Boomer Financial Survival: Fixing jobs, housing, auto sales, social security, medicare

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.

Tuesday, September 27, 2011

Fixing jobs, housing, auto sales, social security, medicare

There recently was an article in the St. Petersburg , Fl. Times. The Business Section asked readers for ideas on: "How Would You Fix the Economy?" I think this 80 year old guy nailed it!

Dear Mr. President, Please find below my suggestion for fixing America's economy. Instead of giving billions of dollars to companies that will squander the money on lavish parties and unearned bonuses, use the following plan. You can call it the "Patriotic Retirement Plan": There are about 40 million people over 50 in the work force. Pay them $1 million apiece severance for early retirement with the following stipulations: 1) They MUST retire. Forty million job openings - Unemployment fixed. 2) They MUST buy a new AMERICAN Car. Forty million cars ordered - Auto Industry fixed. 3) They MUST either buy a house or pay off their mortgage - Housing Crisis fixed. It can't get any easier than that!! P.S. If more money is needed, have all members in Congress pay their taxes.. Mr. President, while you're at it, make Congress retire on Social Security and Medicare. I'll bet both programs would be fixed pronto!

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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.