Retirement Security: Older Women Report Facing a Financially Uncertain Future
Fast facts: The GAO held 14 focus groups with women retirees across the United States to get their perspectives on financial security. Every group was concerned about rising health care costs and each group discussed how a lack of personal finance education had a negative effect on their retirement security. Women in all groups also equated financial security in retirement with being able to maintain their independence.
The GAO also analyzed data on the retirement security of older women and found:
· Median household wealth was $250,000
· Liquidity and traditional pensions were important at all levels of wealth
· A large portion of women over 70 are widows
Read www.gao.gov/products/GAO-20-435.
Key Questions About Nursing Home Regulation and Oversight in the Wake of COVID-19
Key takeaways: The COVID-19 pandemic has led to renewed interest among policymakers, the media, residents, and their families in nursing home regulation and oversight, as residents and staff are at increased risk of infection due to the highly transmissible nature of the coronavirus, the congregate nature of facility settings, and the close contact that many workers have with patients. Certification of nursing home compliance with federal Medicare and/or Medicaid requirements generally is performed by states through regular inspections known as surveys. Federal regulations issued in 2016 require facilities to have an infection control and prevention program and a written emergency preparedness plan. This issue brief answers key questions about nursing home oversight and explains how federal policy has changed in light of COVID-19. Key findings include:
Infection control deficiencies were widespread and persistent in nursing homes prior to the COVID-19 pandemic, according to a May 2020 GAO report.
Despite widespread issues found in more comprehensive surveys before the pandemic, preliminary reports of targeted nursing home surveys focused on infection control and immediate jeopardy since March 4, 2020 reveal that only a small share have deficiencies. However, the pandemic has brought renewed attention to nursing home quality issues.
While the pandemic has led to new federal guidance, funding, and reporting requirements, state survey agencies and nursing homes each may face issues related to funding, capacity, and data as the pandemic continues.
More retirement-related research
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Medicare Contractors Were Not Consistent in How They Reviewed Extrapolated Overpayments in the Provider Appeals Process oig.hhs.gov/oas/reports/region5/51800024.asp
State Actions to Sustain Medicaid Long-Term Services and Supports During COVID-19 www.kff.org/medicaid/issue-brief/state-actions-to-sustain-medicaid-long-term-services-and-supports-during-covid-19/
CMS’s Encounter Data Lack Essential Information That Medicare Advantage Organizations Have the Ability to Collect oig.hhs.gov/oei/reports/OEI-03-19-00430.asp
Life after death: Widowhood and volunteering gendered pathways among older adults www.demographic-research.org/volumes/vol43/21/
Having Both a 401(k) Plan and an IRA: How Much Does This Change the Retirement Asset Picture? www.ebri.org/content/having-both-a-401(k)-plan-and-an-ira-how-much-does-this-change-the-retirement-asset-picture
Population age structure only partially explains the large number of COVID-19 deaths at the oldest ages www.demographic-research.org/volumes/vol43/19/
Trends in Working and Claiming Behavior at Social Security’s Early Eligibility Age by Sex www.ssa.gov/policy/docs/workingpapers/wp114.html
Leaders and laggards in life expectancy among European scholars from the sixteenth to the early twentieth century www.demogr.mpg.de/en/publications_databases_6118/publications_1904/mpidr_working_papers/leaders_and_laggards_in_life_expectancy_among_european_scholars_from_the_sixteenth_to_the_early_twentieth_century_6859/
Aging in Place: The Role of Public-Private Partnerships repository.upenn.edu/prc_papers/691/
Prevalence of Psychotropic and Opioid Prescription Fills Among Community-Dwelling Older Adults With Dementia in the US jamanetwork.com/journals/jama/article-abstract/2769458
Stung by Pension Reforms: The Impact of a Change in State Pension Age on Mental Health and Life Satisfaction of Affected Women www.iza.org/publications/dp/13587
IRA Withdrawal Patterns in Times of Crisis www.ebri.org/content/ira-withdrawal-patterns-in-times-of-crisis
Facility-Wide Teting for SARS-CoV-2 in Nursing Homes — Seven U.S. Jurisdictions, March–June 2020 www.cdc.gov/mmwr/volumes/69/wr/mm6932e5.htm
Medicare Part B Drug Payments: Impact of Price Substitutions Based on 2018 Average Sales Prices. oig.hhs.gov/oei/reports/OEI-03-20-00130.asp
Medicare Laboratory Test Expenditures Increased in 2018, Despite New Rate Reductions oig.hhs.gov/oei/reports/oei-09-19-00100.asp
Survival Pessimism and the Demand for Annuities www.nber.org/papers/w27677
Living longer: implications of childlessness among tomorrow’s older population www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/ageing/articles/livinglonger/implicationsofchildlessnessamongtomorrowsolderpopulation
U.S. Decennial Life Tables for 2009–2011, United States Life Tables www.cdc.gov/nchs/data/nvsr/nvsr69/NVSR69-08-508.pdf
Social Security Disability: Information on Wait Times, Bankruptcies, and Deaths among Applicants Who Appealed Benefit Denials www.gao.gov/products/gao-20-641r
Does Working Longer Enhance Old Age? repository.upenn.edu/prc_papers/690/
Medicare Accelerated and Advance Payments for COVID-19 Revenue Loss: Time to Repay? www.kff.org/medicare/issue-brief/medicare-accelerated-and-advance-payments-for-covid-19-revenue-loss-time-to-repay/
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Accounting for The Benefit of Retirement Saving Incentives in Distribution Tables www.urban.org/research/publication/accounting-benefit-retirement-saving-incentives-distribution-tables
Seniors in Transition: Exploring Pathways Across the Care Continuum www.cihi.ca/en/seniors-in-transition-exploring-pathways-across-the-care-continuum
Child Welfare and Aging Programs: HHS Could Enhance Support for Grandparents and Other Relative Caregivers www.gao.gov/products/GAO-20-434
CARES Act: Implications for Retirement Security of American Workers www.ebri.org/content/cares-act-implications-for-retirement-security-of-american-workers
Living longer: trends in subnational ageing across the UK www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/ageing/articles/livinglongertrendsinsubnationalageingacrosstheuk/2020-07-20
Some Nursing Homes’ Reported Staffing Levels in 2018 Raise Concerns; Consumer Transparency Could Be Increased oig.hhs.gov/oei/reports/OEI-04-18-00450.asp
How Do DI Benefits for Uncovered Public Workers Compare to SSDI? crr.bc.edu/briefs/how-do-di-benefits-for-uncovered-public-workers-compare-to-ssdi/
Building on Hope or Tackling Fear? Policy Responses to the Growing Costs of Alzheimer’s Disease and Other Dementias repository.upenn.edu/prc_papers/688/
Trends in living arrangements and their impact on the mortality of older adults: Belgium 1991-2012 www.demographic-research.org/volumes/vol43/15/
COVID-19 and retirement: Impact and policy responses www.brookings.edu/research/covid-19-and-retirement-impact-and-policy-responses/
Distributionally adjusted life expectancy as a life table function www.demographic-research.org/volumes/vol43/14/
The Impact of Social Security on Pension Claiming and Retirement: Active vs. Passive Decisions www.nber.org/papers/w27616
Nursing Home Staff Networks and COVID-19 www.nber.org/papers/w27608
Innovative Strategies to Finance and Deliver Long-Term Care repository.upenn.edu/prc_papers/687/
Facilitating Workplace Emergency Savings Programs Through Payroll Cards www.aarp.org/ppi/info-2020/facilitating-workplace-emergency-savings-programs.html
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