Social Security and Your Future

I am always reading about the future of Social Security. Recently, I read that in 2016 we will begin paying more in benefits than we collect in taxes, only 7 more years. Without changes, by 2037 the Social Security Trust Fund will be exhausted and there will be enough money to pay only about 76 cents for each dollar of scheduled benefits.

Saving is even more important and in this economy even harder. But, it is essential that we save which for most of us means to stop spending. The money to save has to come from somewhere and if our economic situation does not change, then not spending is our savings program.

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Money, Money, Money

As I was doing my bills the other day, my mind could not help but go to the current state of the economy. You have listened to the gloom and doom news comparing our current state of affairs with the Great Depression. Well, what did we, or our parents/grandparents, learn from that period. They learn to save prudently and cautiously. I can not tell you how many of my clients have benefitted from that saving mentality. Over the generations, the family members of my clients have passed on the wealth in hope of making my clients' life better and it worked! Now we have our greatest challenge. How will future generations benefit from our response to this economic crisis? What should we be doing, now? Among the many things we have to do is work together as a unified society. Individually, we have to take responsibility for ourselves and those dependent upon us. We have to plan for our future generation by taking such actions as making a will to pass on our assets and our legacy. We have to set up trusts to hold and distribute our assets, whatever they may be, in a responsible manner. We have to do these things even when we think we have nothing, especially if we think we have nothing. We never know exactly what the future may bring. However, we can and should plan for the future that we hope for, for ourselves and for our children.

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Finding Your Money!!!

I was looking out the window as I typed this blog admiring the greenery all around me. It made me think about the millions if not billions of dollars people take to the grave with them. This happens when you fail to keep loved ones informed of your insurance, investments, and the other benefits/assets you have.

Take the time now to collect your important papers in one place or make a list of all your insurance policies, investments, bank accounts, etc. Share with the person that you have named as executor in your will or let them know where such information will be located. There are now even on line services that you can use to store this information. Your loved ones will be notified once this service is made aware of your death. They do this by tracking Social Security Administration's death index and other governmental databases. As these services become more popular, less and less money will be diverted to the government. The intended recipient will get the money.

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Saving and Powers of Attorney

Saving is on the top of the advice list of the financial experts. Given the current volatility of the stock market, where does one save? Many are looking to FDIC insured institutions when placing their money and others are staying where they are to "wait" things out in hope that things will get better. What is the right approach depends upon your specific circumstances. Will the government be able to insure the increasingly failing institutions? Can you "wait" things out? I think saving is good advice as long as you make sure to take care of the essential matters. This would include making sure you have documents in place to address the unexpected or the unplanned. Everyone should have powers of attorney in place, one to handle healthcare matters and one to handle financial matters should we become incapacitated. You do not want to leave to chance who might take care of matters for you when you can not do it yourself. Choose a person as your agent that you trust and that you can depend upon in trying times.

Stop! What are you waiting for? Your essential guide to estate planning, my upcoming book, will help you through these economic times with sound and practical advice for your future.