I’ve included just key non-political excerpts that apply to you and I and our kids. Bold emphasis = mine
The End of Social Security as We Know ItBy Ian Mathias Baltimore, Maryland for The Daily Reckoning 09.20.10
On September 30, America will quietly begin a generational shift. This will be the final day of the government’s fiscal year 2010, and consequentially, a very notable day for Social Security…..Though there will be some debate over when SS started losing money in 2010….and moved a future Social Security crisis into the present tense.
76 million Americans were born between 1946-1964, the so-called baby boomers. On January 1, 2011, the oldest member of this demographic – the largest America has ever known – will turn 65. At present they make up about a third of the entire US workforce. Taking their place will be Generation X, about 46 million people strong. ….that’s 30 million fewer contributors to the Social Security fund and tens of millions of new beneficiaries.
And there’s a whole other “problem” with current or soon-to-be Social Security beneficiaries: They’ll likely live much longer (and expensive) lives than their parents.
In 1935 the average life expectancy was 65…Today, the average American will live to around 77… and we are on the verge of generational medical breakthroughs that could expand our life expectancies into the triple digits. Think “ageLOC”
So what happens when the largest demographic America has ever known taps into a fund already in deficit? And lives longer than expected?…..this is cold hard, simple, math…..the reality of the moment is this: You and I must…
* Prepare to pay more Social Security taxes
* Prepare to receive less Social Security benefits
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What’s your exit strategy? Can you “reasonably” expect any of these – or even any combination of these – to provide for you and your family? Depends upon if you’re planning to live to 77… or longer?
Social Security – NOT
IRA – NOT – just ask anybody who had one prior to the market melt down what their account value is today. For the people I personally know – it’s about half.
Savings – even if you have them…at what interest rate?
Work Longer – at what job, for what amount and at what cost to you, your health and family?
Take 2/3 of your current monthly bills and divide that number into your savings and IRA accts combined. How many months or years will that last you? Again, are you planning to live to age 77 or longer? Now that’s just considering you and your spouse. What about college, weddings and an occasional emergency?
Drove me crazy thinking about it too….for many years. Most ignore it until it’s too late.
Now what if you were to overcome any fear, or better yet use your fear as fuel, Find a coach or mentor that will assist you in developing additional income streams, either from starting your own business, acquiring rental properties, etc, and focus 1 or more hours per day over the next 2-5 years, and create a true residual, ongoing income stream of $1,2,3 thousand …or more… per month? How would that impact your savings, IRA and retirement years??
About Dr Bill Toth
Bill’s Background
I’m just an average guy who’s learned a few things about Life, Success and Personal Development – thanks to some incredibly good and bad experiences during the past 25+ years. I’ve made many mistakes and have learned to combine down to earth values with a unique ability to distill complex concepts into simple powerful strategies which can be immediately applied to produce measurable results. In short;
“I’ve traveled the territory, drawn a few maps and I’m happy to share them”
I do not consider myself to be an “expert” and my work is never presented as the definitive doctrine on how you should live your life or what it takes to be successful in your business. I am a work in progress and if you were to you join me on life’s journey by hiring me as your coach or partnering with us in business – our learning will very likely be a two way street. In fact, I expect it to be.
“What you know dies with you – what you DO leaves a legacy”
I was raised in upstate New York and eastern Pennsylvania. This rural upbringing is strongly reflected in my personal value hierarchy: Faith > Family > Friends > Fitness and Finance.
Education and a commitment to continuous improvement are next on the list. All these and more are strongly reflected in my coaching, teaching, writing and speaking.
While growing my private practice I also taught Orthopedics and Neurology at both the undergraduate and graduate level, produced a TV show on fitness, appeared on numerous radio and TV programs, authored numerous journal articles, chapters for medical texts, served as vice-president of my state medical association, and started a family. I have had the honor and privilege of consulting with and coaching a diverse population of people from royalty to prisoners, from children to CEO’s, from amateur to professional athletes from 41 countries and people of almost every race, creed, religious belief and nationality.
I am passionately committed to contribution and Living With Intention. Part of my philosophy is to think globally while acting locally. I am a very active member of my church, as well as several community organizations. After church, my favorite philanthropy is the Nourish the Children. I have also performed extensive volunteer work for both the Anthony Robbins Foundation, and the Make a Wish Foundation.
Why become an Entrepreneur?
I became an entrepreneur because after 5 years of Health Care Reform I found I was merely an employee of the various insurance company’s I was interacting with. I became painfully aware I was working more hours for less money and that what I was doing wasn’t working!
At the same time my beautiful daughter, Casey, was born. This was the first time in my life I started to think about my future, and of course hers. When children come into your life, your perspective changes from Firebirds and Ferrari’s to Gymnastics, music lessons, horseback riding and so forth. Suddenly, I had to think longterm – was what I was doing going to provide all the things that a father wants for his children?
In October of 1998 I started my entrepreneurial endeavors on a very part time basis. Less than 3 months later my New Year’s Resolution was to put my practices up for sale. In May of 1999 I sold them and began to work on my dreams and my fortune on a full time basis. From there, it took me a full five years to get to the point where I could do whatever I wanted to do. Along the way I wrote my first book: “Morning Moments”…as well as learning a few things about money, transitioning careers and happiness. I am happy to share what I know, in short again;
“I’ve traveled the territory, drawn a few maps and I’m happy to share them”
In summary; Transitioning careers was the hardest challenge I’ve ever taken up and it’s been the most rewarding! In so many ways, this is the very best personal development seminar I’ve ever taken because I met mySelf and my wife in the process…and every perceived adversity was worth it.
Today, with my wife Julie, we “get to” pay the gift forward by coaching, mentoring others through the same process. There is no greater pleasure than showing others how to earn their freedom and then observing what good they do with it.
Life Will Never Be The Same
