You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Red Sox Live

6

9

▲  7th Inning 0 outs

letters

Seniors’ savings woes point to need for thoughtful policies, practices

The Globe should be commended for its Oct. 1 article “Low rates frustrate savers,” which gets at the untenable situation millions of older adults are facing.

Older adults have been disproportionately injured by the economic crisis, and financial planning and aging in place have been made all the more difficult, particularly for seniors of modest means. This problem illustrates the importance of renewed national commitment to strong defined benefit pension programs and retirement benefits, as well as continued support for strong Social Security and Medicare programs. We are all seniors in waiting, and we must be forward-thinking about policies and practices that will allow older adults to retire and live with dignity and economic security.

Continue reading below

Another key priority must be to empower older adults with financial education, so that they are not susceptible to predatory, exploitative practices from the financial services industry. Unfortunately, seniors are often targeted with products that are not right for them and that result in the subtraction of wealth rather than an enhancement of assets. Building financial literacy is a critical step to prevent this from happening.

John Taylor

President and CEO

National Community

Reinvestment Coalition

Washington

Loading comments...
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.