Two other points from yesterday's presentation (from Social Security 567). 1) Only 13% of employers offer pensions and that number is decreasing every year. 2) "Nine out of ten people age 65 and older are receiving Social Security benefits, and for 32% of them, it represents over 90% of their income." Wow, wow and wow.
Yesterday I attended an informational workshop on Social Security benefits. Very interesting presentation, very good insights on how to maximize your Social Security benefits. But the workshop left me with this burning question. Once you have maximized your benefits, are you still on a fixed income? And, will it ever increase?
The answer to both questions is yes. Your income is fixed but what about Cost Of Living Adjustments (COLA)? Recently the Social Security Administration announced COLA increase for 2017. If you haven’t reached the age where you can draw on Social Security retirement benefits, then you are probably unaware that there was no COLA increase for 2016. SSA published its findings for 2017 and there will be a .3% increase. You read that correctly! .3% increase. So, if you receive $2,000 a month in 2016, then your check will increase by $6.00. How exciting is that!!! $6.00. The first increase in TWO years.
Two other points from yesterday’s presentation (from Social Security 567). 1) Only 13% of employers offer pensions and that number is decreasing every year. 2) “Nine out of ten people age 65 and older are receiving Social Security benefits, and for 32% of them, it represents over 90% of their income.” Wow, wow and wow.
Later in the day I had a conversation with someone who was going door to door trying to get home owners to switch their cable/internet service. Personable, hardworking and pretty good at what he does. He is driven to achieve and fortunately open to new ideas about how to earn income. But how many people do we know who fit this category? Most people work 40 years in order to retire on 40% of what they were earning. And then get their Social Security benefit, only to see that .3% increases every two years on their income. Folks, isn’t it time to detoxify your beliefs, attitude, thinking and income.
If you understand timing and trends, then you already know there are business opportunities out there that can dramatically improve the quality of your life and future. If you are not aware, then contact me. There are great alternatives. Truly, your life can change with two years worth of effort. Oh, and one last thing. What if your health actually improved?