Unlike many members of my family and my friends, who dont believe that they will receive any SS benefits, I believe we will always have some sort of a Social Security program. Why you ask? Because our Congressional legislators want to be elected forever. Sure, there are exceptions but my cynicism overrides my sense of their fair playso Im convinced that no elected official in Washington D.C has the nerve to pull the plug on Social Security. I cant predict what changes are going to be made but here are a few irrefutable points: The eligibility age will be raised. That plan is underway now. No one should depend on the SS payments to provide enough to live on. People will live longer and longer and the plea from Gerontology experts to save more should be heeded. Otherwise millions of Americans will indeed run out of money. Contrary to my belief that well always have Social Security, plan your financial future as if Social Security was going to be canceled tomorrow.If youre working for a very large corporation, say over $100 million in yearly revenue, (annual sales) I urge you to think hard about how secure your future is going to be. I wouldnt put my business life and the lives of my family into the hands of corporate executives. If you work for a public company, where usually increasing the value of the stock is Priority One, then youre in trouble now. The alternative is to have a business of your own. You must protect and build your own financial future. Do not trust your company to do that for you. Every day there are stories/articles in newspapers and magazines across the nation, about hard-working loyal Americans who have lost their corporate jobs due to a multitude of reasons. These people showed up for work every day for years, did their jobs well, minded their own business, raised their kids with spirituality and good principles, instilled hope for the future and looked to retirement as the ultimate payoff. Then one day the infamous pink envelope is opened and its all over. I recognize that many people think theyre not suited to run a small business. But in subsequent articles Im going to prove that its possible. I will change your thinking from working for a large company to being open to have your own little enterprise. Let me leave you with this thought now. Ask yourself if you trust the management of your present employer to provide for you until say age 65. Ill bet that less than 10% of my readers would say yes. By the way, Im not suggesting that your management is dishonest, but that the so-called Global Marketplace has changed the U.S. economy foreverand its going to get worse. A better bet than working for a paycheck, is to own your own business. Yes, this is a risky venture, but who do you trust more---your boss and all of his bosses, or yourself and your spouse or other family members? After working as a business consultant for 45 years, I can offer dozens of examples of great employees who lost all of their companys pension/retirement programs either just before or after they reached retirement age. They did not have enough years left in their lives to rebuild these lost benefits. Pleasedo not depend on anyone or anything to take care of you and your spouse when you want to or need to stop working. More on this topic in subsequent articles. |
