Long Term Care: Rely on Saving Rather Than Insurance

Teresa Miller, the Pennsylvania insurance commissioner, and the head of the Long Term Care Innovation Subgroup says Americans must save more for potential long-term care costs and rely less on insurance. (See related posts about problems with the LTC insurance industry.) More savings may be the best option for the well-off but most Americans suffer from far…

Why did God create economists? To make weather forecasters look good.

“The joke’s an old one, but it’s been given new life after the chief economist of the Bank of England—among the most important jobs in the profession—compared economics to one of the biggest forecasting failures of weather people.” “Andy Haldane is optimistic that, like meteorology after its fiasco, applying more data and advanced computing can help…

"Utah payday lenders’ average interest rate roughly double that of 1960s Mafia loans" SLT headline

Lee Davidson reports in The Salt Lake Tribune that Utah payday lenders charged an average 459% annual interest on tens of thousands of loans issued in 2015, according to the Utah Department of Financial Institutions.  Some Utah payday lenders charged annual interest as high as 1,408%  — or $27 a week on a $100 loan.http://www.sltrib.com/news/4785118-155/utah-payday-lenders-average-interest-rate…

New Year, Fresh Start by Jonathan Clements

“WANT TO GET YOUR FINANCES headed in the right direction? Below are nine steps to take in 2017. With each step, I’ve included links to the relevant sections of HumbleDollar’s money guide.” http://www.humbledollar.com/money-guide/main-menu/Here is a summary of Jonathan Clements‘ “New Year-Fresh Start.” Read the details at: http://www.humbledollar.com/2017/01/new-year-fresh-start/1. Ask why.2. Size up your opportunities.3. Get started…

Medicare Part D

“Delaying enrollment in Medicare Part D can be costly, even for people with negligible drug costs and incomes high enough to trigger a surcharge, writes Philip Moeller in this Medicare and Social Security advice column.”  Read: My meds are cheap. Do I really need a Medicare Part D drug plan? http://www.pbs.org/newshour/making-sense/meds-cheap-really-need-medicare-part-d-drug-plan/ Source: Financial Planning for…

The wisdom of frugality: Why less is more– more or less

The book The wisdom of frugality: Why less is more– more or less by Emrys Westacott. Michelle Singletary, personal finance writer for the Washington Post writes in her review of this book: “Given the number of multimillionaires tapped for Cabinet positions under President-elect Donald Trump, I wonder if frugality will soon be considered un-American.” Singletary…