Rant of The Day: Social Security

Earlier this year, President Obama signed a legislation to reduce the Social Security payroll tax. This is great! But at my age, contributing to Social Security is like throwing your money into a bottomless pit - and it looks like we're going to do it until the year 2037: the year in which it is anticipated to run out.

Around early 2010 I attended a financial planning seminar hosted by Ric Edelman, a very knowledgeable financial advisor. He compared the Social Security problem to refusing to fix a car until things start falling apart. Each president we have had keeps putting off the problem, and eventually Social Security will crumble - in 2037!

Max out on your 401k and IRA's people!

Comments

Post a Comment

Popular posts from this blog

2008 Lexus IS-F

Image
This post is long overdue! Congratulations to myself for my "new" car purchase on May 7, 2011. I purchased a 2008 Lexus ISF with 16k miles on the odometer. Why a Lexus? Why automatic transmission? Why not another coupe? These questions along with others will be answered. It will not only be a review, but I will provide justifiable reasons for my purchase. Before I started car shopping I started falling in love (yes, like an infatuation) with numerous cars that were in my price range: Audi S5, Lotus Exige, 2006-07 BMW M6. However, these infatuations were short-lived. I had to decide on a car that was best for my wants and needs instead of blindly pursuing cars that were simply the 'apple of my eye' and nothing else. The Lexus ISF came the closest to meeting my wants and needs. Below I'll explain my wants and needs and how the ISF met them, and in some cases exceeded them: 1) Reliability. Japanese cars are known for this. I have been driving my 1998 A
Read more

Rant of The Day: Frigid Northeast Temperatures

I wouldn't be surprised if this was the coldest/snowy winter on record. With the windchills, temperatures are close to zero. You know it's freezing/snowy when it takes 45 minutes to move 10 feet in your driveway, and when 32 degrees feels like a heat wave. Just yesterday and the day before it was 42... so warm I felt like playing basketball outside while driving with my sunroof open. I'm just glad the snow melted away during the "heat wave" so I didn't have to skip slush puddles in NYC, park my car on the grass, or slip on black ice in the driveway. Of course they all say it could be worse. Thank god we don't live in Snow-klahoma or Chicag-snow.
Read more