What the Government Give … the Government Taketh Away

As I reported just two days ago, the outlook for Social Security recipients was bleak. Now it’s official … the Social Security Administration announced that for the first time in 35 years, seniors will not be getting a cost-of-living adjustment for 2010. The average monthly payout will remain at $1,095. The lesson for Boomers: Make the most of your 401(k), traditional IRAs, and Roth IRAs because Social Security is no longer the sacred cow it was for your grandparents. Best wishes, George