Help for locating your “lost” 401(k) account

No one intentionally loses money or leaves it behind. Yet, Americans have left billions of dollars in unclaimed 401(k) accounts. You may have changed jobs and, in the rush to wrap things up or accommodate a move to another state, neglected to take your account information with you.

Regardless of how or when this happened, there are a number of steps you can take to try to recover your account. The Pension Action Center at UMass Boston’s Gerontology Institute provides free legal counseling to people living in one of the six New England states and Illinois and has successfully helped people recoup more than $60 million in retirement benefits. While not always a simple task, they can help you to locate your 401(k).

“People lose track of their 401(k) for a variety of reasons,” says Anna-Marie Tabor. “But, there are steps you can take to track down and claim your money. It may take some time and research, but this is money you earned and saved for your retirement.  When it’s time to retire, you will be glad you invested the time to try and locate it now.”

Among the first steps to take, make sure that you did not already cash out or rollover your 401(k) years ago. Reach out to your former employer.

“Keeping your 401(k) statements and previous tax returns provides you with some paperwork to document that you have an account,” says Tabor. “Your old paystubs may also show that you contributed to a 401(k).” Continue reading

Direct care workers experience pandemic challenges, but rate employer preparation, communication high: study

Originally published in McKight’s Senior Living on 11/19/2020

By Kimberly Bonvissuto

Direct care workers have encountered many work-related challenges during the pandemic, but they say their employers have prepared them and communicated well about COVID-19, according to the results of a recent study.

Researchers with the LeadingAge LTSS Center @UMass Boston discussed the study, which explored the overall stress and specific challenges direct care workers experience during COVID-19, their perceived preparedness and the quality of their employers’ communications around the pandemic, Wednesday during a presentation at the LeadingAge Annual Meeting Virtual Experience.

Verena Cimarolli, PhD

The study involved 852 current and former direct care workers in 45 organizations across the country, representing assisted living, independent living, home- and community based services, nursing homes and healthcare services. Responses were drawn from specific research questions embedded in ongoing WeCare Connect surveys used by 155 aging services providers across the country.

Verena Cimarolli, Ph.D., a senior health services research associate at the LTSS Center, said the most frequently reported work-related challenges direct workers reported were an increased risk of transmission of the virus to or from residents, workload demands and understaffing.

A higher percentage of workers who resigned their position (31%) reported a lack of personal protective equipment as an issue compared with current employees (19%). A “strikingly higher” percentage of workers (24%), Cimarolli said, reported that a lack of protocols or guidance from organizations about caring for residents was a challenge compared with current employees (8%). Continue reading

Nearly Two-Thirds of Older Black Americans Can’t Afford to Live Alone Without Help – and it’s Even Tougher for Latinos

Jan MutchlerThis article originally appeared on The Conversation, a non-profit independent online news organization.

By Jan Mutchler

Older Americans who want to live independently face serious economic challenges. Half who live alone don’t have enough income to afford even a bare-bones budget in their home communities, and nearly 1 in 4 couples face the same problem.

Those numbers add up to at least 11 million older adults who are struggling to make ends meet, a new analysis shows.

The numbers are worse for older people of color. Dramatically higher percentages of Black, Latino and Asian older adults live on incomes that don’t meet their cost of living, even with Social Security. That can mean skipping needed health care, not having enough food, living in unhealthy conditions or having to move in with family.

These disparities often reflect lifelong disadvantages that add up as people of color encounter structural racism and discrimination that shape their ability to buy property and save for the future.

To calculate realistic rates of economic insecurity and estimate the disparities, my colleagues and I used the Elder Index, created by the University of Massachusetts Boston to measure the true cost of living for older adults. It tracks expenses for housing, health care, transportation, food and other basics, county by county. We paired the index with state-level income data to determine the percentage of people who don’t have enough income to cover their cost of living. Continue reading

Reach Out Massachusetts Mobilizes Communities to Combat Social Isolation

The desire to spend time alone is a natural and even healthy urge. But, seeking time alone and social isolation, are not the same.

Social isolation — defined as a lack of social connections — is considered a serious public health risk and can impair one’s physical and mental health. Older adults are at increased risk for social isolation because they are more likely to have lost a spouse and close friends, live alone, suffer from a chronic illness, or have limited mobility.

To combat this devastating public health problem, the Gerontology Institute at UMass Boston and AARP Massachusetts have created a resource guide highlighting ways in which many Massachusetts cities and towns are already addressing social isolation in their communities. The guide is the first completed project of the Massachusetts Task Force to End Loneliness & Build Community. The task force is co-led by Sandra Harris, president of AARP Massachusetts, and Caitlin Coyle, Ph.D., the lead author of the resource guide and a research fellow at the Gerontology Institute at UMass Boston. Continue reading

Elder Index at Work: Defending Property Tax-Relief Programs for Older Homeowners in New Jersey

multigeneration portraitThis article is one in a series of stories about how people across the country are using the Elder Index to understand the true cost of living for older adults and its economic implications. If you know someone who would like to receive information about these stories, send us a note at gerontologyinstitute@umb.edu.

Late this spring, New Jersey Gov. Phil Murphy faced a big problem that was all too familiar to other governors across America. The staggering economic impact of the COVID-19 pandemic had created a state budget crisis, with unemployment soaring and new annual revenue projections falling billions of dollars short.

Murphy approached the problem by moving back the start of New Jersey’s next fiscal year from July to October and passing a three-month stop-gap budget to tide the state over. Included in the short-term budget: Cuts to two important property tax-relief programs that help older adults in New Jersey afford to remain in their homes.

This was no small detail. New Jersey homeowners pay the nation’s highest property tax rates, about twice the U.S. average. Nearly 580,000 homeowners benefitted from one of the  programs under the axe and 158,000 others took advantage of the other. Both programs primarily benefitted older homeowners and the combined impact of the cuts was expected to exceed $480 million.

Melissa Chalker, executive director of the New Jersey Foundation For Aging, understood all that. Along with AARP New Jersey and other advocates, Chalker immediately launched a campaign to convince the governor and state legislators to restore the critical programs. One of her key tools in advocacy calls and letters: The Elder Index. Continue reading

Remembering Frank Caro: Inspiring Leader and Key Figure in Development of UMass Boston Gerontology Program

Frank CaroBy Len Fishman and Jeffrey Burr

The field of gerontology has lost a pioneer with the death of Professor Emeritus Frank Caro, an inspiring and beloved figure at UMass Boston. He died on October 2, at age 84. Frank was an architect of one of the world’s most influential gerontology programs. More than that, he was its heart and soul.

Frank wore many hats at UMass Boston, a former director of the Gerontology Institute and chair of the Gerontology Department in the McCormack Graduate School of Policy and Global Studies. He also helped found the Osher Lifelong Learning Institute at UMass Boston and the Management of Aging Services Master’s program.

Frank is remembered as a consummate scholar-administrator in the field of higher education. He guided the Gerontology Department through its early years with a steady hand and a determination to make its educational programs excel. He deftly mentored many doctoral students and junior faculty members during his years on our campus. Beyond his many great professional achievements, he was known for his kindness, thoughtfulness and humility. Continue reading

UMass Boston Report Finds Far Greater Rates of Economic Insecurity Among Older Adults of Color

Jan MutchlerThe challenging goal of elder economic security – having enough income to live independently and afford a no-frills budget in later life —  is dramatically more difficult for older adults of color across America, new research from the University of Massachusetts Boston shows.

Half of all older adults living alone and 23 percent of older couples are unable to achieve that goal and live with some degree of economic insecurity, according to the McCormack Graduate School’s Gerontology Institute. A new report calculating racial disparities within those numbers shows rates of economic insecurity among Black, Latino and Asian older adults far exceeding those of white adults and the overall national average.

The report also details the economic insecurity levels of older adults of color in individual states and the states in which racial disparities are greatest.

“Economic security is a serious problem for older adults across the United States,” said professor Jan Mutchler, the lead author of the UMass Boston report. “But the situation is much more dire among older adults of color and the economic impact of the COVID-19 pandemic has almost certainly made their economic circumstances even worse.” Continue reading

Economic Hardship From COVID-19 Will Hit Minority Seniors the Most

This article first appeared over the summer on The Conversation website. Marc Cohen is co-director of the LeadingAge LTSS Center @UMass Boston. Jane Tavares is a research fellow at the center.

By Marc Cohen and Jane Tavares

For Americans 60 and older, COVID-19 is widespread and deadly. Its economic impact could also be devastating.

With a recession fast developing, much of the attention on the downturn focuses on working-age adults, but many older Americans – with less time to make up for financial losses – will suffer the most.

I am a clinical professor of gerontology. My co-author is a research fellow in gerontology. We believe that recent history, specifically the Great Recession of 2008-09, will demonstrate what’s at stake. Continue reading

Obamacare’s unexpected bonus: How the Affordable Care Act is Helping Middle-Aged Americans During the Pandemic

This article originally appeared on The Conversation website. Marc Cohen is co-director of the LeadingAge LTSS Center @UMass Boston. Jane Tavares is a research fellow at the center. 

By Marc Cohen and Jane Tavares

Ten years after the passage of the Affordable Care Act, the Trump administration is now asking the Supreme Court to overturn it. Yet it’s now clear that the ACA has brought significant improvements to the lives of millions of Americans. Today, they enjoy more health care coverage, with greater access, better outcomes and less cost.

One segment in particular gained the most: pre-Medicare adults from ages 50 to 64. Before the ACA, the number of uninsured in that group reached 8.9 million people. Insurance companies rejected more than one in five of their applications. Those who remained uninsured received fewer basic clinical services. They were more likely to experience health declines. Continue reading

Elder Index at Work: A Texas Area Agency on Aging Tracks the True Cost of Rural Living for Older Adults

multigeneration portraitThis is the first in a series of stories about how people across the country are using the Elder Index to understand the true cost of living for older adults and its economic implications. If you know someone who would like to receive information about these stories, send us a note at gerontologyinstitute@umb.edu.

By Taryn Hojlo

The Alamo Area Agency on Aging has a lot of ground to cover.

The agency serves a dozen rural Texas counties surrounding San Antonio. About a half-million people live in those counties, a combined territory larger than the states of Connecticut, Rhode Island and Delaware put together.

Trina Cortez was beginning to work on a draft of the Alamo AAA’s upcoming bi-annual area report and she wanted to track correlations between the level of elder expenses and service referrals for members. To do that, she needed a source that could accurately calculate the true cost living for older adults in individual counties.

The agency had struggled to make assessments like that in their previous plans. Then, Cortez discovered the Elder Index. Continue reading