Tuesday, February 19, 2019

How many people can save ten times their final salary in a working career?

Christy Bieber rolls out the “economic invincibility” advice on MSN, with three questions that would test whether your retirement is in trouble.

Most of all, you need to save 10 times your final salary, and use dollar cost averaging.

I wondered, though, how most workers will be able to do this, unless they are talented enough.
People approaching retirement need to decide how they feel about the “individualism” v. “interdependence” question.  David Brooks spoke about this recently in Sarasota, FL, where he denigrated “tribalism” (based on common enemies) and recommended “community”.  But he warned that “unrooted” persons will find themselves becoming “unremembered” as their worlds move from competitiveness (the traditional workplace) much more toward cooperation and recognizing need in “retirement”.  People will pray for you.
In the meantime, “the young people will win”.  At competition. That includes "Martin".

Tuesday, February 12, 2019

Motley Fool gives a crash course on obscure facts about Social Security

Dan Caplinger of the Motley Fool (a favorite site when I worked at ING) lists ten quirky facts about Social Security you probably don’t know. MSN/Bing offered this today on Microsoft Edge on Windows signon.

A lot of them have to do with remarriages or unusual dependency situations, returns to school, even prison.

The article also gives the mathematical formula showing how your benefit amount is calculated.

Saturday, February 02, 2019

Some state government employees who did not have FICA deducted might have Social Security benefits further reduced

Congress reportedly is looking at reducing Social Security payments to retirees who held jobs (often with state or local governments) where social security tax was not withheld, according to the Massachusetts Retires site. 

I had about 19 months employment with the Navy Department from 1971 to late 1972 where Social Security was not withheld (but it would have been after 1983).  It helped me buy a new car.   However my own benefit already takes this into account.