Tag Archives: taxes

How Seniors can Cope with Financial Stress

A little while back I received an email from a woman who had come across this blog and, specifically, had perused posts tagged with the word “retirement.” She wrote me that “a combination of my father being downsized in his 60s and my mother falling ill have combined to seriously affect their financial planning for retirement and has exacerbated their health problems. They have inspired me to write a guide for seniors and their families about the most common causes of financial stress, how it affects the person, and provide some coping strategies.” She provided a link to the guide she wrote and asked if I would consider posting it, along with an intro she wrote for it.

I said I would be glad to consider it and she wrote back with the following introduction, which I’m just pasting in, below. I’ve gone over the Guide she wrote and am providing her info here as a service to anyone considering or preparing for retirement, or for anyone who just might be interested in what to expect and, perhaps, how best to plan for one’s eventual exit from the workforce. What follows come from Ms. Jenny Holt.

PS – I will offer one observation. The site her link points to is called “Reverse Mortgage Alert”, which I have to admit raised a red flag for me. I’m not a fan of the concept, at least not as I’ve learned it is frequently practiced. However, after reading some of the info provided there, I do believe what they have to offer is useful information. They are not “pushing” reverse mortgages. Rather, they seem to be intent on providing useful information that anyone seeking to make a major investment move, especially with the home they’re living in, should take into account. If you have info that proves this wrong, I’d really appreciate hearing from you. Thanks.


With more limited access to financial services and often post-retirement, a money problem for seniors can be magnified more than for other age groups. While many have saved or invested in property and pensions, there are common causes of financial issues for the over 55s. These include:

  1. Job Loss/Reduction – 51%

  2. Healthcare – 29.5%

  3. Other – 21.6%

  4. Unpaid Taxes – 12.7%

  5. Divorce/separation – 8.2%

  6. Bankruptcy – 6.7%

  7. Foreclosure notices – 5.7%

The onset of stress can cause a range of emotional and physical problems which may exacerbate any health-related financial issues. These include insomnia, headaches, chest pains, anxiety, and depression.

However, it is more than possible to mitigate these issues. Of course, finding a solution to the financial problem in the first place is preferable. That being said, clearer and more focused decisions can be made with the right approach. Many seniors find stressful situations easier to cope with by combining a better diet with more exercise and meditation.

There is more to learn about this issue and more information can be found in the full Senior Financial Stress Coping Guide.


Why Would We Wish to Waste So Much Talent & Investment?

Atlantis ascending - STS-27

Atlantis Powers to Orbit

As long as I worked at what is now called Pratt & Whitney Rocketdyne we referred to NASA and the Air Force as our “customers”. For nearly twenty years I worked on the Space Shuttle Main Engine program and we always called NASA our “customer”. In the last few years of my employment there, when my awareness of – and interest in – social media brought me to learn as much as I could about what was available and how it might be of benefit to my company, I began arguing for a different approach. I believed, still do, that the real customers of companies involved in space exploration are the American people, those who pay the taxes that were used to pay our salaries. I still believe this is the case, and I still await the evidence of an enlightened approach to engaging them.

In the meantime, I just received an email request to take action and I want to pass it on in the hope some of you who read this will consider taking action; very simple, virtual action. I believe it is imperative for the human race to establish not merely a technological presence in space, but a strong cultural presence as well. I don’t believe it has to be dominated by the United States. In fact, I would prefer it be an international, world-wide effort to ensure the long-term survival of our species. Nevertheless, what is currently happening here is the gradual wasting away of our talent and our industrial base to continue leading the effort. I will no doubt write more about this as it is near and dear to my heart.

What follows is the text of the email, which comes from the website I’m asking you to visit and consider using to send a letter of support to the President, your U.S. Senators, and your Congressional Representative. I’m also including the link below the text so you might take action if you’re so inclined.

I’m concerned about the future of the United States’ role in space. Investments in our nation’s space programs will have a direct impact on our future economic strength and ability to remain a space-faring nation on the cutting edge of technology. I urge you to make a strong commitment to maintaining the U.S. as the unsurpassed leader in space.

For decades, U.S. leadership in space has been recognized across the globe. However, that position is perishable, and continued national leadership will be vital for our future. Therefore:

  • It is important to establish a long-term national space strategy that factors in civil, national security and commercial interests in space. Our national strategy must also cut across all agencies that have a stake in space. Without a national strategy, America risks a future where the workforce and industrial capacity needed to maintain U.S. leadership and competitiveness in space is seriously – and in some cases irreversibly – degraded.
  • It is important for our future global competitiveness, leadership and innovation in space that budgets and funding remain stable and robust. Appropriate funding must accompany strategic goals to meet established objectives and sustain a strong and progressive space industry.
  • It is important to support policies that maintain a healthy and vibrant space industrial base that employs technically-skilled American workers. Modernizing our nation’s export control policies – so that U.S. industry can compete on a level playing field – is one step in the right direction.
  • It is important to recognize that the space industrial base drives technological development important to our economy and national security. Our national strategy must identify and seek to preserve the space capabilities critical to meeting our national goals.

The United States stands at a critical juncture between past accomplishments and future ambitions in space. The rest of the world is not waiting. Yet there is uncertainty about the future of U.S. leadership in space; our workforce is facing upheaval and layoffs and the U.S. space industrial base is at the brink of losing our competitive and innovative edge.It is absolutely critical that our nation’s decision-makers work together to show the leadership needed to keep our space efforts robust. I urge you to make addressing these issues a national priority.

Here is the link to send this letter. Thanks for considering it – http://www.spaceleadership.org/


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