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NEWS
April 24, 1988 | ROBERT A. ROSENBLATT, Times Staff Writer
Lil Simmons was looking for an insurance policy to protect her against the financial nightmare of old age: entering a nursing home and quickly going broke. She came up empty. "I wish there was something good out there," complained Simmons, 70, who talked with a dozen insurance agents as a volunteer investigator for Rep. Claude Pepper (D-Fla.) and Consumers Union. "But I wouldn't touch any of those policies."
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BUSINESS
September 30, 2001 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
The lowest interest rates in decades may be good news for borrowers, but they're causing many older Americans to tighten their belts--and worry about the future. Retiree Leonard Howell, 83, has watched the yields on his certificates of deposit slide from 6% last year to less than 3% today. Accustomed to living on CD interest and Social Security checks, Howell and his disabled wife have been forced to dip into savings to pay the bills at the Arlington, Texas, retirement center where they live.
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NEWS
September 15, 1989 | ROBERT W. STEWART, Times Staff Writer
The federal government could reduce the deficit by as much as $3.2 billion by allowing senior citizens on Social Security to earn more at work without sacrificing their benefits, according to a study unveiled Thursday by Republican congressmen. "Our seniors are perfectly willing in many instances to continue working . . . but they always weigh what the cost is," said Rep. Ron Packard (R-Carlsbad), a lawmaker active in the fight to raise or eliminate the earnings ceiling.
BUSINESS
May 27, 2001 | KATHY M. KRISTOF, TIMES STAFF WRITER
While lawmakers scrambled to provide a massive tax cut for Americans, senior citizens such as Lonell Spencer, a 72-year-old retired machinist who lives in Arcadia, wondered why they'd been left out. Thanks to a 1993 law that dramatically increased the amount of Social Security benefits subject to taxation, millions of middle-income seniors--people with incomes between $34,000 and $75,000--pay taxes at higher marginal rates than millionaires do. "This bothers me considerably," Spencer said.
NEWS
December 22, 1989 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
The federal government will begin sending refunds in February to millions of Medicare beneficiaries who continue paying premiums for the repealed catastrophic care law, officials said Thursday. The Treasury will make two payments of $10.60, in February and again in April, for each Medicare enrollee, the Treasury and Social Security Administration announced. The total refund of $21.20 will compensate for the $5.
CALIFORNIA | LOCAL
July 6, 1990 | SHAWN HUBLER, TIMES STAFF WRITER
Leslie Gall, the "Sweetheart Swindler" accused of wooing and bilking elderly women in California and Florida, was sentenced Thursday in Norwalk Superior Court to three years in prison for stealing $54,000 in stock certificates from a Pico Rivera woman he dated. Gall's sentence was a year short of the maximum he could have received for the crime. He pleaded guilty last month to grand theft charges.
NEWS
December 6, 1998
When President Clinton promised to dedicate the last two years of his administration to shoring up the Social Security system for all time, one thing was conspicuously absent: a plan. No wonder. The challenge is huge. Social Security is under siege from a worldwide confluence of forces--demographic, technological and political--that are leaving relatively few workers to pick up the tab for more comfortable lifestyles for vastly increased numbers of retirees.
NEWS
June 19, 1997 | ROBERT A. ROSENBLATT and EDWIN CHEN, TIMES STAFF WRITERS
The Senate Finance Committee's precedent-setting move to make affluent Medicare recipients pay as much as $2,060 a year more for doctors' services ignited a firestorm of protest Wednesday by advocates for the elderly. The committee's action, if approved by Congress, would impose the first income-related test for receiving benefits since the massive federal health program was created in 1965.
CALIFORNIA | LOCAL
May 21, 1996
For a family that made the news last month when 71-year-old Mary Ruth Blanco was laughed away from an alleged armed robbery attempt, a sense of normalcy may soon return. Over the weekend, Blanco received a letter from the Internal Revenue Service, stating that it would postpone a levy on her husband's $1,300 annuity--the bulk of the four-member family's monthly income, said Louis Samuel, the family's tax attorney.
CALIFORNIA | LOCAL
May 9, 1996
A new location was announced Wednesday for contributions to help a West Covina grandmother whom authorities suspect unsuccessfully tried to rob a gas station with a vintage handgun out of desperation over her family's financial situation. Contributions to help Mary Ruth Blanco, 71, can now be sent in care of Alex & Brinkis, 1500 West Covina Parkway, Suite 103, West Covina, 91790, the West Covina Police Department announced.
NEWS
March 29, 2000 | From Times Wire Services
Thousands of working senior citizens will be able to earn as much outside income as they want without losing Social Security benefits under legislation given final passage Tuesday by the House. President Clinton intends to sign the bill into law. "They deserve the freedom to choose to work without losing their Social Security benefits," said Rep. E. Clay Shaw Jr. (R-Fla.), a prime sponsor of the bill. "It's their money. It should be their choice."
NEWS
March 23, 2000 | KATHY M. KRISTOF, TIMES STAFF WRITER
Wondering how the Social Security changes approved Wednesday by the Senate might affect you? The legislation is expected to result in about 800,000 working retirees getting bigger Social Security checks because earnings limits will be repealed.
NEWS
March 2, 2000 | ART PINE, TIMES STAFF WRITER
The House passed legislation Wednesday that would repeal the long-standing earnings limit on Social Security, enabling Americans 65 to 69 years old to earn as much money as they want each year without losing any federal retirement benefits. The measure, passed on a 422-0 vote, would affect about 800,000 Americans and would take effect retroactively to Jan. 1. Under current law, seniors 65 to 69 who earn more than $17,000 a year lose $1 in benefits for each additional $3 earned.
NEWS
March 1, 2000 | From Times Wire Reports
Legislation lifting the earnings limit for Social Security recipients age 65 to 69 was unanimously approved by the House Ways and Means Committee, clearing the way for a floor vote later this week. The legislation was approved on a voice vote and stands a good chance of passing both houses of Congress despite partisan gridlock on many other issues. President Clinton has promised to sign the bill into law if it reaches his desk without too many changes.
NEWS
December 6, 1998
When President Clinton promised to dedicate the last two years of his administration to shoring up the Social Security system for all time, one thing was conspicuously absent: a plan. No wonder. The challenge is huge. Social Security is under siege from a worldwide confluence of forces--demographic, technological and political--that are leaving relatively few workers to pick up the tab for more comfortable lifestyles for vastly increased numbers of retirees.
BUSINESS
December 6, 1998 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
Smaller benefits. Higher taxes. Later retirement. More reliance on private pensions. Desperate problems demand desperate solutions, and the major industrial powers, their public pension programs hurtling toward a fiscal cliff, are trying desperately not to go over the edge. Compared with the rest of the industrial world, the United States has time on its side. Social Security is accumulating a surplus big enough to keep the system solvent until 2032.
BUSINESS
November 13, 1995 | From the Washington Post
As the parents of the baby boomers reach their final years, there has been much discussion about their wealth and what it may mean to the boomers themselves. Today's elderly are the best off in U.S. history, so it stands to reason that they should have a lot of money to leave to their offspring. It wouldn't be evenly distributed, of course, but the intergenerational transfer might be enough to make up for the poor saving rate for which the baby boomers are famous.
CALIFORNIA | LOCAL
May 22, 1995 | MARTIN MILLER, TIMES STAFF WRITER
It's the memory of the 18-year-old kid from Fresno that has stuck with 76-year-old Chuck Stevens all these years. In baseball, the teen-ager could do it all--hit with power, field with grace and steal bases with relative ease. But the youth's grand potential was never realized. Returning home after a season with a minor league team in Florida, the major league prospect permanently lost the use of his legs in a car crash.
CALIFORNIA | LOCAL
September 28, 1998 | KARIMA A. HAYNES, TIMES STAFF WRITER
Every month, after Judyth Hurst paid her bills, she was left with three tens and a five. "Thirty-five dollars. What can you do with it?" asked the 87-year-old retired bookkeeper and insurance saleswoman living on a fixed income. "If I got more money, I could do some of the things I wanted to do." With even a little extra cash, Hurst said, she could buy lipstick, face powder or get her hair permed at the salon. So Hurst called her assemblyman.
BUSINESS
January 7, 1998 | JAMES S. GRANELLI, TIMES STAFF WRITER
A Baltimore insurer that sold annuities through Alliance for Mature Americans said Tuesday it will refund as much as $18 million to about 400 Californians who were allegedly pressured into purchases or were sold unsuitable investments. The settlement with Fidelity & Guaranty Life Insurance Co. is the first among insurers and others who provided annuities for the retirement plans marketed by Alliance, said Matt Ross, spokesman for the state attorney general's office.
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