Money

AARP and the U.S. Small Business Administration will join forces to improve the chances for success of “encore entrepreneurs” – people 50 and older who are starting a business – at free workshops in Metro Detroit, Grand Rapids and Lansing during April.

WASHINGTON, DC – Today President Barack Obama joined AARP CEO Jo Ann Jenkins, and members of the Save Our Retirement coalition to announce that a major step has been taken on a proposed rule by the U.S. Department of Labor (DOL) that would update requirements for those who give financial advice to individual retirement plan savers. Americans saving for retirement currently lose an estimated 6 to 17 billion dollars per year due to bad investment advice. The rule to protect individuals from conflicted retirement advice is being submitted by the DOL to the Office of Management and Budget (OMB) for review.

There were a host of state income tax changes for Michigan seniors that started in 2012, including new taxes on retirement benefits.

LANSING, MI – Responding to the growing number of older Michiganders seeking to start their own businesses, AARP Michigan, teaming up with the U.S. Small Business Administration (SBA), will host “encore entrepreneur” events in four cities during April.

Research shows one in four Americans between the ages of 44 and 70 are interested in launching their own business or nonprofit venture in the next five to 10 years.

About half of Michiganders who answered a recent AARP questionnaire on the future of Medicare and Social Security said some changes are needed to keep these important programs stable but major reforms aren’t required for a few years.

Jacqueline Whitehead has operated a special needs catering business out of her Belleville home for years and she’s ready to “take it to another level,” she says. The 52-year-old cook and caterer signed up for the Encore Entrepreneur workshop, offered at TechTown in Detroit on Oct. 2, to learn more about creating a business plan, doing market research and getting financial assistance for Meal Therapy, her small business.

Thousands of Michiganders have joined the critical national debate on the future of Medicare and Social Security.

Anita Salustro of Grosse Pointe, whose career has been devoted to giving Michigan’s elders quality of life, a sense of purpose and full engagement, has been named the winner of the 2012 Stephen J. Gools Award for Social Change sponsored by AARP Michigan.