Hawaii is hurting right now due to the terrible fires on Maui. In December I will have been living here 17 years. I have come to love this place and its people. As I sat down to write todays blog more than 93 fatalities have been confirmed and more are expected. Help is needed for the survivors! If you can, please help by donating to one of the various charities who are out front providing all sorts of necessities. My life partner and I have given to the Maui Food Bank and believe that the dollars we have given will be well spent.
With most what to do scenarios that are given – rarely do they address “the how to actually do it?” part. I have in the past advised what one should save weekly especially for young people who are just starting out. Today I would like to address those of you who are 50 to 60 years of age. The Census Bureau statistics say that in 2017 49% of adults between the ages of 55-66 had no personal retirement savings. Many of the people who are in the group say they can’t save. Well, that’s just nonsense! First you must do a financial evaluation with an eye to retirement and that starts with Social Security. Begin by setting up a social security account online and learn what you can reasonably expect to receive monthly and at what age you must be to receive what amount. Then set up a budget for the present so you can begin saving on all your expenses, the necessary and the discretionary. My life experience tells me that operating without a budget is the reason too many people never get off of the economic hamster wheel.
Once you start saving – what should you do first with that money saved? At fifty years of age the cost to join the Mathmatecum is $80.00. It is a one time; one time only cost and will provide a yearly income for the rest of your life! The income is as safe as can possibly be because investment by the Mathmatecum is proscribed. Only U.S. government insured instruments are allowed. Securities that have the full faith and credit of the U.S. government are also allowed. As savings increase there is the ability to create a Mathmatecum Directive that will increase yearly income to you and then provide income to your designees for their lifetimes. A few things to do to ramp up savings quickly would be to limit new debt, eliminate high-interest credit cards, and maximize any contributions to your retirement at your workplace. These are just 3 of 9 suggestions from Rose Kennedy, no not that one, but the one who writes for the Atlanta Journal-Constitution. As an Octogenarian what struck me most that she advises is to immediately downsize and place any monies realized into retirement accounts. This presents a perfect scenario if you have equity in a home you can sell.
JAI BABA
TTFN
JU
