Social Security To Start Cashing IOUs (Traverse City Record-Eagle) The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: 2.5 trillion dollars in IOUs from the federal government, payable to the Social Security Administration. It's time to start cashing them in.
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Social Security IOUs Stashed Away (The Washington Times) PARKERSBURG, W.Va. | The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration. It's time to start cashing them in. For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits - billions more each year ...
FACTS ON SOCIAL SECURITY DISABILITY SERVICES There are different types of Social Security Disability Benefits and as members we have to be abreast with all legal components concerning Social Security. One type of disability benefit is the Disability Insurance Benefit. This type applies to disabled individuals who have worked in recent years with the general rule 5 out of 10 years. And also included in type of disability benefit are those disabled widows and widowers who are at least 50 years old and whose disability has been found out to exist over a certain amount of time after the death of either the wife or the husband. The Social Security however requires that the deceased member should have worked the amount of number of years required to be able to qualify him or her of the insurance. For cases wherein the deceased member has a disabled adult child, the ruling of Social Security requires that the child should have been disabled before aging 22 years old in order for the child to benefit from the death of his or her parents or any other member of the family in which he is dependent upon. All of the benefits offered by the Social Security are available for everybody. Interested individuals are only required to have enough credits and a job covered by Social Security to avail of the benefits provided by the agency. Nonetheless, the rate from person to person differs depending on the number of years they have worked and the degree or the severity of the disability. For Social Security related cases there are Social Security Attorneys to turn to. Social Security Lawyers have the expertise and the knowledge to help you through your various Social Security troubles. These Social Security Lawyers can be reached either by phone or by email. Check your state and get to know the Social Security Attorneys in your area.
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Retirement Savings Calculator -- Why It's Important
Robert Sherman
Why do I need to save for my retirement? After all, aren't the government and my company going to provide for my retirement income? And, not only that, but I'll be making so much more money in the future that I'll be able to make up for lost time then. It's sad that many Americans think that providing for their retirement is somebody else's responsibility. Savings rates have declined over that past decade and many people are pulling money out of their savings just to make ends meet. But, that fact is that others are not preparing for your financial future. And, too many people themselves are failing to prepare financially for their own retirement. The National Retirement Risk Index, prepared by Boston College's Center for Retirement Research, indicates that 43% of households will fall short of having 90% of the assets they need to maintain their lifestyle into retirement. Generation Xers are worse off with 49% not preparing adequately for retirement. Government is not the answer. The federal government is feeling the pinch of its overspending habits. President Bush plans for the federal government to spend about $2,885 more per individual taxpayer than it expects to receive in taxes in 2007. About a quarter of your tax money already goes to pay the interest on the national debt. Debt payment is one of the fastest growing parts of the federal budget. Social Security is not in any better shape. All the excess Social Security taxes now collected are spent by the government. They place IOUs in the form of bonds in the Social Security Trust Fund. The Trust Fund consists pieces of paper with promises to pay future benefits--no real assets. And, the Social Security system is expected to start paying out more in benefits than it receives in taxes by 2017. Businesses are also feeling the pinch of foreign competition. Large corporations are increasingly hard pressed to meet their promises to pay their retiree's medical care. Competition with foreign companies that provide few employee benefits have forced some US companies to declare or threaten to declare bankruptcy in order to reduce employee compensation and benefits. The stool with the three "legs" of retirement security (the government, your company, and you) is starting to wobble. And two of those legs are getting pretty weak. That gives you increased responsibility. If you retire at age 65, you will probably live for another 30 or 40 years. You must prepare to provide a retirement nest egg that will help supply your financial needs for at least 40 years. The best way to determine how to have a successful retirement is to use a retirement savings calculator. This will show you the growth in your retirement savings during your working years as well as the value of your savings during the years you withdraw money after retirement. By adjusting how much you save, the rate of return on your investments, the expected inflation rate during retirement, the amount of pension and Social Security you expect, and other factors, you can determine a plan of action that will sustain you as long as possible. Here are some of the factors that will affect the amount of retirement savings you accumulate and how long those investments will last. - Current annual income - Percentage of your current income you invest for retirement - Number of years until you retire - Percentage annual increase you expect in your annual earnings - Percentage of your final earnings you'll spend if retired - Amount of your pension and Social Security you expect to receive - Inflation rate during your retirement years - The amount you currently have invested for retirement - Expected average growth rate of your investments By entering various values into a retirement savings calculator you can see how to improve your chances for a successful and prosperous life as a retiree. Let's look at an example. Suppose you are 25 years old, starting in a professional job at $50,000 a year with no savings and expect to see increases in your income and inflation of about 4% a year. And you believe you can invest and get a tax free 8% rate of return. You'll invest for 40 years and need about 60% of your then current income for retirement living expenses. You'll consistently invest 8% of your income for retirement. At retirement you expect to receive an annual pension from your company of $35,000 and Social Security of $20,000. You can expect, at age 65, after 40 years of earning and investing, that your retirement nest egg will be about $1.765,658. That seems pretty good, but your initial annual spending at retirement will be about $144,031. Overall, your investments will provide 29 full years of inflation protected income before they are depleted. At that time you will have to count on only your pension and Social Security, and drastically lower your standard of living. If you had saved 10% of your income instead of 8%, your retirement nest egg would last 45 years. This small change would allow your investments to carry you through the rest of your life. You can see how minor adjustments in your retirement preparation can make a significant difference in your future standard of living. The sooner you start using a retirement savings calculator to adjust your savings plan, the smaller the adjustments you'll need to make. There is no time like the present to help ensure a prosperous retirement.
Robert Sherman is the owner of Bob Sherman Credit ( http://www.bobshermancredit.com/ ) which provides information about credit, debt, and wealth building. A retirement savings calculator is available to help you plan for a prosperous retirement.
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