Financial Situations Change with Recession Intervention

I had posted the other day about social security and how there won’t be an increase for those getting checks this year, plus the fact that it’s in dire shape. (No surprise though is it?) As many of you are aware I volunteer and drive for Meals on Wheels each Wednesday.  Did I get an earful from many of the folks today! We discussed the fact that their financial situations change at the whim of government and they don’t have the resources (time, money, or in some cases physical ability) to create a recession intervention .  A plan B, a way to create supplemental income, a way to help them over the hump (whether be short term or long term) ~ they (being seniors) don’t have much of a chance to increase their net worth , and in many cases even break even.

Now I am a Baby Boomer , probably beyond my mid years unless I can live to be well over 100, which I know is not likely.  However, I do have the resources (and motivation) to take control of my own destiny !  How many of you are sitting by the sidelines thinking continue reading »

Millions Face Smaller Social Security Checks

So did you see in the news today, that millions of people will be faced with smaller social security checks?  What does this mean for you? Are you collecting social security yet, or even hope to?  Here’s a quote from the article….

"Long-term financial problems -
Social Security is also facing long-term financial problems. The retirement program is projected to start paying out more money than it receives in 2016. Without changes, the retirement fund will be depleted in 2037, according to the Social Security trustees’ annual report this year."

You can read the entire article here.

I’ve actually heard some authority’s state that this is optimistic and the monies will run out sooner.  Again, what does this mean to you? Have you started to realize that you do need to take control of your own destiny? Have you  thought of a way to supplement your income, possibly with starting your own business , even part time?  There are tremendous advantages to having your own business . Do you owe it to yourself (or at least your family) to start doing some research?  You don’t need to stress about money and the future if you take action and have a plan "B" .  Who knows it just might become your plan "A" !

Until next time, J.
"Take control of your destiny or someone else will"

I.O.U.S.A. One Nation. Under Stress. Under Debt.

by Addison Wiggin and Kate Incontrera

I had best intentions of writing this sooner, but the holidays, kids home from college, and business commitments kept me from completing it.

Unfortunately, and I mean that seriously – this book (I.O.U.S.A.) is what we all needed to read years ago, before it was even published. Thank goodness it finally has been making the rounds to educate us – even though some think it is too late. continue reading »

Can You Live on $845.89 Per Month?

This article was provided by Wealth Masters International

If you think you can count on Social Security for anything resembling a comfortable retirement, think again.

Don’t just take my word for it. Here’s what the Social Security Administration itself claims :

* As of June 2008, the average monthly benefit paid to a retired worker was $1,084.47.
* In 2041, Social Security will only be able to pay 78% of scheduled benefits.

Put those two points together, and it means that in 2041, the average retiree can expect to receive the inflation-adjusted equivalent of $845.89 per month . That may be enough to squeak by on the most meager of lifestyles, but it’s also well below what a full-time minimum-wage job pays.

You deserve better!

By the time you reach retirement, you’ll have worked your whole adult life to get there. It’d be a shame to retire only to have to choose between taking your medicine or turning on your heater in the middle of winter.

But if you’re depending solely on Social Security to see you through your golden years, that’s precisely the type of choice you’ll have to make.

Unless you’re one of the vanishing few who can depend on a guaranteed pension for the rest of your life, you’re left with just one other source for your retirement income: You.

What you save over the remainder of your career will make the difference between a comfortable retirement and one filled with exceptionally tough choices.

Every little bit helps .

As long as you draw a paycheck, you have the opportunity to set some of it aside for your future needs. The more time you have, the more your money can grow for you.

Start by looking at the potential growth of $1,000 over time. Even if you’re a late starter, investing what you can as long as you can will make a significant difference.

When it comes time to spend your savings in retirement, the rule of thumb is that you can spend 4% of the starting value of your nest egg annually, adjusted for inflation, without running out of money. That same $1,000 saved and compounded over time turns into this much in monthly retirement spending:

A little bit saved over a long period of time can add substantially to the amount you can spend in your retirement. That’s a welcome supplement to (or replacement for) the ever-shakier payouts from Social Security.

You can do it!

How do you feel about those numbers? Leave a comment for us

Until next time, J

"Take control of your destiny or somone else will"