Tag: Retirement

Here Is The Donny Retirement Plan

+++Getting juiced today so another short day of posting….I’ll catch up when I can+++

I am an old fart and retired so any ‘new’ ideas that the government comes up with is of interest to me.

We know that the GOP and especially Donny hates the only retirement plan most have in this country…Social Security….and we know if he can he will butcher the existing plan into oblivion…..but what of anything could he be considering as an alternative?

There is one plan afoot….

Looking overseas for fresh ideas, President Trump says his team is studying Australia’s retirement savings program as a possible model for revamping how Americans prepare for their later years. Trump said Australia’s “superannuation” system—requiring employers to contribute 12% of an employee’s income to a retirement fund—was “a good plan” that had “worked out very well.” “We’re looking at it very seriously,” the president said, per CNN. Employer contributions are mandatory under the program and held until retirement, with only limited options for early access. Employees can also add their own money to funds, which are managed by professional investors.

The system, established with 3% contributions in 1992, has grown into the world’s fourth-largest retirement savings pool (about $3 trillion), though Australia is 55th in the world in terms of population (27 million). The “super” system is credited with preparing Australia for an aging population while easing the financial pressure on future generations. It ranks B+ on the Mercer CFA Institute Global Pension Index, compared to a C+ for the US system.

Adopting a similar structure in the US would mean a major shift from the current model, where 401(k) plans are optional and Social Security serves as the main source of retirement income. It would also mean notable political and logistical hurdles, given that the US population is 12 times that of Australia. But with Social Security facing long-term funding issues, the idea has gained enough traction to spark conversation among policymakers. Treasury Secretary Scott Bessent previously raved about the program at a superannuation summit in Washington, DC, in February, per CNN.

The Australian Financial Review notes Australian superannuation funds have “invested heavily” in the US over the past 10 years. The White House projects they’ll invest $1 trillion in the US over the next decade.

I have no problem with SS….do you?

They are using SS as a weapon against itself…..this shortfall is easily fixed….everybody with an income pays into the fund and that includes these fat cats that Donny snuggles with daily.

Anything you would like to say?

I Read, I Write, You Know

“lego ergo scribo”

Retirees And Their Money

As a retired old fart I keep my eyes on news that would impact new retirees and those near retirement….just my way to impart some FYI to help them navigate the complexities of retirement.

Regardless how attractive the ads are for some of these Medicare plans they are most likely a money trap that provides little in the way of help.

Plans like ‘Zero’ premiums and free dental, vision and hearing…..they are a trap and should be avoided….but here is why….

Choosing the right Medicare plan is one of the most important financial and health decisions older adults make. With so many plans promising lower premiums, free perks, and wide coverage, it’s easy to get drawn in by attractive marketing. But all too often, these plans hide critical limitations in the fine print, from unexpected out-of-pocket costs to restrictive provider networks. Knowing which plans to approach with caution can save retirees from serious financial and medical headaches. Here’s a look at 10 Medicare plans that seem helpful at first glance but often leave enrollees feeling misled.

https://www.savingadvice.com/articles/2025/06/03/10157823_10-medicare-plans-that-look-helpful-until-you-read-the-fine-print.html

It is common knowledge that I do not support these so called Medicare Advantage plans because to me they are a money trap and provide little…..but I am not alone….many retirees dump these plans once they see just how bogus they are….

Medicare coverage doesn’t just mean signing up for government insurance. In fact, more than half of Medicare recipients now get their coverage through a Medicare Advantage plan, or Medicare Part C plan, which is offered by a private insurer.

Advantage plans are an alternative to original Medicare, replacing Part A (hospital coverage), Part B (outpatient care coverage), and sometimes Part D (prescription drug coverage).

Enrollment in these plans is expected to grow to 60% of the eligible population by 2030, with many people drawn to them because they’re often marketed as “zero premium” plans with out-of-pocket limits, while Medicare Part B has uncapped spending and charges premiums. The Trump administration strongly favors the expansion of Medicare Advantage plans.

Yet, while Advantage Plans seem like a good alternative, a substantial number of older Americans who sign up for them don’t stick with them. In fact, among those who signed up between 2011 and 2022, around half left their plans within five years.

Recent research published in the journal Health Affairs helps demonstrate why so many are opting out of their Advantage Plan during open enrollment, either by switching to a different Part C plan or by returning to traditional Medicare instead. Since these Advantage plans are less likely to attract beneficiaries over the long term, the study warns that such plans will likely have less incentive to cater to participants with chronic conditions.

https://www.kiplinger.com/retirement/medicare/should-you-ditch-your-medicare-advantage-plan-most-people-do

Please do not fall for the BS do your research before you retire and do not be swayed by promises that will not be fulfilled.

The way things are going you will need all your retirement to just exist so do not fall for the BS that could eventually put you into the poor house.

I Read, I Write, You Know

“lego ergo scribo”

Social Security Changes To Come

I am an retired senior and I try to keep my fellow retirees abreast of any changes to come to their retirement.

This is about some of the ‘promises’ that Trump made to senior citizens…changes that sound good but are they?

The big one is that he wants to eliminate the income tax on benefits….sounds on the surface like a great idea but in the long run is it as good as it sounds?

During his presidential campaign, Donald Trump signaled support for ending the decades-long practice of taxing Social Security benefits on several occasions. “Seniors should not pay tax on Social Security,” Trump asserted on his social media platform in July. He then repeated the proposal in August during an interview with Fox.

Trump will return to the White House later this month, and many Social Security recipients are undoubtedly hoping the president-elect can make good on his proposal. But ending the taxation of Social Security benefits may actually be bad news for retired workers. Read on to learn more.

The Social Security trust fund holds money used to pay benefits. The asset reserves in the trust fund fell by 45% between 1974 and 1983 because of a growing imbalance in Social Security beneficiaries and taxpayers supporting program. In other words, the cost of paying benefits was increasing more quickly than revenues from payroll taxes.

Congress approved sweeping changes in 1983 to fix the financing problem, and one of those changes made Social Security subject to federal income tax. Initially, seniors with a combined income above a certain level owed taxes on 50% of benefits. But legislation approved in 1993 added a second combined income threshold, above which 85% of benefits were taxable.

Combined income is defined as adjusted gross income (AGI) plus nontaxable interest plus one-half of Social Security benefits. The chart below shows the taxable portion of Social Security benefits at different combined income levels based on filing status.

https://www.fool.com/retirement/2025/01/07/social-security-change-donald-trump-bad-news-retir/

This one move could possible truly bankrupt the program for good….maybe that is what they want.

To reiterate…..

We’re just days away from a second Trump administration entering the White House, and like all political transitions, we can expect changes once he takes office. Some of the most interesting ones for retirees could be those related to Social Security.

The program is in danger of benefit cuts in about a decade, and many people are disappointed with the way its buying power has declined over the years. While it may not be the most important issue on Trump’s agenda, he’s made a few comments about changes he’d like to make that could directly or indirectly affect Social Security. Here’s a look at three of the most significant and how they could affect seniors.

https://www.fool.com/retirement/2025/01/13/ways-donald-trump-may-change-social-security/

If he gets his way big changes are coming for the retirees, most of whom voted for the person that will screw them the hardest…..

Markets reacted strongly to the reelection of Donald Trump. In the week that followed Nov. 5, the S&P 500 was up about 3.7%. While the likely economic impact of all of Trump’s campaign promises is mixed, the stock market appears to believe that Trump will follow through with those that boost business, like cutting corporate taxes, while not following through with potentially damaging promises like hiking trade tariffs.

How this plays out will have broad implications in the lives of all Americans, but for the millions of Americans who are retired or will soon be so, Donald Trump’s Social Security plans could have an even bigger impact. The program is already on a path toward financial distress, but according to a recent analysis by the Committee for a Responsible Federal Budget (CRFB), many of the proposals put forth on the campaign trail by the President-elect could exacerbate the issues. First, however, let’s take a look at the state of the program.

https://www.fool.com/retirement/2025/01/13/president-elect-donald-trumps-social-security-plan/

The problem with financing the social security program has a an easy fix….everybody pays the same deductions with no cut-off point.

Easy peasy …..but billionaires do not like that idea and we know no matter who is in the White House billionaires always get what they want.

Time will tell just what damage will be done to our retired seniors in the coming years.

I hope you can live with the choice you made…..

I Read, I Write, You Know

“lego ergo scribo”

Troubling News For Seniors

It is 2025 and the news coming out is that seniors could be headed for problems with a decade.

Since mid-September, more than 3,600 older adults have shared their life regrets with Business Insider through reader surveys and direct emails. Many spoke about their struggles navigating programs like Social Security, the Supplemental Nutrition Assistance Program, and Medicare. This is part of a series on Americans’ retirement regrets.

…

Still, many people are struggling, and the pressures are only likely to grow as the population ages and funding wanes. Some argue that such trends increase the need to preserve or bolster government programs designed to reduce poverty among older adults.

https://www.businessinsider.com/how-social-security-works-medicare-food-stamps-retirement-elder-poverty-2024-12

I am what they call a “baby boomer” and the predictions are not so good for us boomers in the coming years….

As the silver tsunami continues, and more and more workers in the baby boomer generation hit their full retirement age, a larger percentage of the country’s population will be over 65 than ever before. According to a report from the Administration for Community Living, 31.9 million people in the U.S. were 65 and over as of 2022. This not only represented 17.3% of the country’s entire population that year, but the number of Americans that are expected to be 65 and over is anticipated to grow to 22% of the U.S. population by 2040. Another statistic to keep in mind is that the number of older Americans has increased by a whopping 34% since 2012, which far outweighs the 2% population increase for those under 65.

All of this is to say that the country will have more older people living on fixed incomes than it has had in its history. This will not only complicate programs like Social Security, which is already on track to run out of its trust funds beginning in 2033, but also add further pressure on the country’s growing housing crisis. The lack of affordable housing that is already plaguing many Americans is on track to be especially detrimental for the country’s older population. Since most retirees live on fixed income from any combination of 401(k)s, Roth IRAs, Social Security, or other savings, they have less flexibility to handle increasing prices. While this issue is countrywide, there are certain geographic areas that can be even worse.

Read More: https://www.moneydigest.com/1742957/united-states-boomers-wont-be-able-to-afford-to-live-in-10-years/

Life is not easy for our seniors and I do not see much positive situations in the near future.

Sorry to be a Bummer.

I Read, I Write, You Know

“lego ergo scribo”

Getting Old Sucks!

It is Sunday and I usually post some obscure question or delight my readers with something entertaining….but today I would like to post on something that we all must go through in our lives….aging.

When we are young we do not think about grow old until one day you realize your reflection shows wrinkles you did not know were there and you start growing hair in places it did not grow before…..and when you get up from sitting and your body sounds like a bowl of Rice Krispies–Snap, Crackle and Pop.

I was doing fine until about 55 I broke my leg, 2 operations, then I lost 4 toes, then I was diagnosed with diabetes then I was told I have 2 types of cancer and then there is the treatments…..so when I say ‘getting old sucks’ I mean it.

Old age gives you a new mindset and of course the contemplation of one’s mortality…..but we can soldier through if we just rethink old age.

Whether you are a Gen Zer entering the workplace or a boomer entering retirement, there’s no denying the fact that you aren’t getting any younger.

But does the thought of growing old sting? Even though aging often has a negative connotation, it doesn’t have to.

Western culture tends to define aging as a gradual physical decline — associating it with aches, pains and a foggy memory — and becoming out of touch with a fast-paced society (e.g., the internet meme “OK boomer”). We are led to believe that our best days are a summit that will pass us by.

But when we look at the science of aging, fundamental pieces of this negative narrative start to vanish.

Alan Castel, a professor of psychology at UCLA, is an advocate for aging victoriously. “Our own attitudes about aging do influence how we age,” Castel says, “so if you think positively about what can happen as you get older, then you might be active and healthier, and you might live longer.”

In his book Better With Age: The Psychology of Successful Aging, Castel cites a study in which researchers used Catholic nuns’ diary entries from when they were in their 20s to determine their levels of happiness. Of the most cheerful nuns, 75% lived to age 80, but only 40% of the least happy nuns lived that long. The happiest nuns lived about 10 years longer than the least happy nuns.

Castel uses this example to support his view that there are things you can do today — whether you’re 25 or 65 — to live a happier, healthier and longer life.

https://100.ucla.edu/impact/its-time-to-rethink-aging

Getting older is not the end of the world, but it is getting closer, we need to knowledge the aging process and learn to cope.

That is all for me today….enjoy your Sunday and as always…..Be Well and Be Safe….

I Read, I Write, You Know

“lego ergo scribo”

North Dakota Has The Right Idea

But it does not go far enough.

I have along with others have been saying that there needs to be age limits on our elected official as well as the Supreme Court….it is time to get the old farts with old ideas into a nursing home and find some fresh blood for our leadership.

Tuesday’s GOP primary in North Dakota is now over, and the victors are celebrating. Nestled in with those announcements is one regarding a “high-profile initiative” that voters also passed: Candidates out of the Peace Garden State can’t run for US Congress (so neither the Senate nor the House) if they would turn 81 years old at any point during their term, per the AP. Axios reports that this appears to be the first state to impose a measure like this, with both that outlet and the New York Times noting the vote comes against the backdrop of the conversation on how old President Biden (81) and former President Trump (turning 78 on Friday) are as they run for the Oval Office again.

The ballot measure would effectively amend the state’s constitution. Still, lawmakers concede that the move will likely be challenged in court, as a 1995 Supreme Court ruling determined that states “cannot impose additional restrictions, such as term limits, on its representatives in the federal government beyond those provided by the Constitution.” Although there are age minimums laid out in the US Constitution—25 for the House, 30 for the Senate—there’s no cap on the max end.

Jared Hendrix, a GOP politician from Fargo who helped spearhead the North Dakota initiative, thinks his state is only the first to move in this direction, especially since US opinion polls over the past few years show that a majority of Americans would be all for maximum age limits. “I think it’s very possible that if we pull this off here, other states will follow,” Hendrix said before Tuesday’s election, per the Times.

This should turn into a movement nationwide….I feel it would be best for the country.

Term limits also means number to times they can run for office…making so they cannot skip to another election to avoid the limits as well.

Then we need to work on making candidates resign from their present job to run for another office….that could open up some room for fresh blood.

The country needs help and the system as it is now is absolutely no help….time to take a hard look at change….real change not some vague BS they call change.

I Read, I Write, You Know

“lego ergo scribo”

Closing Thought–02May24

Here is something, well a couple of somethings, to think about as you go about your busy day.

Back in the day the bright future that parents dreamed of was to make enough money to enter into the Middle Class…well that dream has been dashed by greed and corrupt government.

Here are the things that the Middle Class will not be able to afford….

In recent years, economic shifts have reshaped the financial landscape for the middle class. From housing to education, many things that were once considered attainable are now out of reach for many middle-class families. Here are five key areas where the middle class is feeling the pinch.

Homeownership

For generations, owning a home was a cornerstone of the middle-class dream. However, with housing prices skyrocketing in many areas, this dream is becoming increasingly elusive. The cost of buying a house has significantly outpaced income growth. In many cities, even a modest home is now beyond the reach of a typical middle-class family. This shift has forced many to either stay in rental properties or move to less expensive areas, often far from their workplaces or families.

https://www.gobankingrates.com/money/wealth/things-the-middle-class-cant-afford-anymore/

On that list is savings for retirement….people are being priced out of retirement….

More than one-quarter of US adults over age 50 say they expect to never retire, and 70% are concerned about prices rising faster than their income, an AARP survey finds. About 1 in 4 have no retirement savings, according to research released Wednesday by the organization that shows how an aging America is worrying more about how to make ends meet—even as economists say the US economy has all but achieved a soft landing after two years of record inflation. Everyday expenses and housing costs, including rent and mortgage payments, are the biggest reasons people are unable to save for retirement, the AP reports.

The data will matter this election year as Democratic President Biden and Republican rival Donald Trump try to win support from older Americans, who historically turn out in high numbers. AARP’s study, based on interviews with more than 8,000 people in coordination with the NORC Center for Public Affairs Research, finds that one-third of older adults carry a credit card balance of more than $10,000 and that 12% have a balance of $20,000 or more. Additionally, 37% are worried about meeting basic living costs such as food and housing. “Far too many people lack access to retirement savings options and this, coupled with higher prices, is making it increasingly hard for people to choose when to retire,” said AARP’s Indira Venkateswaran.

The share of people older than 50 who say they do not expect to retire has steadily increased. It was 23% in January 2022 and 24% that July, according to the study, which is conducted twice a year. “We are seeing an expansion of older workers staying in the workforce,” said David John of the AARP Public Policy Institute. The survey showed 33% of respondents older than 50 believe their finances will be better in a year. A looming issue that will affect the ability to retire is the financial health of Social Security and Medicare. The latest annual report from trustees says the financial safety nets will run short of money to pay full benefits within a decade.

But not to worry the president has told us the economy is strong….that may be the case but not for everyone.

I Read, I Write, You Know

“lego ergo scribo”

Closing Thought–20Mar24

There is new evidence that the up and coming generation have nothing in the bank as they approach that magical time known as retirement…..

A new survey shows just how much of a struggle it will be….

A new survey on the saving habits of Americans reveals some stark truths for a large number of people:

  • 28% say they have saved nothing for retirement, according to the GoBankingRates survey. The breakdown for that by age group: 18-24 (28% have nothing saved); 25-34 (30%); 35-44 (35%); 45-54 (33%); and, maybe the most surprising, 55-64 (25%).
  • 39% do not contribute to a retirement fund.
  • 30% don’t think they’ll be able to retire, period.
  • Previous studies suggest that most US adults figure they will need between $1 million and $1.25 million to retire comfortably, per MarketWatch.
  • In the new survey, 25% of respondents put their retirement goal at less than $500,000; 25% put it between $500,000 and $1 million; and another 30% have it at more than $1 million. The problem is that most people’s savings don’t appear to be on track for these goals. The majority, 71%, would have five-figure savings at best, unless their habits changed. The survey is based on responses from 1,000 people.

This is sad news….but with this economy I can understand it.

I was fortunate that I had a sizeable savings but as the years tick by that wad of cash grows smaller and smaller.

Just thought you should know.

I Read, I Write, You Know

“lego ergo scribo”

Closing Thought–18Mar24

I have been ranting for many years about the necessity for age limits in our public figures (all of them)….

Well North Dakota has stepped up to be the first (I think)….

North Dakota voters will decide in June whether to prevent people from running for Congress if they would reach age 81 during their House or Senate term, the AP reports. A signature drive successfully added the question to the ballot, Secretary of State Michael Howe’s office announced Friday, and while some legal scholars say the age limit would be unconstitutional, it could lead to a challenge of a US Supreme Court precedent that has held for decades. Howe said the courts may eventually decide the issue. He cautioned against “a blanket approach,” per the North Dakota Monitor.

“I think there are people who are capable of holding office past the age of 80,” he said, “and I think there are people who are not capable of it either.” The ballot initiative wouldn’t prevent current incumbents from running again. The measure could be an attempt to draw a test case to see if the US Supreme Court would allow individual states to set congressional age limits, University of North Dakota political science professor Mark Jendrysik said. The court ruled in a 1995 term limits case that states cannot set qualifications for Congress beyond those listed in the US Constitution, which says candidates must be at least 25 to serve in the House, 30 for the Senate, and 35 to become president. The Constitution sets no maximum age limits.

The measure “looks unconstitutional” under that 1995 decision, said Jason Marisam of the Mitchell Hamline School of Law in St. Paul, Minnesota. But a test case against the age limit would need a challenge, most likely from a would-be candidate, Marisam said, which may or may not happen. The chairman of the initiative committee, Jared Hendrix, has said the idea is to avoid cognitive and age-related issues related to elderly officeholders. The measure’s push began last summer during age- and health-related scrutiny of members of Congress. Democratic Sen. Dianne Feinstein died last year at 90 after health struggles, and Republican Senate Leader Mitch McConnell, 82, froze twice in front of reporters.

I say bully for North Dakota….but 81?

I think that is a bit odd….why 81?

My thought is make the mandatory retirement age at 65.

Maybe this will help to wake of the voter that old farts need to be a home rocking on the front porch and waving at passing cars….especially at 81.

I Read, I Write, You Know

“lego ergo scribo”

The Sounds Of Old Age

Another Sunday, another FYI attempt on my part….

I remember as a youngster getting chuckle out of the moans and groans my grandfather would make as he stood or sat down.

What is not so funny is now that I am an old fart I catch myself making the same sounds as my grandfather and my body sounds like a bowl of Rice Krispies…..’snap, crackle and pop’ as I walk in the early morning hours.

I am sure my reader has had a similar observation about the elderly that they come in contact with….but has anyone explained those groans and moans to you?

Well guess what…..I will try.

Haurrrrrrk. Gnnnnnh. Ennnhh. These are sounds people make when lifting heavy objects, removing a splinter, or suffering from constipation. But for many people in their 40s and beyond, they’re also the noises that come out whenever they perform the amazing physical feat of sitting down on the couch or getting up from a chair. So why does it happen?

In speaking with MEL Magazine in 2021, chiropractor Robert Hayden had a succinct answer. “Rising from a chair calls upon core strength of the abdominal muscles,” Hayden said. “The older you are, the more likely you are to have had those muscles ravaged by time; the muscles that would be used to pull yourself to a seated position from recumbent, or to a standing position from seated, are weakened.

“Sometimes, when straining with this kind of effort, people hold their breath in an attempt to augment muscle strength,” Hayden continued. “This may produce a grunting sound when breathing is resumed.”

Both sitting down and standing up require some level of core engagement—maybe not as much as balancing on a ball during a workout, but some nonetheless. By tightening the core, you may exhale with a grunt. Younger people don’t need to brace themselves in the same way, which is why a child can spring up from a sofa and begin dangling from a ceiling fan without so much as a peep.

But that may not be the only reason people grunt in the course of mundane physical activity. It could also be a verbal response to pain or stiffness that often accompanies aging. If you’ve been sitting for a while, muscles in your hips might be resistant to sudden movement. Letting out a nyehhh is reflexive.

https://www.mentalfloss.com/posts/why-older-people-grunt-while-sitting-down-standing-up

Now that it has been explained do not laugh for one day you will be part of this phenom.

Enjoy the read and enjoy your Sunday….and as always be well and be safe….

I Read, I Write, You Know

“lego ergo scribo”