Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#1
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Forbes: Social Security Article
The article describes many issues that people might consider about applying for benefits at different ages.
The article was written by Boston University Professor of Economics; Laurence Kotlikoff Quote:
44 Social Security 'Secrets' All Baby Boomers and Millions of Current Recipients Need to Know - Revised! |
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#2
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That is an excellent article. Like everything the government does collecting SS is very complicated. The is no one right or wrong answer because each person's needs are different and add to that their health issues. The biggest problem in my opinion is that people start planning for retirement way too late in life. Today's generation is hardly saving anything at all for retirement. The Villages could end up a ghost town in the future.
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#3
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And as we have witnessed throughout the last few years of an at best questionable/disasterous economy TV sales may have slowed some but remained at a pretty impressive pace. TV slow development would be a dream come for a developer located anywhere else. My bet is the desire for the lifestyle we all enjoy will remain in demand. |
#4
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For us in The Villages this is probably the Golden Age of Retirement. We got to participate in profit sharing plans and pensions at a time when our real income was growing. IRAs were paying nice dividends and matching 401ks were generous.
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#5
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Retirement benefits have been getting less generous over the last 35 years.
IMO, it just shows the importance of Social Security and Medicare for seniors. For some, SS is their only retirement income. But for just about everyone, SS is part of the 3 legged stool for retirement income. |
#6
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It is typical that what one needs in retirement is not a priority when younger than....say 50. I know I didn't but I was fortunate to have company and private retirement plans for the future. At 50 I got serious and established a goal of being able to walk away from work at 59....which I did! In today's environment where corporations and just about every other institution no longer provides benefits like we were fortunate enough to have. As a result people have to spend more for health care as well as everything else. Retirement plans almost no longer exist. So it becomes even more important for the youth of America to be thinking about how to become financially independent much, much earlier. That will not happen for the same reasons we didn't do more sooner. Retirement for today's youth will look very much different than what our generation and the baby boomer generation had/has. They will have less and be able to afford less.......unless by the time they retire the government will have provisions to handle that as well. |
#7
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The younger generations would be wise to start planning a nest egg, in their twenties as 35 % percent of the present population, hasn't saved anything for retirement.
My son isn't planning for SS to be there when he retires, so he saves his own retirement funds. I don't agree TV will be a ghost town. After all, we will leave our houses to them, when the big guy calls us home. It doesn't pay to be stupid about money.
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"It doesn't cost "nuttin", to be nice". MOM I just want to do the right thing! Uncle Joe, (my hero). |
#8
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But I believe your son should not worry too much about it. The program might evolve a little but I am confident it will be there for him. But, his concern probably has a positive aspect to it. If he gets motivated to save... He should at least be prepared for retirement. If he really get's motivated, he might have the financial ability to retire early if he chooses. He might choose to continue to work... but it is always nice to have the option to stop working if one chooses! |
Closed Thread |
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