Will you have your chair in place when the Social Security music stops? The following article discusses the ugly truth in a clear and concise manner and presents some of the usual options being tossed around as possible solutions. Bottom line, Baby Boomers need to get their act together before the music stops with no more chairs in sight.
Many of us watched Maxwell Smart in the Get Smart television series. Among his antics he would repel through a doorway or to the top of a nearby building. Inevitably, he would crash into the door jam or hit the side of the building and would comment, holding his thumb and forefinger about an inch apart, he missed it by that much.
Similar things can happen in our retirement plan when we over or under estimate how much it costs for us . . .
Here’s some potential good news for boomer veterans who are at or nearing retirement. If you served in the armed forces you could be eligible to receive increased social security benefits as a result.
Now isn’t the time for Boomers to be playing Russian Roulette with finances. Retirees depend upon interest income, along with pensions and Social Security. All three are under fire, causing some to take on riskier investments in an attempt to make up the difference between the damage caused by Fed policies pushing short and long rates down to historic lows, while encouraging inflation in food and other basic necessities, thereby constantly nibbling away at inflation adjusted incomes.
Far too many financial advisors and gurus believe today’s low interest rates are virtually guaranteed for some time as this is the Fed’s announced policy. I’ve learned over time that markets actually rule.