Tuesday, October 13, 2009
No Raise For You!
Remember the Seinfield episode where George asked for a piece of bread and the Soup Nazi growls, “No soup for you.” Today’s seniors who depend on Social Security have been given similar bad news when it comes to an increase in their benefits ... For the first time in 35 years, Social Security beneficiaries probably won’t receive a cost-of-living adjustment ... the yearly increase that helps them make ends meet and keep up with rising prices. Millions of seniors will see their checks stay flat – or even decrease – while the costs of prescriptions, utilities and health care continue to climb fast. The official measure of inflation – the consumer price index (CPI) – has not increased in this crummy economy. Yet the things seniors need most are skyrocketing! The bad economy this year has hit seniors harder that most other folks. They spend an average of $4,400 out of pocket every year on health care alone. With home values dropping, losses in the stock market, and low returns on interest bearing accounts, it's no wonder that more Americans are counting on the promise of Social Security. My point in bringing this to your attention is to highlight the importance of not depending on the government for your wellbeing, including your retirement. Take responsibility for yourself: Get your finances in order, chop your expenses to the bone and save … save … save! Best wishes, George