Page 21 - Senior Times South Central Michigan - July 2016 - 23-07

Senior Times - July 2016 Financial Exploitation
Page 21
Estate Planning and Elder Law
269-963-8222
130 East Columbia Ave., Battle Creek, MI 49015 www.staceylottlaw.com
By: John Grimaldi
Seniors who went back to work after retirement used to do it to keep busy, but the Great Recession has made it an economic necessity for more and more older Americans, according to Dan Weber, president of the Association of Mature American Citizens.
"There are those who say we're coming out of the Great Recession,
and there are others who predict a new recession is on the horizon. Either way, the U.S. economy is not what it used
to be and neither is the prospect of an early retirement. Not long ago the finan- cial services company, Northwestern Mutual, conducted a poll that found more than 60% of respondents admit- ted they would be working beyond that traditional retirement age of 65 due to necessity. Nearly 80% of them said they could not retire because of insufficient savings," Weber said.
The AMAC chief also cited a recent Gallup survey. It found that there are more post-retirement job seekers out there than ever before, mainly because they don't have enough money and
it has seniors scrambling for ways to salvage what's left of their retirement. “Bear in mind that while the net worth of all Americans has declined sharply during this period, seniors have been hardest hit."
Another Gallup poll concluded recently that the biggest financial con- cern for Americans, "Is funding their retirement, with 61% worried about having enough money for that. This worry has been exacerbated by the recession's aftermath, which has perhaps
caused more seniors and baby boom- ers near retirement age to remain in the workforce and postpone retirement until they have replenished their nest eggs."
Gallup also reported that confi- dence in the U.S. economy has suf- fered, Weber said, quoting a Joint Congressional Economic Committee report predicting that, "The recession's impact on retirement security will per- sist even as the economy continues to recover. Older workers may delay retire- ment, while many prime-aged workers face the daunting prospect of rebuilding lost home equity and saving for retire- ment despite persistently slow wage growth."
Weber said that the recession put the country into a deep hole, so deep that we're not out of it yet. As the Center on Budget and Policy Priorities put it, "In the first quarter of 2016, the demand
for goods and services (actual GDP) was roughly $407 billion less than what the economy was capable of supplying (potential GDP). This output gap, which is manifested in excess unemployment and idle productive capacity among businesses, is the legacy of the Great Recession."
ABOUT AMAC
The Association of Mature American Citizens [http://www.amac.us] is a vibrant, vital senior advocacy organiza- tion that takes its marching orders from its members. They act and speak on their behalf, protecting their interests and offering a practical insight on how to best solve the problems they face today.
of the Elderly
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90th Anniversary Reunion
of DeNooyer Chevyland Employees
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Sixteen former employees, along with guests, of what was once known at DeNooyer Chevyland; now Heritage Chevrolet, gathered on Saturday, June 11, to celebrate the 90th anniversary of the founding of the company. Pictured are Donald DeNooyer, center, son of Jake DeNooyer, one of the company founders, along with Cheryl Wynn, previously Office Manager, one of
the reunion organizers, and Gordon Ludima, former Recreational Vehicle Mgr., along with other positions through the years and now a Grand Rapids resident.
DeNooyer Brothers Chevrolet, later known as DeNooyer Chevyland, was founded by brothers Jake and Jerry DeNooyer and was incorporated on June 11, 1926, just a few blocks away from the current dealership, Heritage Chevrolet. Donald DeNooyer and
his brother, Norman DeNooyer, took over the dealership, when father, Jake, retired. Jerry DeNooyer had since established a Chevrolet Dealership in Kalamazoo, which continues today.
It was pointed out that there is a great deal of difference between the business of automobile sales and ser- vice now from what it was in the begin- ning. As was verified by Don, who stat- ed, “Cars came with very little in the way of what was then known as acces- sories; such as heaters, windshield wip- ers, AC. All of the things you take for granted now, were ad-ons in the begin- ning.” Don was quoted upon the 50th anniversary of DeNooyer’s, as saying, “Through the years, selling automobiles and repairing cars and trucks has been a terrific business for the DeNooyers.”
The business continued to pass on to family members, as Preston Kool, son- in-law of Jake DeNooyer, succeeded Don and Norm DeNooyer, and now Tim Kool follows in the family foot- steps, as one of the Heritage Chevrolet owners.
All agreed that the memories of their employment at DeNooyers, are good ones and appreciated this special occa- sion to reminisce and reconnect.