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 Personal Money Planning'se-Newsletter for June 4, 2011
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Take a Risk
" Every man with a new idea is a crank until the idea succeeds... Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover."
- Mark Twain
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Disclosure | |
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This newsletter is produced by Gary Silverman, dba Personal Money Planning, a registered investment advisor located in Wichita Falls, Texas.
Information in this newsletter is believed to provide accurate and authoritative information in regards to the subject matter covered. However, the accuracy, timeliness, or applicability of the information is not guaranteed and is provided with the understanding that we are not rendering legal, accounting, tax, or other professional advice or services.
This publication should not be construed by any consumer and/or prospective client as Personal Money Planning's solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Nor should links provided to other sites be construed as the recommendation of the services or products mentioned on those sites. If such services are required, the help of a competent professional should be sought.
Remember that past performance may not be indicative of future results. Therefore, you should not assume that the future performance of any specific investment, investment strategy, or product made reference to (directly or indirectly) on this Website will be profitable or equal to indicated performance levels. Different types of investment involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for your investment portfolio.
Historical performance results for investment indexes and categories generally do not reflect the deduction of transaction or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results.
A copy of Personal Money Planning's current written disclosure statement discussing Personal Money Planning's business operations, services, and fees (known as an ADV Part II) is available from Personal Money Planning upon written request (and can be downloaded from our web site).
Personal Money Planning does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Personal Money Planning's web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
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2036:
What That Date Means To You
Last month, the trustees of the Social Security trust fund (where they keep all the money saved up to pay for our benefits) announced that the fund is projected to be out of money in 2036. That's right: the value of all the Social Security payments that you, I, and our employers have made since the beginning of the system is anticipated to reach the glorious sum of ZERO in 25 years. I'll be 78 years old then and I'd rather not see the system run out of money. Hey, I might be dead, but I might not.
Now before you panic too much, the fund hitting zero doesn't mean that payments will cease. Remember, they are still taxing all those employees and employers, so money continues to enter the system. In fact, the trustee projections show that even with the fund at zero, contributions will still allow them to pay out around 77% of promised benefits.
Note that these are projections. Four years ago, the projections showed that the trust fund would have lasted five years longer, to 2041. As I've been saying for a long time, it's time to fix this thing.
Gary Silverman, CFP®
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Mark Your Calendars
Free Upcoming Seminar
Retirement Income Planning
Making Sure Your Money Lasts as Long as You Do!
June 30 from 5:30 p.m.-7:30 p.m.
Courtyard by Marriott Wichita Falls
3800 Tarry Street
(across from Walmart on Lawrence Rd, behind Jack in the Box)
How can you make sure you have the money you need for the entirety of your retirement without having to skimp in the later years?
Retirement Income Planning will show you:
· How a safety cushion is achieved and managed
· What part your guaranteed income streams (such as Social Security, Pensions and Annuities) will play in the mix
· The basics of asset allocation to help in your investment decisions-a primer for the future Investing Core Seminar which will take a more comprehensive look at the topic
Please RSVP by calling
940-692-6885, emailing Gary@personalmoneyplanning.com, or filling out the online RSVP here. This will help us ensure we have enough of handouts and snacks for all.
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| gary's newspaper column | Newspaper Articles You May Have Missed |
From the Wichita Falls Times Record News
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gary's
other newspaper column | Biz to Biz Article You May Have Missed |
From the Wichita Falls Times Record News Biz to Biz
Don't Take My Kodachrome Away
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Article links from |
The Economist |
Does China Have Enough People?
It may not be such a strange question, after all.
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| parting thoughts
Fixing It
So how do we fix Social Security? Like pretty much any other budget problem we need to either cut expenses, increase income, or both. To fix it without cutting benefits we could raise the Social Security payroll tax from 12.4% to around 14.55%. To fix it without raising taxes we could cut benefits by 13.8%. For either one of these to work, we'd have to do it right now. Wait another few years, and the numbers go up. Massive unfunded liabilities tend to do that.
Of course current employees and employers don't like the idea of their taxes going up. Current retirees don't like the idea of their benefits going down. And there's the rub: which group do political candidates want to alienate and still get elected?
Have a great week. |
Gary
Gary Silverman, CFP®
Personal Money Planning
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©2010 Personal Money Planning. All rights are reserved by Personal Money Planning and content may not be reproduced, disseminated, or transferred in any form or by any means, except with the prior written permission of Personal Money Planning unless specifically noted. (Permission is not difficult to obtain.) The one exception is for downloading and printing information this newsletter for general education by the original recipient. |
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