying the Groundwork for More Efficient Retirement Savings Incentives

The articles describes challenges people face in building retirement savings and policy recommendations  to address this challenge. To assist lower-income workers or workers that are employed by companies that do not offer retirement plans, Dr. Ghilarducci recommends Making the Saver's Credit fully available to lower income households, establish and expand progressive savings match, simplify retirement savings incentives  by streamline rules, limit the automatic increases of tax deductions and create simple, low-cost, and low-risk options for people to save for retirement outside of employer plans.

Finances in Retirement: New Challenges, New Solutions

The Finances in Retirement report confirms the changing challenges Americans commonly face in financing their retirements. It then looks across the seven Life Priorities, sharing key findings and themes from this and earlier Merrill Lynch studies, and charting what people can do to improve their overall financial well-being in retirement.

Wishful Thinking or Within Reach? Three Generations Prepare for "Retirement" (18th Annual Transamerica Retirement Survey of Workers)

TCRS' 18th Annual Retirement Survey Report, Wishful Thinking or Within Reach? Three Generations Prepare for Retirement, found that many are not adequately planning and saving for the long retirements they envision. The report offers recommendations for workers to help them get on track.

The Nation's Retirement System: A Comprehensive Re-evaluation Is Needed to Better Promote Future Retirement Security

According to the U.S. Government Accountability Office, many households have limited retirement savings or understand how to manage their own retirement accounts. GAO has found three major challenges in establishing a retirement savings plan: access, accessing retirement plans through their employers, saving, accumulating sufficient retirement savings and retirement: ensuring accrued savings and benefits last through retirement.

Inadequate Retirement Savings for Workers Nearing Retirement

Dr. Ghilarducci et al. (2017) describe the need to establish a universal supplement to Social Security. Without the universal supplement, many workers will face declining living standards or poverty in 10 years.

401(k) Tax Policy Creates Inequality

The policy brief argues that  the current system of tax deferral for retirement contributions undermines public policy aimed at strengthening retirement security and has contributed to inequality.

How to Retire with Enough Money

Dr. Ghilarducci (2015) in her book, How to Retire with Enough Money  describes ways to make your money grow, paying off loans and mortgages, saving before retirement, and what to expect from Social Security.

Earnings Volatility and 401(k) Contributions

Dr. Ghilarducci, et al. (2017) using the Survey of Income and Program Participation data linked to Social Security Administration administrative records from 2009-2012, the researchers found that negative economic shocks cause 401(k) contribution behavior to react in ways consistent with reactions to fear and past trauma.

Are U.S. Workers Ready for Retirement

The report looks at the decline in sponsorship of retirement plans by employers in the U.S, participation in employer sponsored retirement plans and whether adults 55-64 are financially prepared for post life work.

The Surprising Equality of Retirement Time: Evidence From the Health and Retirement Survey

The article discusses the impact changes in retirement age may have on the distribution of retirement time. The authors opine that because individuals in lower economic classes tend to  die earlier, increasing the retirement age will impact these individuals disproportionately and increase retirement time inequality.

Workplace/Workforce

Age Smart Employer NYC Compendium of Strategies and Practices

The report provides a review of best practices considered to be age-smart in several key workplace domains; all practices considered are currently in use by major employers. The practice areas reviewed in this report include recruitment, training, and professional development, management training and tools, wellness programs, and financial and retirement planning.

2017 Workplace Benefits Report: Insight for Employers to Drive Employee Engagement and Empower Them to Live Their Best Financial Lives

In the 2017 Workplace Benefits Report, Bank of America Merrill Lynch talks to employers and employees about retirement readiness and larger financial wellness topics. The report examines how employees feel about their financial situation and the role employers play in supporting their overall financial wellness.

Supporting Working Caregivers: Case Studies of Promising Practices

Supporting Working Caregivers examines how employee benefits for family caregivers have changed since ReACT's 2012 Best Practices in Workplace Eldercare and describes what "promising practices" look like today—based on in-depth interviews with 14 organizations. The case studies include examples from both the for-profit and nonprofit worlds, and both very large employers as well as very small ones.

Determining the Return on Investment: Supportive Policies for Employee Caregivers

Determining the Return on Investment organizes and summarizes the available evidence published in the last two decades on the costs and benefits of family caregiver support policies, and provides a ROI calculation on those policies from an employer perspective. The analysis summarizes the peer-reviewed literature and technical reports by government agencies or industry associations and is restricted to studies with a robust design that allows quantifying the impact of a policy from a business perspective.

Determining the Return on Investment: Supportive Policies for Employee Caregivers

Population aging combined with limited publicly funded and provided elder care in the U.S. means that family caregivers play an increasingly important role. Those added responsibilities represent significant challenges for caregivers. This report aims to make a business case for family caregiver policies.

 Supporting Working Caregivers: Case Studies of Promising Practices

This report examines what’s changed over the past five years in trends and innovations in policies and practices to support employees with caregiving responsibilities for older adults and describes what “promising practices” look like today — based on in-depth interviews with 14 organizations.

Will Fifteen Million Older Workers Love Your Wages?

The increase in older workers returning to the labor force or continuing to work could have a large effect on wages and the labor market. Lack of confidence in their retirement income and living standards could propel people who would otherwise be competing in the labor market to work or look for work.

Guiding Principles for Age-Friendly Businesses: Harnessing the Power of 21-Century Demographic Change

The Guiding Principles for Age-Friendly Businesses are designed to help companies create workplaces that embrace and support workers of all ages—key to success in a rapidly aging world. Companies that endorse these seven principles not only will be seen as forward-thinking and ahead of the game, they will also be positioned to realize tangible gains in productivity, competitiveness, and worker satisfaction.

Rewriting the Rules for the Digital Age: 2017 Deloitte Global Human Capital Trends

Organizations face a radically shifting context for the workforce, the workplace, and the world of work. Deloitte's survey of more than 10,000 businesses and HR leaders from 140 countries reveals 10 areas for businesses to focus on to better organize, manage, develop, and align people at work.

America’s Aging Workforce: Opportunities and Challenges 

This report provides a summary of the landscape of the aging workforce and key findings related to aging workers as well as employers. The report concludes with a vision of how aging employees and their employers can work together to ensure that they both prosper.