Boomer Financial Survival: July 2011

Where the money is....

When Willie Sutton bank robber was asked why he robbed banks he said "Because that is where the money is". How things have changed.

The banker's Bank the Federal Reserve is now robbing savers with near zero interest rates. Why? Because that is where the money is. It is a hidden tax. No law was passed. Still you are having the your money stolen through near zero interest rates to restore bank's balance sheets. If you had $300,000 in an IRA (or 401k) earning 5% in 2007 ($18,000 a year with nearly no risk) you are lucky if you earn half that today. That is a $9,000 or more of hidden taxes.

I hope to expose these types of actions and others by the FED and government. Boomers need to be vigilant - because their savings is where the money is. I will also delve into other areas of finances of interest to Boomers.

Saturday, July 30, 2011

Dec 20 I asked - can you live without Social security?

I told you this was something to consider in your survival planning. Now I know most have not had time to implement any plan, but in 3 days you may get a trial run at what it could be like if there was no Social Security payments coming in or if they came in at at lower levels or not every month.

Do I have a crystal ball? No, I don't. But, when you look at SS and its financial situation you know. There is NO trust fund - that is just another Government lie. If business did what the government does somebody would go to jail.

So while the RePukecons and DemoRats put on Kabuki theater many people may not be able to buy groceries or meds come August 3. Yet the DemoRats are telling you how they are protecting you from the RePukecons. Give me a break!!! What good is a solvent SS system if you can't get you meds and die next week because of political gamesmanship? Not a damn bit of good to you.

So figure out a way (some way) to set aside some money for situations like this. Bum it from the children? Hell - if you have to bum it on the street corner and have it when you need it.

http://boomerfinancialsurvival.blogspot.com/2010/12/can-you-survive-retirement-without.html

Background

I am a leading edge boomer, first of a huge wave of boomers. I believe I have done an adequate job in preparing for retirement (no debt, some savings, IRA accounts, home paid off, no auto payments). My largest recurring monthly cost is health insurance.

The one area I come up short is long term care insurance. As I suspect a large per cent of boomers do. ...

I enjoy playing the stock market and most week days will be online watching the market. I tend to crunch numbers when analyzing any situation (as you might expect from a college math major). If you are like me you are concerned about things going on with the economy, the FED, the government deficits, potential inflation and the many things that could derail your plans.