Elvis turned 80 this week, or would have turned 80, depending on which story you believe. A local in Ft. Worth TX swears she saw him working at a 7-11, while a guy in Dallas thought he saw Elvis pumping gas? Wouldn’t be surprised in someone in Granbury, TX spotted Elvis going to the dentist!
Wonder what Elvis would’ve thought had he actually lived that long. Coincidently, Elvis was born in 1935, which was also the year Social Security was first enacted. Believe or not, even Elvis Presley had a Social Security account.
The first ever recipient of social security worked a single day and paid in one nickel, $.05; retired the next day and got back $.17 cents! That was quite a profitable return. Wonder if he had an investment advisor guiding him on social securities strategies? Obviously social security administration quickly realized that retirees and even baby boomers today need a guaranteed, reliable lifetime monthly income.
Years ago employers provided pensions to their workers but those have pretty much gone the way of dinosaurs. Oh and you can see evidence of those dinosaurs in Glen Rose, TX (that is just down the road from Granbury). The first person to receive lifetime monthly payments from Social Security was Ida Mae Fuller on 1/31/1940 on her 65th birthday.
Up through her birthday, Ida Mae had paid into Social Security a total of $24.75. Almost unbelievably, her first check from Social Security was $22.54… and she lived until age 100. During her lifetime, she collected $22,888.92; which was a 1,000 times more than she “invested.” Ida Mae made an amazing lifetime annuity investment via social security, which lasted throughout her entire lifetime. Any local investment advisors or financial planners do that for you lately?
Time changes things such as music, hairstyles, fashion and even more so, how we feel about and invest money. Social Security was a great deal for the recipients in the beginning but the past 40 years has gravely diminished the benefits for retiring Baby Boomers today.
FACT: Social Security today pays out more in benefits than it receives from employed contributors. Without changes, it is impossible for Social Security to pay out the amounts promised to working participants.
This is not a Democrat or Republican or Texas Tea Party problem; it’s simply a mathematical problem. Unfortunately, a lot of us locals aren’t too bright at math, (maybe consider meeting with a local financial planner or investment advisor or even a qualified money person like a CPA for advice and help).
Good News is we Boomers are figuring out that while we cannot fully rely on social security to be there 100%, we also know that it doesn’t take $1 million to retire comfortably, (at least if you retire in DFW or local surrounding areas). All one really needs is a reliable, institutionally guaranteed monthly check they cannot outlive. You don’t need to amass a fortune to generate a generous lifetime monthly check.
When Elvis was born, life expectancy for a male was age 63, yet social security wasn’t available until age 65 (two years later than the average person life expectancy). Today in 2015 a Baby Boomer can easily live well into their 80’s and more Boomers and seniors than ever before, are living into the 90’s and 100’s! But Social security kicks in at age 66 or 67 for us Boomers today. To figure out the best social security filing strategy for you, contact and seek out the help and advice of a local DFW financial professional investment advisor using a Google or other Internet search engine.
Planning for a generous, lifetime guaranteed monthly check is our specialty at My Money Track. Getting your money straight, getting your budget set and getting your life back on track financially is our promise to you from My Money Track. We also know the “Secret” social security filing strategies to get the maximum amount available to you. Get started today in making your financial future secure and carefree by contacting us and requesting one of our many free information booklets.
Thank you, Thank you very much… Elvis has left the building.