New Retirement Age in 2025

The new year will bring a series of changes to Social Security. Every year the Social Security Administration announces a cost-of-living adjustment (COLA) which applies to beneficiaries’ payments starting with the disbursement that corresponds to January.

The increase this year was 2.5% which will also raise the amount contributors must earn for each Social Security credit, also known as a “quarter of coverage,” as well as the wage cap for Social Security taxes. Furthermore, beneficiaries will have to wait a little longer to reach full retirement age.   READ MORE...

Best Cities In Which To Retire

Living on a fixed income during retirement doesn’t mean you have to miss out on any opportunities to have a fulfilling retirement. While it might seem difficult to find a place to retire that is affordable and also checks off all your boxes in terms of climate and social life, there are several cities that have it all.

To help you find a place to retire that fits your economic and lifestyle needs, GOBankingRates has created a list of the best places to retire for $2,000 a month that are not only affordable but also feature warm weather and sunny skies.

12. Pittsburgh
Total Monthly Expenditures: $1,776.08
Livability score: 75

In Pittsburgh, retirees can rent a one-bedroom apartment for the cost of $990.40 per month. The city features a monthly grocery average of $415.95, and monthly healthcare falls on the lower end at $369.72. Those looking for social opportunities during retirement might want to consider this city, as 20% of the population is 65 and older.

11. Temple, Texas
Total Monthly Expenditures: $1,794.41
Livability score: 75

Temple is a great option for retirees looking for a warm and sunny climate, as the average temperature high for the city falls at 78 F and the average low at 55 F. Temple’s monthly rent falls at $971.40 and grocery costs for this city average $401.95 per month.

10. Roanoke, Virginia
Total Monthly Expenditures: $1,750.60
Livability score: 75

Roanoke is a great place for social butterflies as 20% of the city’s population is 65 and older. The city’s rent falls at $887 per month and the monthly grocery costs fall in the middle of the pack at $392.07.

9. Longview, Texas
Total Monthly Expenditures: $1,684.45
Livability score: 78

In Longview, retirees can expect to save the most on groceries as the average monthly cost falls at $378.89 — the cheapest out of the cities on this list. The rent for a one-bedroom apartment in Longview falls at $877.60 and monthly healthcare falls in the middle at $427.97. The weather is nice too with an average high of 77 F.

8. Huntsville, Alabama
Total Monthly Expenditures: $1,703.78
Livability score: 79

Retirees in Huntsville can rent a one-bedroom apartment for an average cost of $855 per month. The grocery bill for this city falls in the middle at $395.36, with monthly healthcare costing $453.42. The average low here is only 51 F.   TO DISCOVER THESE OTHER CITIES...  CLICK HERE...

Inflation B Good

Because of all the spending by our Federal Government, the US inflation rate has increased to 3% and is expected to increase and possibly stabilize at 4% which is incredibly good news for ALL AMERICANS because it means that Americans will be paying more for goods and services, leaving them less and less money to save or spend on other necessities...  should the occasion arise.

• More for gasoline
• More for food
• More for clothes
• More for medicine
• More for electricity

With this kind of inflation, unemployment insurance payouts will not last as long as it did before with this kind of inflation and it is this kind of inflation that financially hurts older senior citizens who are living only on Social Security without any other sources of income.

The new Presidential Administration should be complemented because they are the ones that caused this...  We should feel fortunate that we have such brilliant people at the helm of our country and who are making these clever decisions on behalf of the American people.

Social Security

This year’s Social Security cost-of-living adjustment was 1.3%, yet many of the costs seniors face are rising much more quickly.  In 2021, the estimated average monthly benefit increased by $20 per month.

Many expenses have dramatically risen in the past year, according to a new analysis of Consumer Price Index data from the Bureau of Labor Statistics done by The Senior Citizens League, a nonpartisan senior group.

From March 2020 to March 2021, the fastest-rising cost was car and truck rentals, which went up by 31.2%. That was followed by laundry equipment, which climbed 24.2%; gasoline, 22.2%; and home heating oil, 20.2%.

Some prices, such as prescription drug and medical costs, stayed constant, although physician services climbed by 5.3%.  Admittedly, all consumers are grappling with those rising price tags, not just seniors. The Senior Citizens League selected the list based on which costs affect retirees most.

Because older Americans often live on a fixed budget, which typically includes Social Security benefits, having to absorb those higher costs can hit them harder.  “With inflation rising so fast, what’s going on right now is an erosion in buying power,” said Mary Johnson, Social Security and Medicare policy analyst at the league.

When measured by the index used to calculate Social Security’s annual cost-of-living adjustment — the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W — inflation has risen since last year.  The CPI-W was more than 3% higher as of the end of March than it was a year ago.  TO READ MORE, CLICK HERE...

Paid For Not Working

I like the idea of receiving money from our Federal Government for not working...  my wife and I are in that situation now, getting paid Social Security for not working...  and, it is a damn good feeling to sleep as long as one wants, in my case shave whenever I want to, and work in the yard whenever I want to, watch cable on television whenever I want to, and do absolutely nothing whenever I want to...

Living in East TN, our combined SS just about pays our monthly expenses which is also predicated upon the fact that we have been debt free for 20 years, and due to our age, have all the clothes that we could possible ever need for the rest of our lives.  So, there are some mitigating circumstances that allows us to live like this...  understanding, if we were 20 years younger, it may/may not be that possible.

I also like the idea of THE FRIGGING WEALTHY paying for everything.  I understand that they worked somewhat for their money but once their money was earned, their cumulative interest was earned faster than they could spend it...  and, consequently, should be FORCED to take care of everyone else...  as if we were all their family members.

However, there are some wealthy family members that don't give a shit about the rest of the family and share as little of their money with the rest of the family as possible.

THE KEY TO DOING NOTHING in order to maintain proper mental health is to keep yourself busy...

BUT...  as far as our economy is concerned...  if people don't want to work because of receiving benefits from the government, then businesses cannot properly staff their organizations and actually conduct business the way business used to be conducted.  These businesses will be short staffed and the result will be customer dissatisfaction.

This will eventually cause the US to fall off the top of the mountain economically and no longer be a superior country...  This will leave China picking up the slack.  Once that happens, the US will have hell to pay trying to get it back...

DAMN...  I am glad I am retired and don't have to see much of this shit.

2015

My wife and I have been retired since 2015, so we have 5 years of retirement behind us...  and...  it is my opinion (whatever that is worth) that I will live at least another 2 decades which would take me to age 93...  My mother lived to almost 96 and my father lived until 89...  but, does that heritage support my longevity?  Maybe...  maybe not...  but, it is what drives my motivation.

At the beginning, my wife and I traveled a lot that included flights to Europe, Cruises to the Caribbean, and auto trips to various places of our interest all around the United States.  About the time that COVID hit us, my wife and I had pretty much decided that traveling no longer suited us.

Airports and Customs more than anything else caused our traveling dreams to end....  not to mention the fact that very few people in Europe these days seem to have made the decision that they no longer wanted to speak english....  and, more importantly, the food in Europe was not necessarily cooked to our Southern Tastes, at least those foods we could recognized.

A few years ago, we donated all our luggage to a local Church to sell at their Yard Sale and in order to travel now, we would have to purchase new luggage that to us seems like a needless expense.

The Great Smokey Mountains is only about 90 minutes away from our home in East TN and the Cherokee Gambling Casino is only 30 minutes beyond that...  although, neither my wife nor I have that much interest in gambling these days...  and if we do decide to gamble our limits are about $20/night.

While using our combined Social Security income, most of our monthly expenses are covered because of where we live in East TN...  this is not the case in other parts of TN or the case in other nearby States.  Our savings covers the other part of our expenses and allows us to travel in an average way...  so, we elect to focus on Myrtle Beach even though we have tried other places from time-to-time...  and, each time we do, we quickly realize we should have gone to Myrtle Beach.

Care and Feeding of Seniors

 15.2% of the Population are 65 years of age and older...

13.4% of the Population are African Americans, Blacks, or People of Color...

There are more seniors in the United States than there are African Americans who collectively are pushing the BLACK LIVES MATTER movement...  and, while black lives do in fact matter, so too does ALL LIVES MATTER which is why I personally have a problem with the BLM movement to begin with.

Why separate blacks from all the other Americans?

BUT...  let's look at seniors.

They represent ONE out of SEVEN Americans.

and...  in many cases, these seniors are being treated for some kind of medical illness like heart disease, a variety of cancers and other illnesses associated with older people...  many of these seniors are living on Social Security payments which averages around $1,500/month nationwide...  which ain't much...  

A couple on Social Security might receive close to $3,000/month (if they are lucky) and in some locations around the country, $3,000/month is a livable wage...

However, the average cost of living ranges between $4,000 and $5,000 each month which is much higher than the average Social Security monthly allocation...

IF we are concerned about our BLACK POPULATION surely we should be worried about our SENIOR CITIZENS and how well that they are living, especially after working for America for over 40 years.

Stimulus Checks

My wife and I have not worked since the COVID Pandemic Lockdown that started in the first quarter of  2020 and extended into the first quarter of 2021 with the likelihood that the lockdown will continue in some fashion in some States well until the 4th quarter...  However, the lockdown and the fact that we have not worked does not bother either one of us because WE ARE RETIRED and receiving Social Security Benefits whether we work or not, along with income from a Trust Fund set up years ago.  Our financial security is guaranteed until the day we both die however long that is from today...  but, we both know that it is bound to happen.

This new COVID RELIEF package soon to be passed by the HOUSE, will not help us at all in that we do not need the money and plan to save the money for a later use since we have NO DEBT to pay off.  Actually, my wife and I have been debt free for over 15 years and have only been retired for 5 years.  The fact that we cannot really go anywhere does not bother us either because we have plenty of activities outside our house to keep us entertained.  We do go to doctor's appointment, the grocery store, and have gone out to eat about a dozen times since the lockdown as restaurants in TN are for the most part OPEN even though social distancing is still maintained inside.

What we were HOPING FOR more so than Stimulus Checks was a substantial increase in Social Security and now that the Democrats are in power and like to spend money, perhaps that will happen sooner or later.  The other concept that we were HOPING FOR was to have MEDICARE cover more services than it currently is covering.  Our supplemental health insurance covers what Medicare does not, still there are more out-of-pocket expenses than we anticipated...  and it would be nice if the Democrats did something about that.

Minimum Wage does not do a thing for us, especially since we are not working and especially since we have worked all our career in a State that pays low wages anyway which has resulted in us being very careful how we spend our money.

However, increasing prices would bother us...  and, it would appear that the Biden Administration is putting scenarios into play that will increase prices rather than maintain stable prices as we have seen for the last several years.  Increasing prices contradicts the minimum wage increase and will actually put those workers in a financially worse situation than before even though they are earning more money.

Gasoline Prices have been increasing in our area and there are increases in prices at the grocery stores as well as at restaurants because they have to spend more money on cleaning tables.  Although, it will not slow down the people in this State who like to go out and eat.

Retirement and Beyond

When will you retire...  if ever?

My father retired at age 62 with a pension from the Federal Government (that now is no longer) and a pension from the US Military with the pay of Naval Caption just under an Admiral...  not bad for being in the Reserves for 26 years.  His retirement was more than I ever made annually...  

I retired at age 67 with about $500,000 in the bank...  no pension from any company...  only Social Security...  however, my wife and I combined our Social Security which helped a lot and we had eliminated our debt over a decade ago...  However, we had a small investment that paid us about $1,000 each month +/- so we never had to pull any money out of our savings...  plus I taught about 6 night classes for a local university...

The odds are that if you can retire at all, it will be at the age of 70...  and, no doubt 75 for your children and their children as retirement age creeps up to 80.

Social Security will be gradually reduced over the years but it will still be available possible in the neighborhood of 50-75% of what it is today.  The average social security check is about $1,500.

Advances in medical technology will enable people to live longer and longer so one will either need to keep working or make sure that they have enough in savings or income coming to them from other sources.

It would not surprise me at all that by the year 2050, our life span will increase from right around 80 to right around 100... and, by the year 3000, it will be 120 to 150...

However, by the year 3000, there is also a good possibility that we will not longer be living on this planet we call earth...  which is difficult for some of us who care to comprehend.

• How much money will you need in retirement?
• Will you be debt free?
• How much money will you have saved or invested?
• How many jobs will you have had?
• How many homes and vehicles?
• How is your health...  do you eat healthy and exercise?
• How do you manage stress outside of drinking alcohol?
• How will you compensate for inflation?
• How long will it take for prices to double?

Back in the 1960's, I paid $.18/gallon for gasoline and cigarettes were $.25/pack and a hamburger was $.15 and wages were $.75/hour...  that was over 50 years ago...  and, you know what the prices of things are today...  can you imagine what they will be like in 50 years from today?  I was 23 years of age 50 years ago...

What Are The Wealthy Doing For Americans?

The wealthy have put their money into politics so that the Black Lives Matter movement will STOP white police from killing blacks and so that BLACKS will have a better life...

Now...

the wealthy will rebut that statement saying they do much, much more, like:

funding african american cultural centers

urban hospitals and medical research

investing in companies that hire people

investing in technologies that save people

HOWEVER...

in the reality of today's American GREED, most of the money belonging to the wealthy is sheltered away from the government's taxes in offshore tax havens and tax shelters...   and, the money that they give is not just because they are altruistic but because they are giving just enough charitable contributions to offset the taxes that they are supposed to pay...  but, you are too busy living paycheck-to-paycheck to notice what they are doing.

How are the wealthy helping our Veterans?

How are the wealthy helping our Disabled Veterans?

How are the wealthy helping Americans living in Poverty?

How are the wealthy helping Americans on Social Security?

It would appear, at least to me, that the WEALTHY are being proactive rather than reactive and once you are in one of those categories, the wealthy have no interest in you other than what they have to...  that is to say...  how the Federal Government wants to spend their tax dollars.

The wealthy give you just enough to keep your head above the water line but after that you are on your own and they don't give a damn if you are not strong enough to keep treading water, they have done their part and now their conscience is clear.

AMERICAN RETIREES: Go To Jail -- Live Large

FACTS:

The average Social Security check in 2020 was $1,503/month or $18,036/year

In 2020, 40% of all retirees received all their income from Social Security 

60% of all Americans above 60 years of age are living below the poverty line of $29,425/year

Seniors in financial trouble should commit a crime or multiple crimes so that they can be guaranteed jail time...

IN JAIL, INMATES HAVE

1. a place to sleep
2. a roof over their heads
3. clothes to wear
4. three meals a day
5. a craft to learn
6. warm showers
7. games to play
8. medical care
9. visitors
10. time outside
11. time alone
12. people to be with

It may not be the IDEAL place to die but it could be better than what they have, especially if they are living on the streets or cannot pay their bills...

In East TN, if a married couple received the average SOCIAL SECURITY check, then their combined income would be $3,006/month or $36, 0732/year which is above the poverty line and very doable to live...  but, only if you are married and/or living together...  living alone can be incredible problematic.

Without family or friends or help from the government, the ONLY LOGICAL COURSE OF ACTION is to GO TO JAIL for the REST OF ONE'S LIFE...

WELCOME TO AMERICA

HOME OF THE BRAVE

LAND OF OPPORTUNITY

DEATH FOR RETIREES

S O S

 

SAME OLE SHIT...   just another day...  another dollar...  with 25 cents going to our uncle...   to help pay for all the programs given to people who either do not want to work or claim consistent persecution like the JEWS claim against the ARABS...   and, of which the ARABS don't deny...  nor do they deny their HATRED of Americans regardless of their color, looking only at their passports.

I recall that when I was an enlisted man in the NAVY that SOS meant SHIT ON A SHINGLE...  or, creamed chopped beef on toast...  ain't it funny how names and events and meals get slang interpretations by those who ain't necessarily educated or intellectual.

SO...  whether you are working or living off the tax payer like my wife and I living on Social Security, each day is SOS for the most part unless you are wealthy... and then SOS to you means increasing one's income...  and, I remember someone said that Howard Hughes, on his death bed said, "I'd like to earn just one more dollar."

Every 4 to 8 years, POTUS's come and go...  none of them really ever achieving anything, even when the Congress is of the same Party...  and SOS to them means RE-ELECTIONS.

How STUPID do we have to be, to understand that those with WEALTH AND POWER don't give a FLYING FLIP about us or our silly ass points-of-view since individually we can do absolutely nothing to stop them which is really depressing when one thinks about this from an SOS point-of-view...

WE ARE DOOMED TO ALWAYS REMAIN EXACTLY WHO WE ARE AND WHAT SOS MEANS TO US NOW WILL STILL MEAN THE SAME THEN...

Where Do Our Taxes Go?

Information provided by USA TODAY...

Biggest tax spenders

Total spending by the federal government in 2018 was $4.22 trillion. But some programs actually raised money, such as leases for the Outer Continental Shelf, which lowered the total 2018 outlay to $4.11 trillion.

The majority of tax dollars helps to fund defense, Social Security, Medicare, health programs and social safety net programs such as food stamps and disability payments, along with paying off interest on the national debt.

Here’s how it breaks down.

1. Social Security: $987.8 billion or 23.4% of total federal spending
2. National defense: $631.2 billion or 15% of total spending
3. Medicare: $588.7 billion or 14% of total spending
4. Health: $551.2 billion or 13.1% of total spending
5. Social safety net programs: $495.3 billion or 11.8% of total spending
6. Interest on debt: $325 billion or 7.7% of total spending

* * * * * * * * * * 

What really surprised me was that Social Security represented more of our Federal Budget than what we spend on our NATIONAL DEFENSE...

AND...  if you look closely at all the programs that are actually forms of SOCIALISM, you will easily see that 62% of our tax dollars goes in that direction.  Only 15% is spent on our protection and less than 8% is spend on our NATIONAL DEBT which is increasing because of all the social welfare type programs.

NOW...  when I think about it, I am very pleased that our tax dollars are spent this way because I am living off of Social Security and Medicare pays all my healthcare bills along with my supplement...

I personally spend about $600 each month on medical expenses or about $7,200 each year and because of me having two cancers, my medical bills are approximately $500,000 each year which as you can imagine is a very good deal.

AND...  when Biden and Harris finally take over the reigns of government, I feel confident that my Social Security will increase along with my Medicare Benefits putting me into a much better financial situation.

AND...   as long as we keep what the government pays on our NATIONAL DEBT, it will be FUTURE GENERATIONS that will be responsible for paying it off...  which pleases me and it should please you.

Another Morning in East TN

When I was a boy growing up in Alexandria, VA, Labor Day Weekend marked the end of summer because as soon as the weekend was over, we returned to public education and while the weekend was always enjoyable, the threat of going back to school was hanging over everyone's head even though most of the kids my age never gave that reality much thought until it actually happened.  Today, in most States, public education returns in the middle of August and because of the Corona Virus, those schools that do have students in their classrooms will be totally different than when I was a boy.

STINK BUGS ARE LIKE POLITICIANS

It is easy to remember things like this because being retired and having few hobbies or friends that I see regularly, I have nothing much else to do but remember.

However, for some of us here in East TN, the end of summer does not just mark the return of public education and a gradual decline of the heat, but the return of STINK BUGS.

According to TN State University, brown marmorated stink bug (BMSB) is a invasive pest of fruits, nuts, vegetables and ornamentals. The bug was first detected in Allentown, PA in 1998 and has since spread across the United States. The bug was found in Tennessee during 2008 and has since become an agricultural and nuisance pest in parts of the state.  Seasonal cues trigger stink bugs' search for winter quarters; the shortening days and falling temperatures sending them scuttling for cover. If they sheltered beneath tree bark or mulch, it would be one thing. But they prefer sharing your home over winter, piling into cracks and crevices by the thousands.

What got me to thinking about stink bugs was finding one in the kitchen sink on my way out to the back porch to sit, drink coffee, and write.

And...  while I like watching FOX NEWS as opposed to the biased news of ABC, MSNBC, CBS, and CNN, I got tired of them repeating over and over and over again how misleading mainstream media is, how screwed up the Democrats are, and how the 2020 election could have negative consequences for the US as a whole.

After 72 years of life and 45 years of working in a career, I have witnessed very little change in this country and very little meaningful action by either house of Congress.

• So what, if America goes Socialistic...  America already has Socialism
• So what, if America's wealthy gets higher and higher taxes...  that will never apply to me
• So what, if Democrats increase Medicare/Social Security...  that will simply benefit me
• So what, if the Stock Market goes down and down...  I have enough money in savings

I will be dead or dying if and when CAPITALISM starts to die out

I will be dead or dying if and when CHINA takes over America

I will be dead or dying if and when RUSSIA becomes a global leader economically

One of the criticisms of JOE BIDEN is that he has been an elected official for 47 years and has done nothing to change:

1. the wealth gap
2. gender equality
3. racism
4. education
5. illegal drugs
6. immigration
7. crime

HELL FIRE PEOPLE...  this is not just JOE BIDEN but ALL DEMOCRATS and ALL REPUBLICANS...  the only difference now is that the mainstream media instead of being fair and balanced are BIASED FOR  THE DEMOCRATS...

FINANCIAL PLANNING... Part II

In Part I (although, it was not labeled Part 1), I ended with 401K that many employees have set up with their employers, some of which match substantially and some of which match minimally.  Here's the information on your 401Ks...

Average 401(k) balance: $11,800. 

Median 401(k) balance: $4,300

SOURCE: NerdWallet Feb 7, 2020

If this is YOU, and YOU are 35 years old, YOUR average balance or Median balance could double or triple by the time you actually retire at age 70 which is doubling your current age...  this means that the average balance in YOUR 401K could increase to $23,600 (doubles once) or even $47,200 (doubles twice)...

NOW, let's round off the doubling twice amount and YOU are left with about $50,000.

NOW, let's suppose YOUR employer's contribution increases YOUR 401K to $100,000.

HOW LONG will YOUR  $100,000 last?

The CURRENT AVERAGE Social Security payout in 2020 is $1,800/month.

By the time YOU reach retirement age, it is estimated that you will only receive 80% of what is being received today, which means you will receive only $1,440/month.

Let's suppose that you are married, now that Social Security allowance for YOU and YOUR SPOUSE is $2,880 or rounded off is $3,000/month.

CURRENTLY, the average cost of living across the USA is $5,000/month.  So, you will need another $2,000/month or $24,000 each year and $240,000 over a decade...

But, 

YOUR 401K is only $100,000 and therefore will only last YOU and YOUR SPOUSE less than 5 years, assuming your money earns no INTEREST...  if we add INTEREST then YOUR money will probably last you 5 years...

DOES THAT SOUND LIKE A 

GOOD PLAN TO YOU???