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As the chief human resources officer at AARP, Marjorie Powell devotes much of her professional energy to meeting the needs of the multigenerational workforce. Related Video "We've been using AI all along." How LinkedIn is using AI, according to VP of Marketing Minjae Ormes. AdvertisementHow did AARP handle the introduction of AI in its workforce? Many employers are using AI tools in hiring, but there are concerns about potential bias.
Persons: Marjorie Powell, AARP's, Powell, we're, you've, boomers, I've, I'm Organizations: AARP, Microsoft, Companies, Tech Locations: AARP's
During a virtual roundtable, we asked Business Insider's Workforce Innovation board to tell us how AI would transform companies over the next year. How will the most innovative companies be transformed by AI over the next 12 months? Last year, we had an AI challenge across the company, and a huge percentage of our employees participated. There are a lot of different points of view on what AI will and will not do and how quickly. And that the promise we think AI is going to deliver will probably take longer than we think to come to fruition.
Persons: Tim Paradis, Vinod Khosla, Khosla, upskilling, Justina Nixon, Nixon, Saintil, AARP's Marjorie Powell, Powell, Chris Deri, Anant Adya, Marjorie Powell, Alicia Pittman, We've, We're, It's, coder, Maggie Hulce, Salesforce, what's, Chen, we've, Weber, everybody's, Anant, Shane Koller, Tipton Organizations: Sun Microsystems, Weber, IBM, Saintil, Infosys, AARP, Boston Consulting, Clear, Federal Housing Finance, Street Locations: Dreamforce, San Francisco, Tipton
The average American believes they'll need to save $1.8 million for their post-work years, according to Charles Schwab's "2024 401(k) Participant Study." However, most Americans in their 50s have much less than that stashed away for retirement. Here's how much Americans have in their 401(k)s by age, according to Fidelity. And that's just among people who have 401(k) retirement investment accounts. "Everyday expenses continue to be the top barrier to saving more for retirement, and some older Americans say that they never expect to retire," Venkateswaran says.
Persons: Charles Schwab's, Indira Venkateswaran, AARP's, Venkateswaran Organizations: CNBC, Fidelity Investments, Fidelity, AARP
Hannah Beier | ReutersOlder women are the largest bloc of swing voters — and the biggest concern they have heading into the November election is their financial security, according to the AARP. Gender pay gap leads to retirement income gapNotably, younger women share many of those same retirement concerns, according to recent research from the National Institute on Retirement Security, or NIRS. Women tend to have greater financial concerns about retirement compared with men, according to Tyler Bond, research director at NIRS. "There's still a persistent gender pay gap, which translates into a retirement income gap," Bond said. "In fact, the pay gap and the retirement income gap are almost exactly the same, which is what you would expect, because retirement income is basically a reflection of what you earn while working," he said.
Persons: Hannah Beier, , Margie Omero, GBAO, Omero, Tyler Bond, Bond, We've Organizations: Rockledge, Reuters, AARP, Democratic, National Institute on Retirement Security Locations: Pennsylvania, Rockledge , Pennsylvania
The highest level of care is "skilled nursing care" for those who are chronically ill or disabled and can no longer care for themselves. Medicaid pays for most long-term care services — but only for people with low incomes and little savings. Long-term care insuranceDepending on the plan, long-term care insurance pays for services from at-home care to assisted living, memory care, skilled nursing care, and hospice. Long-term care insurance may have annual premiums that increase over time or may be included as a rider to a life insurance policy. Employers are increasingly offering long-term care insurance as a workplace benefit.
Persons: Abbe Udochi, AARP's Goyer, Ivory Johnson, Johnson, Couples, Goyer Organizations: Maskot, Getty, Healthcare Consulting, National Investment Center, Seniors Housing & Care, Medicare, Delancey Wealth Management, Washington , D.C, CNBC FA, American Association for, Care Insurance, Employers Locations: New York, Washington ,
Republican Sen. Bill Cassidy of Louisiana speaks to the press on Capitol Hill on Feb. 10, 2021. Meanwhile, Larson has put forward a bill, Social Security 2100, in four sessions of Congress to make benefits more generous. Cassidy wants to create a new Social Security fund by raising $1.5 trillion that would be invested in the stock market. Any changes to Social Security would require 60 votes in the Senate, and therefore would have to have agreement on from both parties. Rep. John Larson, D-Conn., speaks during an event to introduce legislation called the Social Security 2100 Act.
Persons: Republican Sen, Bill Cassidy of, John Larson, Connecticut —, Biden, Cassidy, Bill Cassidy, Nicholas Kamm, Florida Republican Sen, Rick Scott, Larson, Conn, Mark Wilson Organizations: Istock, Getty, Social Security, Republican, Democratic Rep, Capitol, AFP, Florida Republican, Social, House Democrats, Security, Senate Locations: Bill Cassidy of Louisiana, Louisiana, Florida, Jan
Courtney Keating | E+ | Getty ImagesWhile scrolling social media, you may find a video of President Joe Biden urging you to sign up for extra Social Security benefits for which you are eligible. The Social Security Administration is working with OIG to take appropriate steps to combat fraud, an agency spokesman said. "The agency has techniques to identify and react to suspicious bad actors," said Social Security Administration spokesman Mark Hinkle. "We look forward to continuing to work with the OIG on the evolution of AI and courses of action regarding AI fraud." Other steps can also help protect your personal financial information and Social Security beneficiaries' monthly income, according to Talcove.
Persons: Courtney Keating, Joe Biden, Kathy Stokes, Stokes, A.I, Gail Ennis, Ennis, Haywood Talcove, Talcove, OIG, Mark Hinkle, Maria Freese, Freese, Boonchai, AARP's Stokes, It's Organizations: Social, Watch, Finance, Big, Social Security, Social Security Administration Office, LexisNexis, Social Security Administration, Solutions, Security, National Committee, Preserve Social Security, Getty Locations: Ennis
Seniors may also seek help from other tax professionals this year to meet the April 18 deadline to file their federal returns. Where to find free tax helpAARP's Tax-Aide program is the largest volunteer-based tax assistance program in the country, according to Lee-Villanueva. The program works in collaboration with the IRS Volunteer Income Tax Assistance, or VITA, and Tax Counseling for the Elderly, or TCE, programs, which provide free basic tax return preparations to individuals who qualify. The government temporarily made the child tax and earned income tax credits more generous during the Covid pandemic. Tom O'Saben director of tax content and government relations at the National Association of Tax Professionals
Stephen and Karen White retired in 2021, but then they rejoined the workforce. The couple made the choice to retire in the beginning of 2021 after visiting Washington, but the pandemic's impact also played a role. After both officially retired in the summer of 2021, skyrocketing inflation pushed the couple to walk back their plans and go back to the workforce grind. Stephen went back to work in education. "Workers who say they've retired regularly return to work after some time away."
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