WalletPop Bloghttp://www.walletpop.com/blogWalletPop Blog%http://www.blogsmithmedia.com/BlogURL%/media/feedlogo.gifWalletPop Bloghttp://www.walletpop.com/blogen-usCopyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only.Blogsmith http://www.blogsmith.com/Tips for Ruth Madoff: How to live in the middle classhttp://www.walletpop.com/blog/2009/06/29/tips-for-ruth-madoff-how-to-live-in-the-middle-class/http://www.walletpop.com/blog/2009/06/29/tips-for-ruth-madoff-how-to-live-in-the-middle-class/http://www.walletpop.com/blog/2009/06/29/tips-for-ruth-madoff-how-to-live-in-the-middle-class/#commentsFiled under: , , ,

Dear Mrs. Madoff:

I understand that with your husband in jail for the rest of his life and you losing claim to millions of dollars worth of real estate and other assets in the bargain, you are being left with only $2.5 million to your name. That gives you an income of about $125,000 a year.

Keep this in mind: 90% of Americans don't make anywhere near this. But for two-income professional couples on either coast, this represents a middle class income.

So allow me to give you some general tips on how to live like the middle class, although, as the character in Casablanca says, I don't know why because it can not possibly benefit me.

First thing's first, I'd find your AARP card and join up. Lots of discounts for you there. And you're gonna need them, lady.

Housing: You might have trouble finding affordable housing. This is sure to surprise you, having up until recently enjoyed lavish homes in half a dozen locations without a thought over how they were paid for. But, and I'm sorry to tell you this, your yearly nut won't qualify you for any home anywhere you'd be interested in living. The average cost of a home in Beverly Hills is $1.9 million. While in Manhattan the average cost is $1.4 million. It's looking like nobody in town is going to rent you anything there, anyway.

Continue reading Tips for Ruth Madoff: How to live in the middle class

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]]>bernie MadoffBernieMadoffmiddle classMiddleClassRuth MadoffRuthMadoffJulie TilsnerMon, 29 Jun 2009 17:30:00 ESTAsk the Dolans: Is a reverse mortgage a good deal?http://www.walletpop.com/blog/2009/06/26/ask-the-dolans-is-a-reverse-mortgage-a-good-deal/http://www.walletpop.com/blog/2009/06/26/ask-the-dolans-is-a-reverse-mortgage-a-good-deal/http://www.walletpop.com/blog/2009/06/26/ask-the-dolans-is-a-reverse-mortgage-a-good-deal/#commentsFiled under: , , , ,

Ken and Daria Dolan, America's first family of personal finance, answer your questions every Friday.

Click here to ask Ken and Daria your question.

This economic crisis is causing more and more of us to postpone our retirement, scale back our retirement dreams or worry about outliving our money. Tapping into those fears, companies are promoting a reverse mortgage as the answer. Watch today's video to learn whether a reverse mortgage is right for you, and get a few warnings about the potential risks.

Dear Ken and Daria,

I'm wondering if a reverse mortgage is a good deal. Thanks!

--Bill

Don't give up your retirement dreams! Get more retirement tips at Dolans.com.

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]]>DolansKen and Daria DolanKenAndDariaDolanreal estateRealEstatethe DolansTheDolansKen and Daria DolanFri, 26 Jun 2009 08:00:00 ESTWhy argue about retirement? Keep working ... and keep your mouth shuthttp://www.walletpop.com/blog/2009/06/23/why-argue-about-retirement-keep-working-and-keep-your-mouth/http://www.walletpop.com/blog/2009/06/23/why-argue-about-retirement-keep-working-and-keep-your-mouth/http://www.walletpop.com/blog/2009/06/23/why-argue-about-retirement-keep-working-and-keep-your-mouth/#commentsFiled under: , ,

On the eve of my friend Bill Frank's 80th birthday, his wife Winnie announced that if Bill made the decision to retire she would be forced -- after 60 years of wedded bliss -- to pack up and move in with her sister in Indiana.

I used to think Bill and Winnie were unique. But now as my husband and I approach retirement and the crabby-old-goat stage ourselves, it's clear that arguing over what comes next is hard to avoid.

A survey by Fidelity Investments featured in this USAToday.com story, concludes that 80% of couples don't see eye to eye on retirement.

Continue reading Why argue about retirement? Keep working ... and keep your mouth shut

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]]>featuredFidelityfinancesmoney mattersMoneyMattersrelationshipsretirementsavingJennie L. PhippsTue, 23 Jun 2009 16:00:00 ESTTap runs dry for Molson retireeshttp://www.walletpop.com/blog/2009/06/11/tap-runs-dry-for-molson-retirees/http://www.walletpop.com/blog/2009/06/11/tap-runs-dry-for-molson-retirees/http://www.walletpop.com/blog/2009/06/11/tap-runs-dry-for-molson-retirees/#commentsFiled under: , ,

Retirees from Molson Brewing Company in Canada are learning that their retirement benefits are being cut and the worst news is that they can't even cry in their beers about the change.

Molson will begin phasing out the $1 million a year free beer program for retirees over the next five years as well as cutting back its free beer program for current employees, lowering their take from 72 dozen bottles a year to 52 dozen a year.

The move was met with anger by retirees who feel shortchanged. One, quoted by the Toronto Star, feels that Molson is simply using the economy to cut benefits without any actual need to do so. Unions representing the retirees have already filed grievances over the sobering change in pension benefits.

The allegations may have some merit as Molson-Coors, the parent company of Molson, has had a blockbuster year, with quarterly earnings up 51% compared to a year ago.

Continue reading Tap runs dry for Molson retirees

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]]>anheuser-buschbeerbenefitsCanadafree beerMolsonMolson CoorsNHLpensionretireesretirementunionsJosh SmithThu, 11 Jun 2009 15:30:00 ESTFinancial planning on a budgethttp://www.walletpop.com/blog/2009/06/04/financial-planning-on-a-budget/http://www.walletpop.com/blog/2009/06/04/financial-planning-on-a-budget/http://www.walletpop.com/blog/2009/06/04/financial-planning-on-a-budget/#commentsFiled under: , , , ,

Not sure how to plan for the future? WalletPop talks with Bryan Link, CEO and co-founder of free online financial planning and advice website SimpliFi.net, about strategies in today's tough economy. Among some of his recommendations, build up a liquid emergency fund and pay off debt from credit cards and an auto loan before putting money aside for investment.

To get more tips and learn more about SimpliFi.net's new free service for middle income users, check out Walletpop Radio on BlogTalk Radio: %a, %d %b %Y %H:%i:%s EST

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]]>Lan N. NguyenThu, 04 Jun 2009 17:00:00 ESTOnly experienced need apply: Job fair held for 'mature' workershttp://www.walletpop.com/blog/2009/05/29/only-experienced-need-apply-job-fair-held-for-mature-workers/http://www.walletpop.com/blog/2009/05/29/only-experienced-need-apply-job-fair-held-for-mature-workers/http://www.walletpop.com/blog/2009/05/29/only-experienced-need-apply-job-fair-held-for-mature-workers/#commentsFiled under: , ,

I'm not a big fan of job fairs, mainly because they're too general and most of the employers are looking for cheap, entry-level workers.

But a recent job fair in Sun City, Ariz., caught my eye because it allowed only job applicants 55 and older inside. And better yet, many of the employers at the job fair were looking for workers in that exact population, according to an ABC15.com story.

Here's the ABC15 news clip of the event:

Continue reading Only experienced need apply: Job fair held for 'mature' workers

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]]>careerfeaturedmatureolder workersOlderWorkersretirementworkAaron CroweFri, 29 May 2009 12:00:00 ESTCollege graduates changing plans as economy sputtershttp://www.walletpop.com/blog/2009/05/24/college-graduates-changing-plans-as-economy-sputters/http://www.walletpop.com/blog/2009/05/24/college-graduates-changing-plans-as-economy-sputters/http://www.walletpop.com/blog/2009/05/24/college-graduates-changing-plans-as-economy-sputters/#commentsFiled under: , , , , , , , , ,

Students are worrying about more than just their grades according to a new study by Edison Media Research.

Nearly one in five polled students reported that at least one parent had lost a job in the past year. Many young people are taking refuge in graduate school, buying time until the economy improves even as they amass more debt from student loans. Some of the findings in the study:
  • 22% of students said they worry a lot about having enough cash to get through a typical week at school.
  • One third of students said they really worry about the finances of their parents.
  • Nearly one in five changed plans this year and decided to attend graduate or professional school because an undergraduate degree might not be enough to get them a job.
  • 11% of those whose parents lost a job veered away from grad school because they could not afford it.
I don't want to sound like I'm short on empathy, but what's new? As long as I remember, college students have had financial problems. Many work multiple jobs and live in slum housing just to get through college. Both of my kids are in college and have to live very frugally to make it.

Like most parents, I wish we could help them more. But you know what? This is the way the world really works. In the real world, the economy goes up and down and people have to work harder to make a living. I think there are some learning experiences in this recession where kids learn there still isn't a free lunch.

Barbara Bartlein is the People Pro. For her FREE e-mail newsletter, please visit: The People Pro.

Continue reading College graduates changing plans as economy sputters

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]]>collegefinancesgraduatesrecessionBarbara BartleinSun, 24 May 2009 09:00:00 ESTHow much are the hours of your life worth to you?http://www.walletpop.com/blog/2009/05/18/how-much-are-the-hours-of-your-life-worth-to-you/http://www.walletpop.com/blog/2009/05/18/how-much-are-the-hours-of-your-life-worth-to-you/http://www.walletpop.com/blog/2009/05/18/how-much-are-the-hours-of-your-life-worth-to-you/#commentsFiled under: ,

Here's an interesting question to ponder: If you were paid $35 an hour, and could work as many or few hours per week as you wished, how many hours a week would you work?

Most of us have spent our lives working under the standard employment system; 40 hours a week for a set salary or hourly wage. For years, I spent what I made, regardless of how much or little my 40 hours brought in, all the while chaffing at the thought my life was passing me by.

Recently, though, I've had the chance to look at income in a different way, and found it very enlightening. This exercise might be worthwhile for you, too. If you were paid $35 per hour to do a job you didn't hate and could work as many or as few hours a week as you wished, how many hours would you work?

Continue reading How much are the hours of your life worth to you?

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]]>money vs. timeMoneyVs.Timeyou and moneyYouAndMoneyTom BarlowMon, 18 May 2009 08:00:00 ESTQueasy like Sunday morning: 'Times Magazine' brings the pain on credit, debt, foreclosurehttp://www.walletpop.com/blog/2009/05/15/queasy-like-sunday-morning-times-magazine-brings-the-pain-on/http://www.walletpop.com/blog/2009/05/15/queasy-like-sunday-morning-times-magazine-brings-the-pain-on/http://www.walletpop.com/blog/2009/05/15/queasy-like-sunday-morning-times-magazine-brings-the-pain-on/#commentsFiled under: , , , , , , , , , , ,

Ah, Sunday morning! It's nearly upon us again. The languid wake-up. The mocha java. The nova and cream cheese. The tangy mimosa. The New York Times. The New York Times Magazine. The New York Times Magazine's Money Issue. The glance at the table of contents. The flipping ahead. The credit and credit cards. The ballooning debt. The inevitable bankruptcy. The creeping dread. The moist paranoia. The undulating queasiness. The pushing the bagel aside. The not finishing the mimosa. The crawling back into bed. The curling into fetal position. The whimpering and weeping. The desperate wishing that it were All a Bad Dream. Ah, Sunday morning!

If you're a Times reader, get ready for a page-turning, stomach-churning weekend. The Money Issue -- given everything, the editors might as well have called it the Credit Issue -- taps into our nightmares of financial nuclear winter, on a wide level and a personal one too. The paper's economics reporter Edmund L. Andrews provides a personal tale of his experience of buying a house outside Washington, in Silver Spring, Maryland. He was supposed to know better, he says -- he was, after all, reporting on the subprime mortgage crisis -- and yet he jumped in anyway, enchanted by the lure of easy homeownership and easier money. (Andrews' article, tellingly, excerpts his forthcoming memoir, Busted: Life Inside the Great Mortgage Meltdown.)

Continue reading Queasy like Sunday morning: 'Times Magazine' brings the pain on credit, debt, foreclosure

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]]>new york timesnew york times magazineNewYorkTimesNewYorkTimesMagazineTodd PruzanFri, 15 May 2009 16:00:00 ESTThe stimulus not only seeing dead people, but sending them checkshttp://www.walletpop.com/blog/2009/05/15/the-stimulus-not-only-seeing-dead-people-but-sending-them-check/http://www.walletpop.com/blog/2009/05/15/the-stimulus-not-only-seeing-dead-people-but-sending-them-check/http://www.walletpop.com/blog/2009/05/15/the-stimulus-not-only-seeing-dead-people-but-sending-them-check/#commentsFiled under: , ,

You might expect a few mistakes -- and a little fraud -- to crop up in the 52 million stimulus checks that the government has sent out. But a new report from Fox News may have people gasping: Millions of dollars in stimulus checks may have been sent out to between 8,000 and 10,000 dead people.

The Social Security Administration says that this could have happened because they had no record of these people's deaths, but even more curious, Fox News said that at least one of them never even collected Social Security benefits.

That person was a U.S. citizen but left for Italy in 1933 and only returned to the U.S. for a seven-month visit in 1969. Antoniette Santopadre of Valley Stream, New York told Fox she was expecting a check but didn't get one. Instead a check was sent to her husband, Romolo Romonini who died in Italy 34 years ago.

Continue reading The stimulus not only seeing dead people, but sending them checks

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]]>death benefitsDeathBenefitssocial securitySocialSecurityLita EpsteinFri, 15 May 2009 12:30:00 ESTOlder workers retooling, finding more satisfaction in new jobs http://www.walletpop.com/blog/2009/05/13/older-workers-retooling-finding-more-satisfaction-in-new-jobs/http://www.walletpop.com/blog/2009/05/13/older-workers-retooling-finding-more-satisfaction-in-new-jobs/http://www.walletpop.com/blog/2009/05/13/older-workers-retooling-finding-more-satisfaction-in-new-jobs/#commentsFiled under: ,

This recession has cost many older workers their jobs. However, according to a study just released by the American Association of Retired People (AARP), the long-term consequences for those people might be positive.

The 14-year study found that a huge 91% of respondents who changed jobs at the age of 50 or later reported they were happy with their new jobs.

Ironically, many of these new jobs lack many of what we usually consider the attributes of a top-notch job. They don't pay as well, don't include bountiful benefits, including pensions, and don't require total 24/7 dedication. They are, however, considerably less stressful. 36% of those surveyed consider their new job stressful, vs. 65% in their previous jobs.

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]]>job satisfactionJobSatisfactionover 50 job marketOver50JobMarketretirement jobsRetirementJobsTom BarlowWed, 13 May 2009 08:00:00 EST$250 checks sent to seniors on Thursdayhttp://www.walletpop.com/blog/2009/05/08/250-checks-sent-to-seniors-on-thursday/http://www.walletpop.com/blog/2009/05/08/250-checks-sent-to-seniors-on-thursday/http://www.walletpop.com/blog/2009/05/08/250-checks-sent-to-seniors-on-thursday/#commentsFiled under: , ,

Starting Thursday, millions of grandparents and retirees will see a $250 raise to their usual Social Security funds. The months long wait for stimulus payments for seniors, as part of the stimulus bill passed February, is now over, CNN reports. Nearly 55 million seniors and retirees will receive the $250 one-time payment between now and June 4, 2009. Most of the checks have been sent out this week. Payment will either be received as a separate check, in addition to Social Security payments, or appear in accounts as a direct deposit.
Embedded video from CNN Video

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]]>incomesenior citizenssenior paymentsSeniorCitizensSeniorPaymentsSocial SecuritySocialSecurityStimulusAndrea ChalupaFri, 08 May 2009 12:12:00 ESTOne big family...but are they happy about it?http://www.walletpop.com/blog/2009/05/07/one-big-family-but-are-they-happy-about-it/http://www.walletpop.com/blog/2009/05/07/one-big-family-but-are-they-happy-about-it/http://www.walletpop.com/blog/2009/05/07/one-big-family-but-are-they-happy-about-it/#commentsFiled under: , , , , ,

Thank God for parents and grandparents -- where would we financially-strapped kids be without them? And more of us are moving back in with them, Amy Hoak reports at MarketWatch.com.

So dust out the attic and turn that office back into a bedroom, Mom and Dad! But it's not only "boomerang" kids returning to the nest, says Hoak. Some older Americans who lost their retirement savings are moving in with family, too.

According to an AARP Bulletin survey, 11% of people ages 35-44 said they live with their parents, and 11% of people age 50 or older said they live with their grandchildren or parents. That means more American households have three generations under one roof.

Continue reading One big family...but are they happy about it?

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]]>boomerangboomeranggenerationboomerangscohousinggenerationgenerationsmoving back homeMovingBackHomeVanessa RichardsonThu, 07 May 2009 19:00:00 ESTAnna Quindlen to boomers - quit clogging the promotion pipelinehttp://www.walletpop.com/blog/2009/05/06/anna-quindlen-to-boomers-quit-clogging-the-promotion-pipeline/http://www.walletpop.com/blog/2009/05/06/anna-quindlen-to-boomers-quit-clogging-the-promotion-pipeline/http://www.walletpop.com/blog/2009/05/06/anna-quindlen-to-boomers-quit-clogging-the-promotion-pipeline/#commentsFiled under:

I'm a big Anna Quindlen fan, and have enjoyed her columns in Newsweek for the past nine years. In the current issue, however, I was bummed to read that she is quitting that gig. I was more bummed, however, by her reasoning. She feels that we boomers are clogging up the working world and need to get out of the way to make room for the next generation.

I feel her reasoning is flawed in several ways. First is her assumption that the work/retirement progression of our parents is the proper road map for the boomer generation; graduate from college, work 40 years, retire for 15 and die.

I just don't think this is valid. Medical advancements will keep the boomer generation healthier later in life, and the nature of our work is considerably less demanding than that of many of our parents. There is no physical need for many of us to retire at 62 if we don't so choose. And people leaving college today could well live to be 100 or more. With a work career of 70 or 80 years ahead, what's the rush?

Continue reading Anna Quindlen to boomers - quit clogging the promotion pipeline

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]]>anne quindlenAnneQuindlenretirementTom BarlowWed, 06 May 2009 18:00:00 ESTHelp for the Sandwich Generationhttp://www.walletpop.com/blog/2009/04/17/help-for-the-sandwich-generation/http://www.walletpop.com/blog/2009/04/17/help-for-the-sandwich-generation/http://www.walletpop.com/blog/2009/04/17/help-for-the-sandwich-generation/#commentsFiled under: , ,

After I finish writing this blog posting, I'm going to pick up my mom at the airport. She's coming back after five weeks of taking care of her 92-year-old father in a nursing home in in his native Puerto Rico, 3,000 miles away from where Mom lives now.

He had entered the home in January and was adapting fine, so much that we three were going to take a Caribbean cruise together last month. But a week before departure, my mom got a 3 a.m. call from the nursing home -- blood was found in Grandpa's urine. My mom had to pay $900 for an earlier flight and when she arrived, she found a host of problems -- he had deep-vein thrombosis from lying in bed too much, the nursing-home care was on the lax side (the blood came from catheters inserted improperly, and when his daily dose of aspirin ran out, no one bothered to replenish it ), and he was diagnosed with prostate cancer.

Continue reading Help for the Sandwich Generation

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]]>agingaging parentsAgingParentselder careElderCarenursing homeNursingHomesandwich generationSandwichGenerationsenior citizensSeniorCitizensseniorsVanessa RichardsonFri, 17 Apr 2009 09:00:00 EST25 things vanishing in America, part 2: 401(k) company matcheshttp://www.walletpop.com/blog/2009/04/06/25-things-vanishing-in-america-part-2-401-k-company-matches/http://www.walletpop.com/blog/2009/04/06/25-things-vanishing-in-america-part-2-401-k-company-matches/http://www.walletpop.com/blog/2009/04/06/25-things-vanishing-in-america-part-2-401-k-company-matches/#commentsFiled under:

The company match for employee 401(k)s is disappearing - just at the point where we need it most.

The Pension Rights Center has been keeping track of the phenomena. As of early March, 138 of the nation's largest and most prominent companies have ditched the 401(k) match.

That's too bad because not only do matches put more money in employees' pockets, they also motivate us to save more. Fidelity Investments, which is the country's largest provider of workplace retirement savings plans, released a study last month that said matching up to 3 percent of a workers' salary increased worker participation in retirement savings plans by nearly 10%.

In the long run, large companies have a vested interest in helping employees save for retirement. Otherwise, they may lose their older customers who without pensions will spend their golden years living in cardboard boxes - never buying much of anything.

Continue reading 25 things vanishing in America, part 2: 401(k) company matches

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]]>401K company match401k disappearing401kCompanyMatch401kDisappearingcompany benefitsCompanyBenefitsretirement savingsRetirementSavingsJennie L. PhippsMon, 06 Apr 2009 07:00:00 EST25 things vanishing in America, part 2: Kids to do odd jobshttp://www.walletpop.com/blog/2009/04/04/25-things-vanishing-in-america-part-2-kids-to-do-odd-jobs/http://www.walletpop.com/blog/2009/04/04/25-things-vanishing-in-america-part-2-kids-to-do-odd-jobs/http://www.walletpop.com/blog/2009/04/04/25-things-vanishing-in-america-part-2-kids-to-do-odd-jobs/#commentsFiled under: , ,

In 1900, 34.5% of Americans were under 15 years of age; in 1960, 31.1%. Today only 21.4% fall into this group. This is only one reason why it's all but impossible to find a youngster to mow your yard or shovel your walk.

At one time, going door to door with a snow shovel or a willingness to do yard work was the first step a child took toward an entrepreneurial future. In the days before self-propelled mowers and snow blowers, these kids were a godsend to the elderly and infirm, who paid them a pittance but took comfort in knowing they had played a part in the teaching the kid the meaning of capitalism.

Today, however, many of us hire professionals to tend our lawns and plow our drives, because the pool of willing teenagers has dried up. Why? I see several reasons beyond demographics --

Continue reading 25 things vanishing in America, part 2: Kids to do odd jobs

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]]>jobs for kidsjobs for teensJobsForKidsJobsForTeenskids jobsKidsJobslawn mowingLawnMowingodd jobsOddJobssnow shovelingSnowShovelingVanishing in AmericaVanishingInAmericaTom BarlowSat, 04 Apr 2009 07:00:00 ESTOne billion won't go far...for Madoff victimshttp://www.walletpop.com/blog/2009/03/25/one-billion-wont-go-far-for-madoff-victims/http://www.walletpop.com/blog/2009/03/25/one-billion-wont-go-far-for-madoff-victims/http://www.walletpop.com/blog/2009/03/25/one-billion-wont-go-far-for-madoff-victims/#commentsFiled under: , , , ,

Madoff bankruptcy trustee David Sheehan says he's found more than $1 billion around the world that will hopefully be available to investors scammed by Bernie Madoff. Sheehan is on the hunt to find as much money as possible, and I doubt that Bernie Madoff is inclined to give hints about the secret hiding places.

With Madoff victims around the world, there is already fighting over who should take control of the money and other assets. A billion dollars is a lot of money, but unfortunately, it's only fraction of what victims have lost and really won't go very far toward making them whole.

This case continues to shock me, even when I think I've had enough of it. It's shocking that Madoff was allowed to continue living in his $7 million Manhattan apartment instead of in jail. It is appalling that his wife was busy trying to hide money as all this was unfolding.

I'm at the point where I don't think there should be any mercy for Madoff or his wife. They lived the high life on stolen money, and they both should pay for their sins. There are people who have lost everything they own thanks to the Madoff family, and the price must be paid.%a, %d %b %Y %H:%i:%s EST

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]]>madoffponziTracy CoenenWed, 25 Mar 2009 09:00:00 ESTDon't smoke and wear diapershttp://www.walletpop.com/blog/2009/03/23/dont-smoke-and-wear-diapers/http://www.walletpop.com/blog/2009/03/23/dont-smoke-and-wear-diapers/http://www.walletpop.com/blog/2009/03/23/dont-smoke-and-wear-diapers/#commentsFiled under: ,

In many situations these days, it sometimes takes a tragedy and/or lawsuit to expose unknown dangers. Such is the case with a recent accidental death, which has revealed a startling truth about the possible flammability of some adult sanitary undergarments. Recently, a resident of a Spokane Valley adult care facility was burned to death when his clothing caught fire and the adult diaper which he was wearing burned with the same intensity that nearly all plastics do.

The story, which was provided by KIRO 7 Consumer Investigator Amy Clancy, makes clear that while the undergarment was not the cause of the flame up, the characteristics with which it burned may have made the fire more difficult for the victim, 63-year-old Jimmie Wilson, to extinguish. A witness on the scene stated that she had seen flaming pieces of molten plastic dropping from a balcony above.

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]]>assisted care facilityAssistedCareFacilitydiapersfire hazardFireHazardflame retardantFlameRetardantflammablelawsuitsanitary undergarmentSanitaryUndergarmentGary E. SattlerMon, 23 Mar 2009 18:00:00 ESTMake Detroit the next retirement communityhttp://www.walletpop.com/blog/2009/03/10/make-detroit-the-next-retirement-community/http://www.walletpop.com/blog/2009/03/10/make-detroit-the-next-retirement-community/http://www.walletpop.com/blog/2009/03/10/make-detroit-the-next-retirement-community/#commentsFiled under: , ,

I recently wrote about the new average home price in Detroit: a whopping $6,035. I'm skeptical about it being a good investment because of the city's soaring vacancy rates and abysmal long-term outlook. But then I thought about it some more and had an idea: Detroit could be the new Florida.

America's sub-zero savings rate and tanking stock market has left many soon-to-be retirees in grave danger as far as retirement security. What better way to make retirement affordable than to move to a place where homes can be had for a measly $6,000?

I know: Detroit's cold and bleak, but at least they'll be able to afford the heating bill. I hereby propose that as far of the federal stimulus package, the government invest in making Detroit the retirement destination for low-income workers with depleted savings. There are plenty of dilapidated commercial buildings that could be turned into tourist traps and fun activities. There's already enough infrastructure in place to turn Detroit into a cheaper version of Branson.

That seems like a much better option for Detroit than pumping endless taxpayer cash into the auto industry. Displaced autoworkers can get jobs taking care of old people, and Detroit can perform a valuable service to the rest of the country by providing an affordable retirement mecca for people whose 401(k)s have morphed into 201(k)s.

Bottom line: Tanking property values in Detroit with little sign of a turnaround could spell opportunity for public investment for a public good.%a, %d %b %Y %H:%i:%s EST

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]]>DetroitRecessionRetirementZac BissonnetteTue, 10 Mar 2009 18:00:00 EST