A crisis for the very old: They’re outliving their assets

Debt Payment

(Photo credit: Images_of_Money)

By Michael Hiltzik

As if you haven’t been scared enough by the projections that most Americans haven’t saved enough to maintain their lifestyles as they enter retirement, here’s something even more terrifying:

Nearly half of all Americans will outlive their assets, dying with practically no money at all.

Even more worrisome, that’s true even among households that met the traditional standards for secure retirement income. Economic factors and changes in employer pensions and in economic reality have made it much harder to stretch income and assets so they last, especially as people live longer.

“The oldest old are suffering a great deal now,” says Debra Whitman, an AARP expert on the financial issues facing retirees.

The facts are sobering. According to studies Whitman presented last week at a Financial Security Summit organized by the Aspen Institute, Americans ages 75 and older lost one-third of their household financial assets and one-sixth of their net worth from 2007 to 2010, reflecting the devastation of the 2008 crash. Their balance sheets may have improved since then, but obviously they have less time than other age groups to make up the losses.

The 75-plus generation is struggling more than others to keep up. Although most age groups have sharply paid down their credit card debt since 2007, credit card debt among the oldest retirees has risen. From 2007 to 2010, AARP found, the percentage of families 75 and older with credit card balances rose from 18.8% to 21.7%; the rate fell in every other age group

via A crisis for the very old: They’re outliving their assets – latimes.com.

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Dzhokhar Tsarnaev: Jahars World

Boston Bombing Memorial

Boston Bombing Memorial (Photo credit: hbp_pix)

By Janet Reitman

Our hearts go out to the victims of the Boston Marathon bombing, and our thoughts are always with them and their families. The cover story we are publishing this week falls within the traditions of journalism and Rolling Stone’s long-standing commitment to serious and thoughtful coverage of the most important political and cultural issues of our day. The fact that Dzhokhar Tsarnaev is young, and in the same age group as many of our readers, makes it all the more important for us to examine the complexities of this issue and gain a more complete understanding of how a tragedy like this happens. –THE EDITORS

Peter Payack awoke around 4 a.m. on April 19th, 2013, and saw on his TV the grainy surveillance photo of the kid walking out of the minimart. The boy, identified as “Suspect #2” in the Boston bombing, looked familiar, thought Payack, a wrestling coach at the Cambridge Rindge and Latin School. On the other hand, there were a million skinny kids with vaguely ethnic features and light-gray hoodies in the Boston area, and half the city was probably thinking they recognized the suspect. Payack, whod been near the marathon finish line on the day of the bombing and had lost half of his hearing from the blast, had hardly slept in four days. But he was too agitated to go back to bed.

Later that morning, he received a telephone call from his son. The kid in the photo? “Dad, that’s Jahar.”

“I felt like a bullet went through my heart,” the coach recalls. “To think that a kid we mentored and loved like a son could have been responsible for all this death. It was beyond shocking. It was like an alternative reality.”

People in Cambridge thought of 19-year-old Dzhokhar Tsarnaev – “Jahar” to his friends – as a beautiful, tousle-haired boy with a gentle demeanor, soulful brown eyes and the kind of shy, laid-back manner that “made him that dude you could always just vibe with,” one friend says. He had been a captain of the Cambridge Rindge and Latin wrestling team for two years and a promising student. He was also “just a normal American kid,” as his friends described him, who liked soccer, hip-hop, girls; obsessed over The Walking Dead and Game of Thrones; and smoked a copious amount of weed.

Payack stared at his TV, trying to reconcile Dzhokhar, the bomber accused of unspeakable acts of terrorism, with the teenage boy who had his American nickname “Jahar” inscribed on his wrestling jacket. He’d worn it all the time.

That afternoon, Payack spoke with CNN, where he issued a direct appeal. “Jahar,” he said, “this is Coach Payack. There has been enough death, destruction. Please turn yourself in.”

At that precise moment, just west of Cambridge, in suburban Watertown, Jahar Tsarnaev lay bleeding on the floor of a 22-foot motorboat dry-docked behind a white clapboard house. He’d been wounded just after midnight in a violent confrontation with police that had killed his 26-year-old brother, Tamerlan. For the next 18 hours, he would lie quietly in the boat, as the dawn broke on a gray day and thousands of law-enforcement officials scoured a 20-block area in search of him. He was found just after 6 p.m., though it would take nearly three more hours for FBI negotiators to persuade him to surrender.

The following morning, Payack received a text from one of the agents with the FBI’s Crisis Negotiating Unit. He’d heard Payack’s televised appeal, told him he’d invoked the coach’s name while speaking with Jahar. “I think it helped,” the agent said. Payack was relieved. “Maybe by telling Jahar that I was thinking about him, it gave him pause,” Payack says. “Maybe he’d seen himself going out as a martyr for the cause. But all of a sudden, here’s somebody from his past, a past that he liked, that he fit in with, and it hit a soft spot.”

When investigators finally gained access to the boat, they discovered a jihadist screed scrawled on its walls. In it, according­ to a 30-count indictment handed down in late June, Jahar appeared to take responsibility for the bombing, though he admitted he did not like killing innocent people. But “the U.S. government is killing our innocent civilians,” he wrote, presumably referring to Muslims in Iraq and Afghanistan. “I can’t stand to see such evil go unpunished. . . . We Muslims are one body, you hurt one, you hurt us all,” he continued, echoing a sentiment that is cited so frequently by Islamic militants that it has become almost cliché. Then he veered slightly from the standard script, writing a statement that left no doubt as to his loyalties: “Fuck America.”

Read More Dzhokhar Tsarnaev: Jahars World | Culture News | Rolling Stone.

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Happy Birthday Madiba!!!

nelson-mandela    birthday

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Affirmation

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Julian Curry – Niggers Niggas & Niggaz

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Angel Haze – Love Of My Life

One of the great in the “new generation” of rappers. I predict great things for Angel! If you have a chance listen to her 2012 EP “Classick” and you will definitely agree.

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Ivy Levan – Money

Recently signed to Interscope Records, Ivy Levan is known for pushing the envelope. I dig her.

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Demi Lovato – Made in the USA

Great song. Great album.

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Bruce Springsteen – American Skin (41 Shots)

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Bruce Springsteen originally wrote this song in response to the Amadou Diallo murder in 1999. He rededicated the song to Trayvon Martin Tuesday night at his concert in Ireland.

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Finally legal: Queen gives gay marriage the Royal Assent

Pride London Parade, July 2011

Pride London Parade, July 2011 (Photo credit: Nichole_Rowbottom)

Britain has legalized gay marriage after Queen Elizabeth II gave her royal stamp of approval.

House of Commons Speaker John Bercow told lawmakers on Wednesday that gay marriage had become enshrined in law— the day after the bill to legalize same-sex marriage in England and Wales cleared Parliament.The Queen’s approval of the Marriage (same sex couples) Bill was a formality, and now clears the way for the first gay marriages, the first of which are expected to be conducted by Summer 2014.The bill enables gay couples to get married in both civil and religious ceremonies in England and Wales. It also will allow couples who had previously entered into a civil partnership to convert their relationship to a marriage.

Read More Finally legal: Queen gives gay marriage the Royal Assent – Home News – UK – The Independent.

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