Comprehensive Planning. Lifelong Solutions.

Companies to Rehire Boomers as Post-Retirement Consultants

By Hook Law Center

Large numbers of baby boomers will reach retirement age soon, and that could result in a shortage of knowledgeable and experienced managers at many companies. To fix this problem, many executives are planning to rehire boomers as independent contractors after they retire.

According to executive recruiting firm Lucas Group, 27 percent of executives at small- and medium-sized businesses plan to rehire boomers on a contract basis after their formal retirements. Moreover, 60 percent agree that the retirement of boomers will leave them short on talent.

Scott Smith, chief marketing officer for Lucas Group, told that just a year ago, a similar survey showed only 17 percent of executives anticipated rehiring boomers. Smith pointed out that some 10,000 boomers retire every day. Boomer retirement will span 20 years, and it began just two years ago.

Some companies’ talent is heavily concentrated in baby boomers. With skills and experience their employers need to survive, these boomers are retiring, collecting on pensions or retirement accounts and then earning handsome consulting fees to perform similar job functions at greatly reduced hours.

That sounds like a comfortable retirement.

Whether you want to pursue further employment after your formal retirement or prefer to stay out of the workplace for good, proper retirement and estate planning is a must. Consult with the experienced attorneys at Hook Law Center to develop a plan that accounts for your individual needs.

Posted on Thursday, January 30th, 2014. Filed under Estate Planning.

VA Expands Disability Coverage to Illnesses Related to Brain Injury

By Hook Law Center

The Department of Veterans Affairs (VA) recently announced that some veterans with traumatic brain injury (TBI) and certain related illnesses will be eligible for additional disability benefits.

The new regulation takes effect on January 15, 2014. It will affect some veterans with TBI who are also diagnosed with Parkinson’s disease, depression, certain diseases of the pituitary and hypothalamus glands, certain types of dementia or unprovoked seizures.

For certain veterans with service-related TBI who also suffer from one of the named illnesses, the second illness will also be considered as service-related for purposes of disability compensation.

The rule change was prompted by a report by the Institute of Medicine of the National Academy of Sciences linking moderate to severe TBI with the listed ailments.

Eligibility for additional compensation will depend on the severity of the brain injury and the length of time between the injury and the onset of the second illness. Veterans who do not meet eligibility requirements may still file a claim to establish the ailment as service-related.

“We decide veterans’ disability claims based on the best science available,” Eric K. Shinseki, Secretary of Veterans Affairs, said in the announcement. “As scientific knowledge advances, VA will expand its programs to ensure veterans receive the care and benefits they’ve earned and deserve.”

Current treatment for TBI is usually limited to mitigating the damage it causes in the short term following the injury. Extensive further study is needed to better understand TBI and its connection with various neurological disorders. In the meantime, the VA is helping many deserving veterans by compensating for TBI-related illnesses.

Posted on Tuesday, January 7th, 2014. Filed under Veterans' Benefits.
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