The Survive and Thrive Boomer Guide

Equifax to pay up to $700 million for 2017 data breach

Equifax has agreed to pay $575 million, and possibly up to $700 million, as part of a settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau, and 50 states and territories. The settlement alleges that the credit reporting company’s failure to take steps to secure its network led to a data breach in 2017 that affected about 147 million people.

In its lawsuit, the FTC alleges that the Equifax data breach exposed millions of names and dates of birth, Social Security numbers, physical addresses, and other personal information that could lead to identity theft and fraud.

As part of the proposed settlement, Equifax will pay $300 million to a fund that will provide affected consumers with credit monitoring services. The fund will also compensate consumers who bought credit or identity monitoring services from Equifax and paid other money as a result of the 2017 data breach. Equifax will add up to $125 million to the fund if the $300 million isn’t enough to compensate consumers for their losses.

How to plan for retirement

It’s never too early to start saving for retirement. Compound interest will help your savings grow over the years, so the earlier you start saving, the better.

When you’re job hunting, be sure to compare the types of retirement savings plans offered, if any. Most companies no longer offer traditional pensions, which guarantee a monthly income in retirement and place the investment risk on the plan provider. Instead, they provide a match to employee savings in a 401(k), which places the investment risk on individual employees, asking them to choose their own retirement investments with no guaranteed benefits. 

A 401(k) is a tax deferred account, meaning taxes are paid when you withdraw money. If you withdraw money before age 59½, you’ll pay a penalty. You can contribute up to $19,00 a year. You’ll have a specific number of investments to choose from in your employer’s plan.

CVS-Aetna merger harmful to patients, consumer advocates tell the judge

Photo: JJBers

CVS-Aetna lawyers, consumer advocates, and health care organizations gathered Thursday in Washington, D.C., for oral arguments on whether the Department of Justice’s proposed final judgment in the CVS-Aetna merger is in the public interest. 

U.S. Public Interest Research Group, which filed a friend of the court brief with Consumer Action, called CVS’ claim that the merger would reduce prescription drug prices “absurd.”

“CVS is claiming the merger will simultaneously boost profits to investors and help save consumers money,” said Adam Garber, consumer watchdog for U.S. PIRG. “But without an impartial party holding the combined company accountable, it is more likely than not that instead prices will go up, to the detriment of patients.

New rule that allows nursing homes to force residents into arbitration puts seniors at risk

The Centers for Medicare and Medicaid Services issued a final rule Wednesday stating that it will no longer prohibit nursing homes from forcing a resident into arbitration if they have a dispute with the nursing home. As a result, nursing homes can enforce agreements in which residents sign away their right to access the court system if they’re injured or harmed.

“This shameful move by the Trump administration puts the interests of nursing home corporations before residents – the people who need our protection the most,” said Remington A. Gregg, counsel for civil justice and consumer rights for Public Citizen’s Congress Watch Division

Nursing home residents are among our most vulnerable citizens, Gregg said, adding forcing them into secret arbitration process will allow systemic problems in nursing homes to go unaddressed and remain hidden.

Debt settlement company agrees to pay $25 million in action by CFPB

The Consumer Financial Protection Bureau or CFPB announced the settlement of a lawsuit Tuesday it had brought against Freedom Debt Relief, the nation’s largest debt settlement company. The company agreed to pay $20 million in restitution to affected consumers and a $5 million civil penalty. The original suit was filed in November 2017 and an amended complaint filed in June 2018.

“I applaud the Consumer Protection Financial Bureau for taking action against Freedom Debt Relief,” said Andrew Pizor, attorney for the National Consumer Law Center. “It is especially important that the settlement included restitution for aggrieved consumers. Debt settlement and similar programs offered by companies like Freedom often do more harm than good and turn out to be a waste of money.”

Pizor said consumers should talk to their creditors directly and do their own debt settlement negotiations, or they should talk to a qualified consumer bankruptcy attorney.

Baby boomers are thinking about vacationing, shopping, surviving earthquakes, and finding contentment

Last week was the Fourth of July, and so it shouldn't surprise anyone that boomers had their minds on vacations. But, then, finding joy was among their writings, too.

Topics include:

• Saving money on meals during a vacation.
• Dealing with summer safety issues, including fireworks.
• Buying a new car.
• Surviving the Southern California earthquakes.
• Finding that magical place that sustains, restores, and comforts us.
• Taking a vacation from constantly comparing our life to other people's ... because no matter what their Facebook page says, they’re facing challenges as well.
• Seeing that true contentment is really a deep-seated sense and appreciation self. 

This is the Best of Boomer Blogs #604 as reported by Tom Sightings of Sightings Over Sixty. Click here to get the links to the articles. As you peruse them, be sure to let the boomer bloggers know your opinions. We enjoy hearing from our readers.

Copyright 2019, Rita R. Robison, Consumer and Personal Finance Journalist

Prescription prices climbing while President Trump, Congress do little, Public Citizen says

Despite promises from President Donald Trump and prescription corporations, prices for prescriptions have surged during the first six months of 2019. More than 3,400 medications rose an average of 10.5 percent in the first six months of 2019.

Despite presidential tweets and congressional hearings, there is still nothing to prevent prescription companies from sharply increasing prices, said Peter Maybarduk, director of Public Citizen’s Access to Medicines Program.

Lawmakers who have favored only modest reforms need to open their eyes to the routine price gouging pharmaceutical corporations inflict on Americans with impunity, Maybarduk said.

July Fourth facts and figures for 2019

Source: WalletHub

15-inch MacBook Pro laptops being recalled by Apple due to fire hazard

Apple is recalling about 432,000 15-inch MacBook Pro laptop computers in the United States and about 26,000 in Canada.

The batteries in the recalled laptop computers can overheat, posing a fire hazard.

Apple has received 26 reports of the laptop’s battery overheating, including five reports of minor burns and one report of smoke inhalation, as well as 17 reports of minor damage to nearby personal property.

How to track your spending

Tracking your spending lets you know where your money is actually going. At the end of the month, you’ll know where you are with your finances. That’s what you need to know: how far ahead or behind you are at month’s end.

Most consumers have a good idea about the cost of their fixed monthly expenses – bills that stay the same each month. It’s those expenses that may change from month to month that can be disruptive.

For consumers having a difficult time figuring out where their money goes, there are many ways to track their spending: