I have just received one of the best reasons to show that when I joined the AARP (American Association for Retired People) that it was one of the best ideas that I acted upon. It let me show to all my friends on Facebook that the lack of Social Security will affect every one of us in the future.
The first news letter was the American News and the second hit to home as it was The Lagoa News. This comes from the fact that when I joined AARP that I had to give my home town and I live in Lagoa, Portugal. It is actually telling people that I am calling the attempts by Washington to overhaul Social Security as ‘Irresponsible’. And really this is true. But I also know that the Government has their own problems with the Stock Markets and the Banking system, which is where all their money is, so they go by their priorities, not ours.
I am suggesting to all the younger people to start saving now even if you think Social Security will be there when you retire, but you should realize that your income from the SS will not cover all of your expenses. Neither will your retirement pay from your company, if they are still in business. You should make your own retirement plan, which could be a life insurance that you can start drawing on after so many years. It should also be that the insurance gives you interest on the money that you deposit, but this is also a gamble.
I know a number of people here in Portugal and around the world who save their money in the mattress of their bed. Safe as long as there is no fire and as long as you don’t find a reason to spend it on something. Also the money is not circulating, creating more work for others, etc. and gains no interest.
What you can also do is plan on moving in with your kids so that they can pick up most of the bills and you can help around the house, cleaning, fixing up, babysitting for the grand kids, etc. but then you have to go by their rules, not yours. But you would have your own room to yourself, most of the time, but don’t expect to be able to invite all your old friends over whenever you want to as your kids will probable have something planned themselves.
You could also keep working until you die after you retire by being a door greeter at Wal-Mart or something like that, but not everyone is mentally or physically ready to work for someone else. As we get older we start to look forward to being able to do all those little things that we didn’t have enough time for. This could be crocheting, sewing, woodworking, model building, fishing, visiting your grandkids during the week, not just the weekend and so forth.
Or you could start a home based business as part-time and have your plan B as your future retirement money. As part of the home based business you could also do MLM (Multi Level Marketing). Some people believe that this is a pyramid scheme but they are not. With MLM you have to sell and/or provide a product. This is Mary Kay, Herbalife, and others like this but the one I believe in is ACN (American Communications Network). With ACN you don’t buy and sell products but provide a service; Telephone. Usually at a significantly reduced rate to the big ATT and such. They are on the internet. Look them up.
I know you have your own ideas about what you would like to do and I say: Plan for It
- Harry Reid: Social Security Is ‘Off The Table’ (huffingtonpost.com)
- The Social Security Situation (creditloan.com)
- 4 Retirement Pillars Have Serious Cracks (money.usnews.com)
- Harry Reid: Social Security “Off The Table” (outsidethebeltway.com)
- National Debt vs GDP (creditloan.com)
- Will You Get Back What You Paid to Social Security? (eagleviews.org)
- Reid: Social Security is “off the table” (dailykos.com)
- Social Security has NOTHING to do with the National Budget or Deficit (iflizwerequeen.com)
- Hector E. Sanchez: Strong Social Security Is Central to the Latino Community’s Future (huffingtonpost.com)