Less on Less
You may have already heard that there will not be an increase of social security payments for the 2010 and 2011. This will account for the first time since 1975 that this automatic increase will occur. In addition the Social Security Administration reports that nearly 6 million Americans will see a slight decrease in monthly payments in the coming years. This decrease is due to the slight increase in medical costs for those that have payment for medications deducted from their Social Security payments. What does this mean for those individuals who depend on Social Security?
Well it primarily means that we must discover more options. This should also serve as a notice to those who are ten or more years away from retiring. The message to you is to make sure you focus on saving for retirement now. What should those who are currently receiving Social Security payments do, here are a few things:
(1) Develop a solid budget immediately. There is something about writing out a plan or budget on paper. It makes the budget or plan realistic. Make sure you include everything in your budget, even the least expensive items. The budget should be on a monthly basis.
(2) Adjust your expenses. Cut any expenses that you can do without. We are creatures of habit. If you begin now to eliminate a particular expense, although it will be tough in the beginning, it will become easier to do without in the next thirty days.
(3) Increase your income if possible. After creating a budget and assessing your expenses you should examine your income options. Is there anyway of increasing your income without risking a decrease in Social Security benefits? If so, you may want to purse those options.
(4) Stick to your “new” lifestyle for the next 365 days. It is important to stick to this new plan for the next year. I would reassess the plan every four months to ensure that it is working. Adoption is one of the largest things for adults to deal with. Hang in there I know you can do it.
Maybe you know someone in this situation or maybe you are in this situation. There is hope for you. It is never too late to create the lifestyle you desire as long as you still have the desire to change your lifestyle!
You may have already heard that there will not be an increase of social security payments for the 2010 and 2011. This will account for the first time since 1975 that this automatic increase will occur. In addition the Social Security Administration reports that nearly 6 million Americans will see a slight decrease in monthly payments in the coming years. This decrease is due to the slight increase in medical costs for those that have payment for medications deducted from their Social Security payments. What does this mean for those individuals who depend on Social Security?
Well it primarily means that we must discover more options. This should also serve as a notice to those who are ten or more years away from retiring. The message to you is to make sure you focus on saving for retirement now. What should those who are currently receiving Social Security payments do, here are a few things:
(1) Develop a solid budget immediately. There is something about writing out a plan or budget on paper. It makes the budget or plan realistic. Make sure you include everything in your budget, even the least expensive items. The budget should be on a monthly basis.
(2) Adjust your expenses. Cut any expenses that you can do without. We are creatures of habit. If you begin now to eliminate a particular expense, although it will be tough in the beginning, it will become easier to do without in the next thirty days.
(3) Increase your income if possible. After creating a budget and assessing your expenses you should examine your income options. Is there anyway of increasing your income without risking a decrease in Social Security benefits? If so, you may want to purse those options.
(4) Stick to your “new” lifestyle for the next 365 days. It is important to stick to this new plan for the next year. I would reassess the plan every four months to ensure that it is working. Adoption is one of the largest things for adults to deal with. Hang in there I know you can do it.
Maybe you know someone in this situation or maybe you are in this situation. There is hope for you. It is never too late to create the lifestyle you desire as long as you still have the desire to change your lifestyle!