The Survive and Thrive Boomer Guide

New York Times editorial rips Trump administration for failing to protect borrowers

With the Trump administration proposing to reduce federal oversight of mortgage lending, perhaps the most obvious lesson from the 2008 financial crisis, the need for stricter supervision of mortgage lending, has been lost, the New York Times editorial board said in an editorial Thursday.

The Consumer Financial Protection Bureau was created in 2010 to protect borrowers, and it increased the reports mortgage lenders are required to file each year. The new information makes it easier to identify predatory lending and discrimination.

The Trump administration is proposing to increase the number of small lenders exempt from the requirements and has announced it won’t penalize lenders who don’t comply with the requirements this year, the first year the new reporting requirements went into effect.

Plan to relocate USDA research agencies opposed by food safety groups

Members of the Safe Food Coalition are asking Congress to stop the efforts to diminish the impact of key research agencies of the U.S. Department of Agriculture, including moving two of them out of Washington, D.C.

The USDA has announcement of a list of finalists for the proposed relocation of the Economic Research Service or ERS and the National Institute of Food and Agriculture or NIFA.

The Trump Administration has repeatedly proposed dramatic budget cuts to research budgets for the two USDA research agencies. The president’s 2020 budget eliminates the entire ERS budget for food safety research, which was $2.1 million. Congress, however, has maintained its funding for ERS’ agricultural and food safety research, and it continues to support NIFA’s research agenda.

Baby boomers discuss what you should do when you’re older

One of my favorite things to do these days as an older adult is to travel. My daughter lives in Madrid, and I go there twice a year – once for the end-of-year holidays and again in May to celebrate our birthdays, Spanish Mothers’ Day, and American Mothers’ Day.

The photo is of my daughter and me at the Guggenheim Museum Bilbao during my latest trip to Spain. I’ve always wanted to go there since I love museums.

But with limited funds when baby boomers retire, what should they be spending money on? Do they need a budget or a money manager? What about their interpersonal lives?

On Sightings Over Sixty, Tom Sightings writes about how to bring your retirement expenses into line with a more modest retirement income. See his article, “How to Live Within Your Means,” for suggestions such as selling items you no longer need, canceling country club and gym memberships, and stopping credit card spending.

A rocky air flight got Meryl Baer of Six Decades and Counting to thinking about the future as her flight bounced about. Specifically, her future. How long could she continue to enjoy her current lifestyle? Her mind wandered to an intriguing future home alternative for when she and her husband are older. Assuming the trip ended on a positive note, it may be worth researching. See if you agree in “My Here and After.”

Another thing boomers need to think about as they grow older is how they see themselves. We boomers set great store by our achievements...it's the way we grew up. But, maybe something got lost along the way, suggests Carol Cassara of A Healing Spirit in her post, “You Don't Need to Shine.”

Rebecca Olkowski with BabyBoomster.com thinks that whatever is going on a boomer’s life, they need laughter. With all that’s coming at us these days, it’s good to have a belly laugh once in a while. See Olkowski article, “How Having a Sense of Humor Will Improve Your Health and Longevity,” for a list of the health benefits of laughing.

For Jennifer Koshak of Unfold and Begin it’s collaboration that lifts her up these days. Koshak has always been interested in creativity and studies it, tests it, and tries to find new ways to increase it. In her latest post, she looks at “How Collaboration Inspires Creativity” and provides some tips on how to find different ways to create with others.

This is the Best of Boomer Blogs #597. Be sure to let the boomers know your opinions about their posts. Nothing makes boomer bloggers happier than to get comments on their articles.

Copyright 2019, Rita R. Robison, Personal Finance Writer

FTC halts huge Pointbreak Media robocall scheme

At the Federal Trade Commission’s request, a federal court judge ruled against nine defendants and approved six settlement agreements with 11 others ending the massive Pointbreak Media robocall scheme.

In May 2018, the FTC charged the Florida-based defendants with operating a telemarketing scam that targeted small business owners with false threats of removal from Google’s search engine and false promises of unique keywords to make the business appear prominently in search results. The FTC also alleged the defendants wrote themselves $100 checks from more than 250 businesses’ checking accounts without the business owners’ knowledge.

The FTC amended its lawsuit in July 2018 to add violations of the Telemarketing Sales Rule, because the defendants robocalled more than 74 million consumers and called more than 14 million numbers on the national Do Not Call Registry.

Tell federal consumer protection agency to support strong action against payday lenders

Photo: Aliman Senai

In 2016, the Consumer Financial Protection Bureau approved protections against payday debt traps with triple-digit interest rates, requiring lenders to make sure customers have the ability to repay the high interest rates.

But earlier this year, the new CFPB director reversed course.

The CFPB plans to roll back the heart of its own protections against sky-high payday loan interest rates, but maybe enough comments from the public could stop officials from revoking these important rules, said Elise Orlick, director, US-PIRG.

The CFPB is accepting public comments until May 15. Click here to fill out a form to send the CFPB your opinions.

States sue 20 generic drug companies and 15 executives for allegedly conspiring to fix prices for more than 100 drugs

A 44-state coalition of attorneys general is suing Teva Pharmaceuticals and 19 of the nation's largest generic drug manufacturers alleging a conspiracy to increase prices and reduce competition for more than 100 generic drugs.

The lawsuit, filed in federal court, also names 15 individual senior executive defendants, leaders of the conspiracy, who were responsible for sales, marketing, pricing, and operations. The drugs make up billions of dollars of sales in the United States, and the alleged schemes increased prices affecting the health insurance market, taxpayer-funded healthcare programs such as Medicare and Medicaid, and individuals who had to pay artificially-inflated prices for their prescriptions drugs.

All types of drugs were included – tablets, capsules, suspensions, creams, gels, and ointments – as well as many classes of drugs – statins, ace inhibitors, beta blockers, antibiotics, anti-depressants, contraceptives, and non-steroidal anti-inflammatory drugs. The drugs treat a range of diseases and conditions from basic infections to diabetes, cancer, epilepsy, multiple sclerosis, HIV, ADHD, and more. In some cases, the coordinated price increases were more than 1,000 percent.

Facts and figures for Mother’s Day 2019

While the number of people celebrating Mother’s Day is about the same as the 86 percent celebrating last year, those celebrating are expected to spend more at an average $196 compared with $180 in 2018. Consumers ages 35-44 are likely to spend the most at an average $248, up from $224, and men are likely to spend more than women at $237 compared with $158.

Newer models of gift-giving including special outings and gift cards are growing, in addition to more traditional gifts including flowers, greeting cards, and jewelry. Increased spending on jewelry represents 31 percent of the expected increase over last year.

Many of those celebrating cited finding something unique, 44 percent, as the most important factor when picking out a Mother’s Day gift, followed by one that creates a special memory, 39 percent.

Copyright 2019, Rita R. Robison, Personal Finance Writer

How to plan a cruise

Going on a cruise is quite an adventure, I learned as a first-time cruise goer in late March. It was a seven-day cruise to the Caribbean with stops in Jamaica, Grand Cayman Island, Costa Maya, Mexico, and Cozumel, Mexico.

The purpose of the cruise was to celebrate my sister’s 80^th birthday. My niece arranged the cruise, so all I had to is get out my credit card and pay. And pay I did.

Since it’s an expensive and time-consuming endeavor, here are tips to help you have the best cruise possible:

Decide where you want to go.

The possibilities are endless, with a cruise industry expanding its offerings to serve 28.5 million passengers a year. Once an unusual sight, you now see cruise ships in many major ports. The Caribbean, Alaska, and the Mediterranean are the most popular destinations.

Crowdfunding scheme operator who failed to deliver charged by FTC

The operator of a crowdfunding scheme who told consumers he was raising money to develop a high-tech backpack and other products, but failed to deliver any of the products and instead used most of the funds for himself, is being sued by the Federal Trade Commission.

In its lawsuit, the FTC alleges that Douglas Monahan and his company iBackPack of Texas, raised more than $800,000 from consumers through four crowdfunding campaigns. Monahan falsely claimed the funds would be used to develop products such as the “iBackPack,” which would include batteries for charging laptops and phones, cables, and a Bluetooth speaker.

“If you raise money by crowdfunding, you don’t have to guarantee that your idea will work,” said Andrew Smith, director of the FTC’s Bureau of Consumer Protection. “But you do have to use the money to work on your idea – or expect to hear from the FTC.”

Be careful using Angie’s List, consumer group warns

Angie’s List, an online rating service, has many shortcomings in addition to potential value to consumers, according to a Consumer Federation of America report.

Angie’s List, founded in 1995, was originally supported mainly by annual consumer subscriptions and prioritized service to these subscribers. Today, while consumers can join for free, Angie’s List gets almost all its revenue from advertising purchased by some of the local businesses that the online service lists and rates. Angie’s List recommends and gives preferential treatment to these advertisers and that can easily mislead consumers into thinking these businesses are the best ones and should be selected.

The report, “Angie’s List: An Evaluation of Its Usefulness for Consumers” shows that these profiled businesses are often not those rated the most highly by consumers and by a nonprofit rating group.