The baby boomers are aging. This is not news yet it seems to make the headlines of newspapers and television news at least once a week. Some of the information in these reports is educational, others seem to be scare tactics to get people to save more or invest more in their retirement. Some of the tactics seem to provide more questions than answers which is quite frustrating for many seniors that are looking forward to their retirement years.
For years the politicians running for office have provided social security information as part of their platforms. Most of the statistics are presented to win over votes. This social security information tends to scare some people into believing that they cannot retire or that they do not qualify for benefits. Each person that has been employed has an account with the social security administration. There are offices in most major cities in the United States. People can make an appointment to meet with a social security employee or they can request written information about their specific account. The social security information regarding what you have paid in and what you are entitled to is as accessible as finding out what is in your bank account. It is your money that has been taken out of your earnings. This is not a mysterious program that is only available to a few, as long as you have paid into the program you are entitled to a pension.
I have worked in the social services field for many years. There are times when I help people access their social security information. The process can be intimidating, as all government programs are, yet the individuals that work for the social security administration that I have encountered, are pleasant and informative. Once you have made inquires about your social security information you can request that an updated report of earnings be supplied to you on a regular basis. You can use this social security information to help plan your retirement. The payments are not going to be as substantial as other pension plans. The amounts of payments that are received are based on the number of years that each person worked as well as the salary they earned. Social security taxes are taken out of your earnings based on the amount you are getting paid. If you are in a lower paying job you will receive less of a pension that someone that earns more. Also people are not able to draw out their pensions as early as they could in the past, so the beginning dates of when the funds are available is part of the social security information that is sent to each individual. When you can begin getting payments is based on what year you were born.
Monday, March 31, 2008
Social Security Disability Benefits
Social Security Disability Benefits
When my mother’s back started to degenerate, she had to face a whole new life. She tried to work as long as she could, but being a nurse with a bad back was next to impossible. She found that the longer she worked the worse her pain would get. In the end she had to give up her career and stay home. Her back continued to get worse and her dreams of going back to work began to dim. She had to find away to contribute to the family income, so she had to apply for social security disability benefits. Though she has worked hard her whole life, she knew now that she didn’t have much choice in the matter.
It was not easy for her to get social security disability benefits. If I remember correctly, it took her years for her benefits to come through. She had to hire lawyer, and in the end she still didn’t get what the lawyer thought she was entitled to. Though there were perfectly healthy fakers in our town getting social security disability benefits without much trouble, my mom, who was unable to move on some days, was being given the run around. It was truly heartbreaking for all of us, and it made her even more depressed.
Though her fight for social security disability benefits finally came to a successful conclusion, that doesn’t mean I am not bitter about the system. I hope that I never need it because I might not handle it was well as she did. I know one man who lived off of his social security disability benefits when he was totally and completely able to work for a living. When his caseworker came into town he could be seen wheeling around in wheelchair. When he thought he was in the clear, he was back on his feet and partying away his check. It truly made me sick.
When you think about it, this is something that you should take seriously. Why is it that people who are too hurt or ill to work cannot easily get social security disability benefits while others seem to be able to fake their way through the system so easily? What if this were to happen to you? In reality, those who life on social security disability benefits have paid into the system while working, so they have already earned some of this money, but the rest is made up for with tax money. When you see someone who is faking an injury or illness to live fancy free, you should know that you are paying for that. How does that feel?
When my mother’s back started to degenerate, she had to face a whole new life. She tried to work as long as she could, but being a nurse with a bad back was next to impossible. She found that the longer she worked the worse her pain would get. In the end she had to give up her career and stay home. Her back continued to get worse and her dreams of going back to work began to dim. She had to find away to contribute to the family income, so she had to apply for social security disability benefits. Though she has worked hard her whole life, she knew now that she didn’t have much choice in the matter.
It was not easy for her to get social security disability benefits. If I remember correctly, it took her years for her benefits to come through. She had to hire lawyer, and in the end she still didn’t get what the lawyer thought she was entitled to. Though there were perfectly healthy fakers in our town getting social security disability benefits without much trouble, my mom, who was unable to move on some days, was being given the run around. It was truly heartbreaking for all of us, and it made her even more depressed.
Though her fight for social security disability benefits finally came to a successful conclusion, that doesn’t mean I am not bitter about the system. I hope that I never need it because I might not handle it was well as she did. I know one man who lived off of his social security disability benefits when he was totally and completely able to work for a living. When his caseworker came into town he could be seen wheeling around in wheelchair. When he thought he was in the clear, he was back on his feet and partying away his check. It truly made me sick.
When you think about it, this is something that you should take seriously. Why is it that people who are too hurt or ill to work cannot easily get social security disability benefits while others seem to be able to fake their way through the system so easily? What if this were to happen to you? In reality, those who life on social security disability benefits have paid into the system while working, so they have already earned some of this money, but the rest is made up for with tax money. When you see someone who is faking an injury or illness to live fancy free, you should know that you are paying for that. How does that feel?
Saturday, March 15, 2008
Social Security Bulletin Tod Declare BankRuptcy
The note in the church bulletin says, Success is reaching Social Security age before having to declare bankruptcy. Reportedly, one third of those over 55 who lost their jobs never found another one. They tried to make the distance to age 62 or 65 for Social Security but many never made it. Many used credit cards to pay their ordinary bills for food and utilities. Even after making it to Social Security many, found the crushing usury interest rates from 18 to 34 percent overwhelming.
The headlines in the newspapers tell the story - Older Americans filing for bankruptcy in increasing numbers. Many hid their economic problems from their children as they saw how they too were struggling to survive in a ever changing job market. However, the children were not taken by surprise as their parents were who expected the American Dream to continue as it was all their lives.
It took awhile for the children to discover the extent of their parents debt. Many of the elderly accumulated up to $100,000 of debts at up to a 34 percent interest rate.
By one expert estimate, people 55 and older now account for 22 percent of those filing for bankruptcy, up from less than 10 percent in 1994. The increase in bankruptcies came rapidly in both the Clinton and Bush era. Many of the elderly had steadfastly paid bills on time for fifty years or more. In their so called golden years, they are filing for bankruptcy losing their homes they lived in for many years.
Besides those who lost their jobs early, seniors are in financial distress for other reasons too. The exploding cost of health care including prescription drugs - have either drained savings or diverted to credit cards with the high interest rates on top of the high costs. The jobs losses contributed to the failing health too. Many even start using credit cards for food. They became helpless as interest rates rose and the balances ballooned. Once someone starts paying more than 18 percent interest the story is over and it is turns into a heartbreaking ending.
Studies show that the debt burden among the elderly began growing in the early 1990s and has only worsened since then. Many having grown up during the Depression, took special pains to live within their means but things changed with the U.S. going through an economic storm and a silent depression for years. It took only one major medical setback or nursing home stay to set the climax of financial despair.
Mary Ann Rabin, a Cleveland attorney who represents bankruptcy clients, said she used to see credit cards debts among filers of all ages in the range of of $10,000 to $15,000. Today, she said, it's not uncommon for people to owe $80,000 or even $100,000. Many who were in a small business for many years took on credit lines and credit cards to get over the lost of customers who went out of business. Reportedly, 48 percent of all small business owners maxed out their credit cards for the sake of economic survival.
With the recent change in bankruptcy laws, many now find it useless to file for bankruptcy having no assets left and can not find help since they are considered to be "judgement proof". The cost of a good bankruptcy lawyer is not cheap and filers must take a pre-bankruptcy and post-bankruptcy course too. This costs money too. Those who do not file are subject to harassment by bill collectors up to the day they die. It all happened on the Clintons and Bush watch.
The headlines in the newspapers tell the story - Older Americans filing for bankruptcy in increasing numbers. Many hid their economic problems from their children as they saw how they too were struggling to survive in a ever changing job market. However, the children were not taken by surprise as their parents were who expected the American Dream to continue as it was all their lives.
It took awhile for the children to discover the extent of their parents debt. Many of the elderly accumulated up to $100,000 of debts at up to a 34 percent interest rate.
By one expert estimate, people 55 and older now account for 22 percent of those filing for bankruptcy, up from less than 10 percent in 1994. The increase in bankruptcies came rapidly in both the Clinton and Bush era. Many of the elderly had steadfastly paid bills on time for fifty years or more. In their so called golden years, they are filing for bankruptcy losing their homes they lived in for many years.
Besides those who lost their jobs early, seniors are in financial distress for other reasons too. The exploding cost of health care including prescription drugs - have either drained savings or diverted to credit cards with the high interest rates on top of the high costs. The jobs losses contributed to the failing health too. Many even start using credit cards for food. They became helpless as interest rates rose and the balances ballooned. Once someone starts paying more than 18 percent interest the story is over and it is turns into a heartbreaking ending.
Studies show that the debt burden among the elderly began growing in the early 1990s and has only worsened since then. Many having grown up during the Depression, took special pains to live within their means but things changed with the U.S. going through an economic storm and a silent depression for years. It took only one major medical setback or nursing home stay to set the climax of financial despair.
Mary Ann Rabin, a Cleveland attorney who represents bankruptcy clients, said she used to see credit cards debts among filers of all ages in the range of of $10,000 to $15,000. Today, she said, it's not uncommon for people to owe $80,000 or even $100,000. Many who were in a small business for many years took on credit lines and credit cards to get over the lost of customers who went out of business. Reportedly, 48 percent of all small business owners maxed out their credit cards for the sake of economic survival.
With the recent change in bankruptcy laws, many now find it useless to file for bankruptcy having no assets left and can not find help since they are considered to be "judgement proof". The cost of a good bankruptcy lawyer is not cheap and filers must take a pre-bankruptcy and post-bankruptcy course too. This costs money too. Those who do not file are subject to harassment by bill collectors up to the day they die. It all happened on the Clintons and Bush watch.
Federal Reserve On Social Security
The Federal Reserve has made continual warnings about the collapse of Social Security and the President of the United States has also warned of the 2042 bankruptcy of social security. Obviously it is time for the rest of America to wake up. Many have and it seems any politician who talks about limiting social security will not get elected. This is a problem as they are afraid to address the issue.
Of course the longer that we wait to tackle this issue the harder it will be on us economically when we do. If you think citizens are not trying to protect this gift from the government, think again, as it is even an issue in local elections.
Having been involved in local city politics (250,000 pop city), it was amazing during the drawn out election process how many times I was asked about things totally irrelevant to running the city;
1. What is your Stance on Social Security?
2. What is your stance on Abortion?
3. How do you feel about Medicare?
4. How do you feel about the new drug plan?
Interestingly enough city council people do not deal with any of that? And yes if you do not address these issues and fill out their forms and say the right things, I doubt you could even get elected at the City Level.
Government must remove its self from the collapsing social security problem and recall that FDR had proposed a ceiling on it? What was it $1300 one time payout? How did it get so high? It should have never happened. In fact if you put that same $1300 in an account at birth that person would be full amortized by retirement, problem solved; lets say doubling every 5 years rather than the average of 7.7 years over time now?
Of course parents could do the same thing, but do not. Smart financially literate people do, perhaps better education Senior Year in HS or Introduction in College, would be a very wise investment in our educational system? Social Security for those retiring now ought to come with a reciprocal responsibility of mentorship to younger folks, lets pass on that knowledge not waste it? Perhaps an Asian Concept, but it could bridge the gap to pass on knowledge.
You see retirees often feel that the younger generation does not care and will re-live their past mistakes without listening, indeed they probably will, but that does not have to occur. We need them, they need us and they are interested in helping, as I have traveled our nation and sat in coffee shops and received such information freely from them.
I certainly hope this article is of interest and that is has propelled thought. The goal is simple; to help you in your quest to be the best in 2007. I thank you for reading my many articles on diverse subjects, which interest you.
Of course the longer that we wait to tackle this issue the harder it will be on us economically when we do. If you think citizens are not trying to protect this gift from the government, think again, as it is even an issue in local elections.
Having been involved in local city politics (250,000 pop city), it was amazing during the drawn out election process how many times I was asked about things totally irrelevant to running the city;
1. What is your Stance on Social Security?
2. What is your stance on Abortion?
3. How do you feel about Medicare?
4. How do you feel about the new drug plan?
Interestingly enough city council people do not deal with any of that? And yes if you do not address these issues and fill out their forms and say the right things, I doubt you could even get elected at the City Level.
Government must remove its self from the collapsing social security problem and recall that FDR had proposed a ceiling on it? What was it $1300 one time payout? How did it get so high? It should have never happened. In fact if you put that same $1300 in an account at birth that person would be full amortized by retirement, problem solved; lets say doubling every 5 years rather than the average of 7.7 years over time now?
Of course parents could do the same thing, but do not. Smart financially literate people do, perhaps better education Senior Year in HS or Introduction in College, would be a very wise investment in our educational system? Social Security for those retiring now ought to come with a reciprocal responsibility of mentorship to younger folks, lets pass on that knowledge not waste it? Perhaps an Asian Concept, but it could bridge the gap to pass on knowledge.
You see retirees often feel that the younger generation does not care and will re-live their past mistakes without listening, indeed they probably will, but that does not have to occur. We need them, they need us and they are interested in helping, as I have traveled our nation and sat in coffee shops and received such information freely from them.
I certainly hope this article is of interest and that is has propelled thought. The goal is simple; to help you in your quest to be the best in 2007. I thank you for reading my many articles on diverse subjects, which interest you.
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