How safe are your savings? was a question being raised last year by the Financial Services Authority (FSA) in the UK as British people were investing £6bn in more than 170,000 Icelandic accounts. Nevertheless, just how stable was Iceland’s financial system? We now know the answer.

The UK has seen its own crop of financial disasters. In the wake of the high profile collapses of major banks such as Northern Rock and Bradford and Bingley, you could be forgiven for wondering whether you would be better off stashing your savings under the bed rather than putting them in the bank.

There is a government-sponsored compensation scheme in place, called the Financial Services Compensation Scheme(FSCS), that will cover losses incurred by savers with a failed financial institution. However, this only applies to institutions that are regulated by the FSA. This is why savers with the failed Christmas savings scheme Farepak lost all their money when the company went bust, as Farepak was not regulated by the FSA. The FSCS will also only cover up to £50,000 of any individual losses with a particular institution.

So, if you want your money to be safe, you have to put it into an FSA-approved savings scheme. All UK registered banks and building societies are regulated by the FSA. The FSCS savings scheme only covers money deposited into certain types of accounts, such as current accounts, saving accounts, small business accounts, cash ISAs, and credit union. It does not provide protection for hamper schemes, savings stamps, pension plans, or stocks and shares ISAs. The reason for this is that these schemes count as risk based investments, rather than savings accounts, and are subject to a completely different form of protection from the FSCS.

If the company that provides you with the investment scheme goes bust, this does not automatically mean that you lose everything. These firms invest your money in shares, which you still own even if the product provider goes bust. However, if the shares are in a company that has gone bust, you have no protection at all. In the event of the company you have invested with going bust, you are entitled to get the first £30,000 of your investment back, plus 90% of the next £20,000. If your pension or life assurance provider goes bust, then you will be entitled to receive the first £2,000 plus 90% of the rest from the FSCS.

So is it still safe to save your money with a bank or building society in the UK? The answer is an unequivocal yes, although if you have more than £50,000 in savings, it would be sensible to spread it around various firms and savings schemes, so that if anything should happen, you can get all or most of it back. Another advantage of spreading it around is that you can often receive cash incentives for opening a new account. For example, Alliance and Leicester currently offer an incentive of £100 for new current account customers, which you could then easily deposit in one their savings accounts to get you started. Take a look at their website to get more information about their savings accounts.

Most countries have somewhat similar ways in which savers are protected when saving with established financial institutions. In the US, the Federal Reserve provides Deposit Insurance, while in Canada, the Deposit Insurance Corporation has a similar mandate.

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Post from: Senior Money Memos

How safe are your savings

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All signs point to gradual recovery from the global recession, particularly in real estate markets. Word is that in Canada, August housing starts rise more than expected. In the US, 30-year mortgage rates slide down to 5.04% average and are close to the record lows reached in the spring.

Unless you have a giant pile of ready cash burning a house-sized hole in your pocket, if you want to buy a property, you will most likely need a mortgage. But how can you decide which mortgage is right for you? Let this list of hints and tips show you the way.

Don’t just take the first mortgage that you are offered. While it might be flattering that someone has judged you credit-worthy enough to lend you a staggeringly large amount of money, the chances are that if one company has offered you a mortgage, others will too. As with any financial product, there are good deals and bad deals to be had, but without doing your research, you’ll never know which is which. However, if every other mortgage lender turns you down flat, then you should maybe reconsider that first offer. Either that or carry on renting.

Compare mortgages from rival firms. All mortgages are different, and it can really help to compare the various aspects of each one with the others in order to find out which one is really the best deal for you. Some mortgages might seem like amazing deals until you stack them up against offerings from rival firms.

Shop around. It goes without saying that lenders are keen for your business, so if you’ve been offered a mortgage from one firm, and you’re talking to one of their rivals, be sure to mention what you have already been offered. This can often lead to them coming back to you with an even better deal.

Look ahead. Nobody can really tell what the future holds, but most people have plans and expectations, realistic or otherwise. When buying a mortgage, it is a good idea to have one eye on the future, as you will still be paying for it in the years to come. While fixed rate mortgages offer a little more security, they tend to be a bit more expensive as well. For example, in the UK you can get a tracker mortgage from Alliance and Leicester which gives you an interest rate of 4.8%, whereas their 5 year fixed rate mortgages has a rate of around 5.4%. Visit the Alliance & Leicester website for more information on mortgages.

One final tip is to always check to see how easy a mortgage is to get out of before you get into it. For example, mortgages that feature very low rates often come with heavy restrictions to prevent you from switching supplier or paying it off early, which might not be all that convenient for you ten or twenty years down the line.

Post from: Senior Money Memos

Hints and tips for mortgage hunters

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The International Consortium of British Pensioners (ICPB) had decided earlier that they would appeal a negative decision on the Frozen UK Pensions case and move to the 17-judge ECHR Grand Chamber. This appeal will now take place on September 2.

An article in the UK Telegraph outlines the case well. It is titled How saving the pound led to 54 years of injustice.

The real question is whether the appropriate resolution for these Frozen UK Pensions , should be deternined by legality, equity or morality. If it were based on equity or morality, then most observers agree on the outcome. Instead the UK Government has chosen to treat it only as a legal question and so far the answer has been no. Perhaps the ECHR on September 2 will come to a Yes view as the chairman of the earlier ECHR hearing did in his dissenting opinion. Some 500,000 UK pensioners around the world are watching with bated breath.

Other References

• Canadians’ Pensions Frozen
• Frozen British Pensions Still On Their Way To The European Court Of Human Rights
• Pension Parity For UK Pensioners
• UK Frozen Pensions And The Moral Debt Of Honour
• Frozen UK Pensions – European Court of Human Rights – Decision

Post from: Senior Money Memos

UK Frozen Pensions Case Returns To The European Court Of Human Rights (ECHR) on September 2

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It is some time since Darren Barefoot, that well-known Vancouver writer, suggested You’d Be Wise to Avoid Freedom 55 Financial.  He was somewhat irate about his dealings with Freedom 55 Financial, which is a division of London Life Insurance Company.

The Vancouver Sun today is on the same theme as it suggests Companies are shifting to an older workforce.

Freedom 55 is a thing of the past, and many Canadians aren’t banking on Freedom 65, either.  This means a shift to an older workforce, and while it is creating challenges for everyone involved, the trend is also benefiting employers by staving off an anticipated shortage of skilled workers as boomers age.

Barbara Jaworski, CEO of Toronto’s Workplace Institute, which provides consultation and training on mature worker issues explains, “The challenge for employers is to accommodate new sorts of issues that perhaps they’ve never had to deal with in the past.”

She has even coined the term KAA-Boomer!, which she explains as follows:

KAA-Boom is for 45+ Baby Boomers who are interested in their health, lifestyle, people, learning and experiencing their second adulthood.  Businesses should be paying attention to demographics, why workforce strategies need to be rethought and why action should be taken now!  See how the Best Employers for 50 Plus Canadians do it!

As she notes the oldest baby boomers showed little interest in leaving the workforce even before the economic crisis gutted their investments and pension plans.  Deferred retirement is more about baby boomers wanting to stay engaged. Financial necessity has made the option to stop working even less attractive.

Freedom 55 is perhaps linked to what used to be the traditional work life pattern where you started working at say 15 and at three score years and ten (70) you would be lucky to be alive. With many living beyond 90 now and being in good physical shape, life is completely changed.  Now it is time for postponing retirement and thinking instead about a second career.  Freedom 55 may still be the brand for some but many more will be seeking Second Life 55 or Engagement 55.  It’s an inviting prospect.

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Freedom 55 No Longer Just Financial

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The US Federal Stimulus Program is intended to bring the economy out of recession.  That part of it going to seniors provides basic necessities such as meals as well since this sector of the population is hard hit in these belt-tightening times.

In New Jersey,  $2.8 million is going for senior nutrition programs.  

The money is part of $100 million being made available for senior nutrition services nationwide by the U.S. Administration on Aging.  New Jersey’s Senior Nutrition Program currently delivers 6 million meals to 63,000 seniors each year.  Of the 2.8 million in federal funds, two-thirds will go toward nutrition programs. The other third will be spent on home delivered meals for frail elderly persons.

The same is happening in other US states as well.  On Wednesday, word was that Pennsylvania was to get $4 million in federal funding for seniors while $1.5 million for nutrition programs would be released to aid Minnesota seniors.  The money from the Department of Health and Human Services will cover nutrition services at senior centers and community centers, home delivered meals to seniors and Native American nutrition programs.

Vice President Joe Biden said in a statement. “The Recovery Act will help ensure older Americans are not forced to choose between paying bills and buying food.”

The Meals on Wheels program is important to seniors hard hit by the recession. Shrinking budgets and rising transportation costs are making it hard for seniors to get the nutritious meals they need. Such funds will help to prevent drastic cuts to these essential programs.

This is all part of the total $ 1.2 trillion recovery program that the US government has put in place.  It is interesting and somewhat ironic to compare this $100 million for seniors  with the dollar values in the other major news item this week:

AIG Bonuses
The $165 million was payable to executives and was part of a larger total payout reportedly valued at $450 million. The company has benefited from more than $170 billion in a federal rescue.  AIG reported that it had lost $61.7 billion for the fourth quarter of last year, which is the largest corporate loss in history.

It’s certainly time for change.

Post from: Senior Money Memos

US Federal Stimulus Money For Seniors

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Given the difficult economic conditions, everyone is eager to get any income tax refund they may be due from the Canada Revenue Agency as quickly as possible.  Knowing that, the scam artists try to phish, or in other words get unwary people to give personal information that will allow them to be defrauded.  That is why last August, the Canada Revenue Agency warned Canadians of a mail scam.

The Canada Revenue Agency (CRA) is warning taxpayers to beware of a recent scam where some Canadians are receiving a letter fraudulently identified as coming from the CRA and asking for personal information. The letter is not from the CRA. A PDF version of the letter is available on the CRA Web site at www.cra.gc.ca/alert.

The letter claims that there is “insufficient information” for the individual’s tax return and that in order to receive any “claims,” they will have to update their records. The letter attaches a form specifically requesting the individual’s personal information in writing, via fax or email, including information on bank accounts and passports. This letter is not from the CRA and Canadians should not provide their personal information to the sender.

All taxpayers should be vigilant when divulging any confidential information to third parties. The CRA has well established practices to protect the confidentiality of taxpayers’ information.

It appears that the scammers have moved online according to a former CRA employee, who warns all to beware of online tax scams.

Robert Day says taxpayers should be wary of the information they’re willing to give up online during tax season. Even though he worked for the Canada Revenue Agency for 30 years, he fell for the scam.

When Day clicked on a link inside an official looking email that appeared to be from the Canada Revenue Agency, it took him to an official looking website that asked for some personal information.  “I don’t know whether I had a short circuit between the earlobes or something,” said Day. “But, I went into this darn site and it had you type in your social insurance number to get into the site.”

If someone with such experience can fall for it, everyone should be doubly cautious when they receive e-mail messages that appear to come from the Canada Revenue Agency.

Today I received the following e-mail message, that purports to come from the Canada Revenue Agency.  However unless some staff members at the CRA have inferior spelling skills, this should not fool too many people.

Worm Regards, indeed.  It is so ludicrous that one wonders if it is a deliberate spoof.  Nevertheless it can serve to warn all that more insidious e-mail scam messages from the Canada Revenue Agency are making the rounds.  Remember the CRA will not be contacting you this way and nor will the security departments of your bank or your credit card company.

Post from: Senior Money Memos

Canada Revenue Agency E-mail Scam

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The world is changing for all and particularly for seniors.  With the global recession, some seniors are seeing their retirement funds dwindling alarmingly.  At the same time, with improved health services, seniors can look forward to much longer lives than in the past.  Accordingly, seniors looking for jobs can be grouped in three categories:

• There are those who are retired and would like to do something active that would give them monetary rewards.
• There are those who would like to retire but must continue to work because it is tough taking ends meet in these recessionary times, and
• There are those who do not consider themselves seniors but are healthy and looking for a second career as they pass fifty.

There are a number of information resources on the Web and here we will highlight four of them.

Retired Worker (Canada)

Retired Worker connects 50+ job-seekers to employers who are looking for the experience, broad skill base and value such workers deliver. It was launched in 2003 by Sarah Welstead and Max Stocker in Toronto and is now the largest employment website in Canada for 50+ job-seekers.

SeniorsForJobs.com (Canada)

SeniorsForJobs.com serves talented job seekers who wish to remain in the workforce and astute employers who are looking for skilled, experienced and reliable employees. Membership is free for job seekers who can access the jobs database and apply for jobs. There are also employment resources and career management tools that are tailored to mature and experienced workers.

Jobs For Seniors ( Canada)

Job4seniors.ca will help seniors meet the challenges of re-entering the workplace and find the right position either in a part-time or full-time environment. In hiring a senior, an employer can look forward to the benefit of a productive and reliable person with many years of experience and knowledge.

Seniors Info (Canada)

This website in Ontario is part of a national project, the Collaborative Seniors’ Portal Network, and provides important information. for seniors, their families, and service providers. It has been developed through and by all three orders of government, and numerous seniors groups and service providers. Information about Federal and Provincial services is now readily available and in the future a wealth of local information of particular interest to seniors will be added.

The other factor that influences job choices is that there are many More Active Seniors than in the past.  Many are using time and money to pursue lifelong interests or to take on a second career, quite unlike the stereotype of grandparents sitting on the porch in rocking chairs.  Retirement can be a time of personal growth and activity. 

That is the thinking behind CARP, Canada’s Association for the 50Plus, which brings a New Vision of Aging for Canada.

As the population ages and the “boomer” generation enters the “seniors” category, the more mature portion of our population become ever more important. Moses Znaimer, executive director of CARP, has coined the term ZOOMER to describe the highly motivated, energetic, well trained and non-retiring senior – a “boomer with ZIP”, as Moses puts it.

As part of that, there is a Canadian website, Seniors For Hire.ca, where progressive employers can connect with mature workers of 50 plus years.  The website is also known as ZoomerJobs.com.

A Job-seeker can browse jobs and post resumes for free. An Employer can have immediate access to hundreds of job-seekers and post job vacancies, which will be accessible to almost 100,000 viewers each month for a small fee.

“Mature workers – employees of 50 + years up to “seniors” (wherever that starts) are a tremendous boon to the workplace”, says Darryl Wall, Vice President of SeniorsForHire.ca . “Progressive employers throughout Canada are hiring seniors to supplement their workforce and provide a positive role model for new employees”.

This changed view of the 50+ threshold is also reflected in a similar US website, SeniorJobBank. which is a meeting place for over-50 job seekers and the employers seeking their services. Originally established in 1975, the SeniorJobBank claims to be  the most recognized name on the Internet serving this audience. The average age of visitors to the website is 57.

Such individuals are not ready to be put out to the proverbial pasture. They’re vibrant, dedicated, and knowledgeable. An employer can tap into this valuable and increasing segment of the population and benefit from the talent, experience and work ethic that they bring to any company or organization.

For those who do not think of themselves as seniors at 50, there is a sister website, Workforce50. designed for employers who wish to advertise to more mature job seekers for their job openings.

Many jobs will be better filled by mature workers, with skills, knowledge and experience who are wise in the ways of the world.  A win/win situation is certainly very likely for both employer and employee.

Post from: Senior Money Memos

Jobs For Seniors Information Websites

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Tax Return time is upon us and reminders on this are coming up almost every day.  Although the specifics depend on which country you live in, there is often merit in looking over lists to see whether it sparks ideas on tax deductions that may be overlooked. 

One US article that offered Tax Tips for Senior Citizens  pointed out that if anyone needs a little extra tax know how, it’s retired senior citizens, more and more of whom are just trying to make ends meet.  You should not forgo completing your tax returns since there may be benefits to which you are entitled.

Another US post today mentions 25 Easily Overlooked Tax Deductions.  As is pointed out, if you are one of the millions of Americans who throws all their receipts, credit card and bank statements into a box, you are likely to overlook hundreds of dollars in tax deductions when preparing your tax filings. Here is their list of deductible expenses:

1. Medical transportation expenses including tolls, parking, and mileage for trips to doctor’s, health facilities, laboratories.
2. Prescribed medical aids such as crutches, canes, and orthopedic shoes
3. Hearing aids, eye glasses, and contact lenses
4. The cost of alcohol and drug abuse programs, and certain smoking-cessation treatments
5. Education expenses you paid to maintain or improve job skills (including professional books)
6. Professional journals, magazines, and newspapers that are job-related
7. Cost of safe deposit box used for to store investments or investment information
8. Required uniforms and work clothes not suitable for street wear
9. Union dues.
10. Job-seeking expenses within your present field of employment – from printing resumes to phone charges.
11. Dues to professional organizations and business gifts up to $25 per customer or client
12. Cellular phones required for business
13. If you are self-employed, half of the self-employment tax paid
14. Self-employed health insurance premiums and long-term care insurance premiums up to the annual limits.
15. Fees for tax preparation or advice, including software like TurboTax if you meet limits
16. Services of a housekeeper, maid, or cook needed to run your home for the benefit of a qualifying dependent while you work
17. Penalties paid on early withdrawal of savings
18. State income taxes owed from a prior year and paid in the tax year-with your last return
19. Mileage incurred in performing charitable activities
20. Gambling losses to the extent of your gambling winnings – but be prepared to document this
21. The cost of employment agency fees or commissions in certain cases
22. Home office expenses, if your home is your primary place of business
23. Cash and non-cash contributions to qualified charities
24. Reservist and National Guard overnight travel expenses
25. Worthless stock or securities – but you must follow the prescribed rules.

The Internal Revenue Service of the United States Department of the Treasury has a useful tutorial giving Tips for Seniors in Preparing their Taxes.  As it explains:

Current research indicates that individuals are likely to make errors when preparing their tax returns. The tax tips included were developed to help you avoid some of the common errors dealing with the standard deduction for seniors, the taxable amount of Social Security benefits, and the Credit for the Elderly and Disabled. In addition, you’ll find links to helpful publications as well as information on how to obtain free tax assistance.

One Canadian website, TaxTips.ca, provides Canadian Tax and Financial Information with links to a large number of resources on Income tax information items such as:

• Pension splitting
• Attendant care expenses
• Attendant care expenses paid to a retirement home
• Disability supports deduction
• Amount for an eligible dependent – A single person can claim a tax credit for a dependent child, grandchild, sibling, parent or grandparent.
• Caregiver amount tax credit may be available if (dependent or non-dependent) parent or grandparent (over 65) lives with you, or if a dependent relative lives with you.
• See non-refundable tax credits on the Filing Your Return page for tax credits available for seniors.
• Do you qualify for the Service for Seniors Telefile to file your tax return?
• Access your Old Age Security (OAS) and Canada Pension Plan (CPP) tax slips online.
• You might save tax by sharing your CPP retirement pension with your spouse.

The Canada Revenue Agency of the Canadian Government also has a website offering Tax and benefit information for seniors:

As a senior, you may be entitled to claim numerous credits and benefits on your income tax and benefit return. You have specific information needs when it comes to completing your return, and various resources are available to help you file your return accurately and on time. Here you will find much of the information you need to make filing easy, and to get all the tax savings and benefits to which you are entitled.

If you wish to complete your tax returns yourself or are looking for assistance in getting someone else to assist you, then the above links will give you the necessary information.  Since you may possibly be receiving a check for tax credits owed to you, it is better to complete your tax return earlier rather than later.  We hope you appreciate this additional reminder.

If there are other sources of assistance for seniors on their tax returns that you have found useful, then why not add these in the comments.  You may make someone extremely grateful.

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Post from: Senior Money Memos

Tax Tips And Tax Deductions for Seniors

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In these hard times, everyone is having to learn how to do more with less.  For some seniors there is little change.  If they have had to get by on Social Security then they often lived a lifetime of frugality.

Long before the recession deepened, they were experts at making ends meet. Long after the recovery comes, they’ll still be masters of frugality.

Many retirees worked their entire adult lives but never qualified for a pension or earned enough to put anything aside. Others started retirement with a nest egg but never thought it would have to last 20 or 30 years. 

Now they are also becoming models for younger Americans forced by the recession to trade in their spendthrift ways for a leaner lifestyle.

On the Web there are quite a number of places to read how these seniors have learned to cope with hard times.  For example, you can find 5 Thrifty Tips From Our Mothers and Grandmothers.

• Repair, Don’t Replace.
• Cut Grocery Bills In Half by Cutting Out Cleaning Products.
• Refurbish Your Closet Without Hitting the Stores. Repair or remodel or arrange a clothing swap
• Skip the Drug Store and Make Your Own.
• Cut Energy Bills by Hanging Wash and Closing Vents.

Perhaps the 12 Thrifty Tips to Stretch Every Dollar on Frugal Living may be more useful to you.

• Tip #1: Think before you buy.
• Tip #2: Know what things cost.
• Tip #3: Grow your own food.
• Tip #4: Unplug the “Energy Vampires” in your home.
• Tip #5: Embrace the simple pleasures.
• Tip #6: Hold an annual “Swap Party.”
• Tip #7: Take advantage of free entertainment.
• Tip #8: Get maximum mileage from coupons.
• Tip #9: Shop smart.
• Tip #10: Get free stuff.
• Tip #11: Eating day-old bread won’t kill you.
• Tip #12: Treat yourself once in awhile.

If you’re looking for even more ideas, then why not check out what Beth VanHoose, the Thrifty Guru at LifeTips has assembled.  She boasts she has a collection of 631 Thrifty tips with more being added weekly.

Finally if you’re looking for thrift, we should not overlook the thrift stores as they’re called in the US.  The Thrifty Chicks blog showcases the Thrift Store Gurus, a nation-wide network dedicated to a more robust global repurposing market.  This is win/win as your dollars work even harder than in regular stores.

At the other end of the spectrum, if you would prefer to be finding ways of making more money rather than making your money go as far as possible, then perhaps the Smart Cookies may be able to give you advice that is more to your taste.

Footnote: If you have any particular thrifty tips for seniors, why not add them in the Comments.  Someone may very well be very appreciative of your idea.

Post from: Senior Money Memos

Frugal Tips For Thrifty Seniors

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The monthly newsletter from the Canadian Banking Association is out and is well worth reading.  Unfortunately it does not appear on line so your only way of seeing it is to subscribe to the e-mail version.

The topic of Fraud Prevention Tip – February 2009 is scams.  You may wish to subscribe to see the full content but here we will show you some of the highlights.

According to statistics compiled by PhoneBusters, in 2008 there were more than 17,000 victims of fraudulent scams in Canada, which added up to a total dollar loss of over $36 million.  And as these numbers are based solely on reported cases, there are potentially countless more that have gone unreported.

With so many scams you might feel overwhelmed but the good news is there are many resources available for consumers to help them protect themselves.  The newsletter gives the following:

• PhoneBusters is a Canadian anti-fraud call centre managed by the Ontario Provincial Police, the RCMP and the Competition Bureau Canada. Its website provides an extensive list of fraudulent scams to watch out for, channels for reporting suspected fraud cases, and links to local fraud prevention groups across the country.
• The Royal Canadian Mounted Police website provides practical information to help Canadians protect their personal information and ensure their identity and finances are not compromised.
• The Competition Bureau of Canada and the Fraud Prevention Forum work to prevent Canadians from becoming victims of fraud by educating them on how to “recognize it, report it and stop it”.
• The Office of the Privacy Commissioner of Canada offers useful information to help Canadians protect their private information and learn about their privacy rights.

The PhoneBusters website is excellent and has a particularly good list of current scams, which you can explore via the following links:

• 900 Scams
• Advanced Fee Letter Fraud (419 / Nigerian Letters)
• Advanced Fee Loans
• Bomb Threat
• Cheque Overpayment Fraud
• Consumer Tips
• Dead Air Calls
• Emergency Scam
• False Charities
• Hitman Email
• Identity Theft
• Inheritance
• Lottery Emails
• Office Supplies / Directory
• Phishing
• Phone Number Spoofing
• Prize Pitch
• Puppy Scam
• Pyramid Schemes
• Recovery Pitch
• Travel
• Vacation
• Vehicle Warranty Package

Debit and Credit Card Providers

The newsletter also gives some useful links to credit card companies and the Interac Association, which runs the debit card system since frauds may often involve these. Here are the Visa, MasterCard and Interac fraud prevention web pages for both card holders and merchants.

Visa

• For card holders
• For merchants

MasterCard

• For card holders
• For merchants

Interac

• For card holders
• For merchants

Other Resources

Here are some other resources on scams in Canada you may find helpful.

• Consumer Scams in Canada from About.com
• Canada’s Office of Consumer Affairs (OCA) – Scams / Fraud
• Scam Forum a private forum to exchange news and views

Let us hope that all the above remains only a somewhat academic source of information for you and that you are never taken in by one of these scams.  Some of these scams are very difficult to spot and can destroy your life so it is important to be ever vigilant.

Post from: Senior Money Memos

Scams in Canada

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