To be a little more specific, do you read service contracts, and the disclaimers that you are required to agree to in order to receive any kind of benefit.
Perspective:
Recently, after having some troubles receiving an IRA distribution from the bank (it took 28 days, many, many phone calls, mailings and jumping through hoops) I decided to transfer my IRA to a friendlier bank. Yesterday I received a large package in the mail from that bank. It contained the instructions and forms for making the conversion.
There are 74 pages... small type, full 8 1/2 X 11" pages... and... another booklet containing 32 pages, small type... with referenced links from the other contract.
.......................................................................................
Taking this a little further... The basic Comcast customer agreement contract... (note "basic") contains 15,032 words.
The US Constitution contains 4,532 words... the Bill of Rights 463 words... and the total constitution with all 27 amendments... 7,591 words.
That's not all... The Comcast agreement references more explicit included agreements, definitions and ancillary expanded explanations... Too many to count.
Comcast Agreement for Residential Services
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Do you read contracts? Like car or house insurance, home owner agreements, leases, rentals... even short term contracts such as tickets to an event, or even airline or mass transit agreements.
If you have a high value liability insurance or flood insurance, or mold insurance, do you know what is and isn't covered?
...............................................................................................
I have one son who is the lead attorney for a very large risk management corporation dealing in the public sector. While we didn't discuss specifics, he indicated that the legal constructs that he deals with daily have grown by triple digit increments over the past 25 years.
..............................................................................................
In my dotage, this is becoming too much to handle and stay atop of. Fortunately, the major expenses in our household budget lie in the area of governmental controls... Medicare and supplements and Social Security have been without incident since we signed on 15 years ago, and any questions we may have had, have been simply and quickly resolved with a phone call to a person. Likewise, any dealings with our state and local governments have been dealt with without anxiety.
In short, we feel a bond of trust with government services.
..............................................................................................
This indirectly addresses the current ongoing discussion about financial risk for persons with a degree of dementia. While that discussion leaned heavily on financial advice, and wealth management... those who have related their personal situation, with regard to challenged friends and relatives... realize the ongoing anxiety that daily bill paying causes. Add to this the service charges, billing errors, and penalties and it's clear to see how the legal community has wrapped itself in protections that only grow and create more costs and problems for seniors and those who are protecting them.
We are part of a larger community of seniors... perhaps 600 persons almost all over age 65. From personal observation, there are fewer than 100 who use a computer of any type, and most of these person are not internet savvy, using their computers for playing bridge or solitaire.
...............................................................................................
Back to the initial question. Do you read the contract?
For DW and I, the answer is no, life is too short... and for those times when legal constrictions result in anxiety and extra costs... we keep a mental money-reserve to cover these costs... $500 to $1000. Coverage for the inevitable losses, where fighting injustice is not worth the anguish or the time.
This probably qualifies as a rant, but for everyone who will grow older, something to put in the back of your mind. Retirement should not be a revisitation of pre-retirement stress caused by contract legalities.
Perspective:
Recently, after having some troubles receiving an IRA distribution from the bank (it took 28 days, many, many phone calls, mailings and jumping through hoops) I decided to transfer my IRA to a friendlier bank. Yesterday I received a large package in the mail from that bank. It contained the instructions and forms for making the conversion.
There are 74 pages... small type, full 8 1/2 X 11" pages... and... another booklet containing 32 pages, small type... with referenced links from the other contract.
.......................................................................................
Taking this a little further... The basic Comcast customer agreement contract... (note "basic") contains 15,032 words.
The US Constitution contains 4,532 words... the Bill of Rights 463 words... and the total constitution with all 27 amendments... 7,591 words.
That's not all... The Comcast agreement references more explicit included agreements, definitions and ancillary expanded explanations... Too many to count.
Comcast Agreement for Residential Services
................................................................................................
Do you read contracts? Like car or house insurance, home owner agreements, leases, rentals... even short term contracts such as tickets to an event, or even airline or mass transit agreements.
If you have a high value liability insurance or flood insurance, or mold insurance, do you know what is and isn't covered?
...............................................................................................
I have one son who is the lead attorney for a very large risk management corporation dealing in the public sector. While we didn't discuss specifics, he indicated that the legal constructs that he deals with daily have grown by triple digit increments over the past 25 years.
..............................................................................................
In my dotage, this is becoming too much to handle and stay atop of. Fortunately, the major expenses in our household budget lie in the area of governmental controls... Medicare and supplements and Social Security have been without incident since we signed on 15 years ago, and any questions we may have had, have been simply and quickly resolved with a phone call to a person. Likewise, any dealings with our state and local governments have been dealt with without anxiety.
In short, we feel a bond of trust with government services.
..............................................................................................
This indirectly addresses the current ongoing discussion about financial risk for persons with a degree of dementia. While that discussion leaned heavily on financial advice, and wealth management... those who have related their personal situation, with regard to challenged friends and relatives... realize the ongoing anxiety that daily bill paying causes. Add to this the service charges, billing errors, and penalties and it's clear to see how the legal community has wrapped itself in protections that only grow and create more costs and problems for seniors and those who are protecting them.
We are part of a larger community of seniors... perhaps 600 persons almost all over age 65. From personal observation, there are fewer than 100 who use a computer of any type, and most of these person are not internet savvy, using their computers for playing bridge or solitaire.
...............................................................................................
Back to the initial question. Do you read the contract?
For DW and I, the answer is no, life is too short... and for those times when legal constrictions result in anxiety and extra costs... we keep a mental money-reserve to cover these costs... $500 to $1000. Coverage for the inevitable losses, where fighting injustice is not worth the anguish or the time.
This probably qualifies as a rant, but for everyone who will grow older, something to put in the back of your mind. Retirement should not be a revisitation of pre-retirement stress caused by contract legalities.
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