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Money

The www.FedPrimeRate.com Personal Finance Blog and Magazine

Monday, May 30, 2016

Federal Reserve Report On The Financial Well-Being of American Households for 2015

A report on the decision-making and financial well-being of American households during 2015, from the Federal Reserve:



Click here for the transcript (PDF).

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Saturday, May 28, 2016

2016 Check On Social Security Estimated Benefits

Recently stopped by the Social Security Administration (SSA) website to check on my benefits.  The address is:


First, some context with regard to my situation:

  • I was born at the start of the greatest decade ever: the 1970's

  • I worked in corporate America until 1999, when I decided it was time for me to do what comes natural to people with my personality: self-employment.
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If I die this year, my daughter can count on around $659 per month from the SSA.

Notice that that one-time death benefit is for my spouse (I'm not married) or minor child is only $255.


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In order for me to qualify for retirement benefits when I reach 65, I'd need 40 "credits" of work.   Currently, I have 37.

 



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If I am not able to accumulate the retirement-minimum 40 credits by the time I'm 65, I will not qualify for Medicare.

 

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The system is setup so that even when deserving folks apply, seldom do they get approved, as a matter of course.

Feeling useless is pretty much a death sentence for someone like me, so this is n/a.

NB: I don't understand why the SSA is offering me a link to apply for disability benefits when they've already let me know that I don't qualify.  ???????????


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Bottom line: Based on these numbers, it's quite clear that one should always be realistic about Social-Security benefits.  Amen.

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