Personal savings accounts to me are one of the most powerful things, not necessarily in saving, solvency, or bankruptcy of the program, but in guaranteeing, the words I used a few minutes ago, a safe and secure retirement for our seniors.
quote by Bill Frist
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Though Congress continues to explore possible solutions to ensure social security solvency, everyone must take personal responsibility to prepare their own retirement savings accordingly.
Social Insecurity
Strapped Seniors use credit cards ‘stead of cash
To stay afloat, after losing their stocks n’ bonds
Yet more victims of another Wall Street crash
“Let them eat cake” is what the Fed responds
ROTMS
From Reuters Article 10/23/2010
Retired and broke: Why retirees are declaring bankruptcy
For more and more seniors, retirement doesn’t mean a debt-free life of leisure. An increasing number of Americans aged 65 and older are declaring bankruptcy, according to a recent study by John Pottow, professor of law at the University of Michigan Law School.
Those aged 65 and older represented seven percent of bankruptcy filers in 2007, a mind-boggling jump from 1991. They are the “fastest-growing age demographic, ” according to Pottow’s study.
What’s the culprit for so much debt? Credit cards. Two-thirds of Americans who filed for bankruptcy said credit cards were the key reason for their financial problems, according to Pottow’s research. Besides having more credit card debt compared with younger bankruptcy filers,44.8 percent of those aged 65 and older also had more plastic in their wallets. “They’re using credit cards as a maladaptive coping mechanism, ” Pottow says.
Stephanie Osterland, a supervisor in the bankruptcy department at GreenPath debt solutions, sees an increasing number of seniors living beyond their means. Says Osterland: “They’re just trying to live off of a fixed income, and that’s usually Social Security. Maybe they have a small pension. We find they’ve used credit cards to supplement that income and expenses or they just end up getting into a lot of medical debt.”
In addition to escalating medical expenses, seniors have seen their portfolios hit hard by the lagging stock market. Carolyn Rodi of Saving Your American Dream says those considering bankruptcy should see a credit counselor at a non-profit organization to get their finances in order.
Credit counselors, such as those at GreenPath, help the elderly deal with a stressful situation. “We try to help them focus on what it’s going to look like” after they get out of debt, Osterland says.
Rodi also recommends that potential bankruptcy filers seek out pro-bono legal aid. “There are a lot of elderly people that are being taken advantage of by bankruptcy attorneys and mortgage brokers who are advising them improperly to pay for the bankruptcy, take out a reverse mortgage or to do things that aren’t in their best interest, ” she says. ”If you have no income, why should you borrow to pay someone when you can get free legal aid? ”
What are the chances of a senior paying off his or her debts? It’s difficult to determine, especially because seniors tend to be on a fixed income. And while finding a job — such as a WalMart greeter — seems like a viable option, it is not necessarily feasible for all seniors to work.
In addition, whether or not a person declares Chapter 7 (which involves the liquidation of one’s assets) or Chapter 13 (which allows debt restructuring) bankruptcy can be a significant factor in determining what one’s lifestyle will be. “If you have to file for Chapter 7 bankruptcy, you may be able to find affordable housing that allows you to just get by, ” says Rodi. “Chapter 13 lets you keep your house and doesn’t touch your retirement savings.”
Regardless, filing for bankruptcy is very stressful for anyone. “A lot of our clients in that post-retirement age have a hard time coming to grips with their situation, ” Osterland says. “It’s very emotional for them. We try to focus on the future and see if this debt can be lifted off their shoulders.”
poem by Ray Lucero
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We promote domestic savings by also things like the personal accounts associated with the president's Social Security initiative, which over time would generate more savings.
quote by John W. Snow
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Voluntary personal savings accounts would enable future retirees to harness the power of the marketplace when saving for their retirements.
quote by Bill Frist
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My legislation, the Simple Savings Tax Relief Act of 2005, simply eliminates the taxation of interest earned in savings accounts, such as passbook savings accounts or bank certificates of deposit.
quote by Cliff Stearns
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President Roosevelt, the author of Social Security, was the first to suggest that, in order to provide for the country's retirement needs, Social Security would need to be supplemented by personal savings accounts.
quote by John Doolittle
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No matter how you cut it, this real debate on personal accounts is about the legitimacy of Social Security; it's not about the solvency of Social Security.
The 1993 Social Security tax penalizes seniors who have planned for their retirement through savings, investment and hard work. That's wrong, and that's why the double tax on Social Security must end.
quote by Rob Simmons
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We need to take steps to strengthen and mend Social Security so that its promise of a secure retirement is just as real for seniors in the future as it is today.
There's been a lot said about Social Security reform. What has been left out of the debate is the double tax on Social Security benefits. I believe it's time to get rid of a tax that punishes seniors and discourages work and retirement savings.
quote by Rob Simmons
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Social Security is not a retirement savings plan; it is a social insurance program. It's a contract that says, as a society, we will look out for you and your family when you can no longer work.
quote by Jeff Bingaman
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In order to fix Social Security, we must restructure it so that we continue to provide for our Nation's seniors that are approaching retirement age, but allow for younger taxpayers to invest a portion of their Social Security taxes in private accounts.
quote by Herman Cain
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I don't even think about a retirement program because I'm working for the Lord, for the Almighty. And even thought the Lord's pay isn't very high, his retirement program is, you might say, out of this world.
quote by George Foreman
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Spending and tax cut decisions must be both fiscally responsible and fair to our working families. I believe that fiscal responsibility is the way to create prosperity for America and secure the retirement of America's seniors.
quote by Blanche Lincoln
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Obviously, people with low or even moderate incomes could not afford such savings rates, and even diligent savings from their low wages would not be enough to pay for either retirement or healthcare.
quote by William Greider
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It's time to stop the raid on the Social Security trust fund and start allowing Americans to invest their Social Security taxes in personal savings accounts.
quote by Mike Pence
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Save, secure, savour!
Lets see in today’s world,
all worried about a good financial formula.
Felt like running against time,
thinking of saving huge amount prior to retirement!
Competing with colleagues,
if their investments; really the better plans than mine.
Assuming an ideal situation only if i got little earlier,
all saving incomes with incredible interest’ would sound awesome!
Saving should be in that leading institute which already,
has been awarded as 5 star fund mutually.
Considering all that risk factors of net asset value,
in market but strongly there’s an assurance of capital returns!
Now, start dreaming about after retirement,
no doubt, it could be a unique holidays with the family.
But there won’t be such amazing holidays,
cause suddenly a consciousness comes about family’s future security!
It would be more better if i save a little more,
since i have been saving throughout my whole working life.
Let my family & this world shall know that i am capable of saving,
such huge fund just to secure their (family’s) future!
It goes like this all of my life,
I worked hard on saving for future securities.
Then it keeps on continuing until i die and finally admitted myself
that i save all that i can for my family, so i’m ready to leave this world peacefully…!
Written by warner keisham, at 3.49 am, sunday morning, march 28,2010.
poem by Warner Keisham
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However, the Medicare prescription drug benefit has changed, and if the nearly 3,000 seniors I have met through 12 town halls can represent a sample of opinion, many seniors do not yet understand the prescription drug program and do not plan to sign up for coverage.
quote by Mike Fitzpatrick
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I believe in financial retirement. I don't necessarily believe in physical retirement.
quote by Jerry Doyle
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With our national savings rate well below one-percent, it is imperative that the government embrace innovative and cost-effective means of boosting personal savings.
quote by Jim Cooper
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