2016 Check On Social Security Estimated Benefits

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

• https://www.ssa.gov/

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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Teaching Kids About Finances

Parents face a lot of challenges these days. From first days of school, to first crushes, to when they turn 16 and get their driver's license -- we deal with it all, eventually. But, there are some things that need to be dealt with sooner rather than later. One lesson that kids need to learn while they are still young is how to manage money. Financial responsibility is a skill that will stay with your child for the rest of their life. I'm dealing with the same issue right now with my daughters, and here I'll share some of the things I've done, and offer insight into raising a financially disciplined child.

• Teach your child the difference between a "need" and a "want". Often, a youngster can't really distinguish between the two, especially if they are used to getting pretty much whatever they want. Here's what I did. I explained to my kids that things like rent, electricity, and car insurance were "needs", meaning we couldn't really get along without them. Things like the newest video game system, or a new cell phone (my 8-year-old wants a cell phone...it's NOT going to happen!) are "wants"....sure, they would be nice to have, but we can get by without them. If your child has a clear idea of the difference between "need" and "want", they will be more likely to spend their money on something that's more important to them, instead of wasting it.
  
  
• Encourage your kids to save a little, each time they earn some money. With my girls, I give them an allowance of a dollar a week, for every year of their age. I also made a rule that they have to save half, and spend half. Think about adding interest to what your children save up. That will show them that sometimes saving is better than spending right away, because they will have more money to spend in the long run. Older kids can figure for themselves how much extra they are earning by getting interest on their savings. This would also be a good time to teach kids the good and bad things about borrowing.
  
  
• Set limits on their spending. Don't allow them to just "blow" their money on anything they want. For example, if you're like me, and you have a child that runs outside with money in hand every time they hear the ice cream truck...you have to teach them that sometimes you can't have whatever you want, whenever you want it, and that they can get a lot more down the road if they just show some financial restraint. Kids model what they see, so set a great example by being financially sensible yourself. Just because that plasma TV is on sale, doesn't mean that you should run out and buy it!
  
  
• Take your kids, as soon as they are old enough, to your local bank or credit union and help them open their very own savings account. My grandparents did that for me when I turned ten. They started me out with a hundred dollars, and by the time I turned 18 I had almost five thousand dollars! That money came in really handy when it came time for me to strike out on my own.
  
  
• Here's something that helped me save money: When I wanted to buy something with part of my savings, (for example, I paid to go to summer camp when I was 13), my parents didn't really object. Being able to reward yourself occasionally is part of what makes saving worthwhile.
  
  
• You may also consider savings bonds, because they can be bought for half of the face value, and if your child uses the interest earned from the bond to help pay for college, it may be tax-deductible. Bonds also can't be spent right away, which will teach your child a lesson in delayed gratification.
  
  
• Let your kids make their own spending decisions (within reason of course). Whether they make a good choice, or a not-so-good one, they will learn from it. Teach them to weigh the pros and cons, and to do some research and compare different options before they make that purchase. If you use credit cards, take that chance to teach them how credit works. They should know how to protect themselves against credit card fraud, how to calculate a bill or a tip, and how to make sure they aren't getting overcharged.
  
  
• Treat your kids' school attendance as if it is a full time job (which in my opinion, it is). Many grown-ups get performance bonuses in their jobs, so why not do the same thing for the kids? Reward good grades, and reward them for improvement as well. That will motivate them to keep doing well in school. When they get old enough, encourage them to get a part-time job so that they can learn about taxes and Social Security withholding. (Plus, if your kids are anything like mine, they value their money more if they are the ones who have earned it).
  
  
• Nurture an entrepreneurial spirit within your child. Many kids earn their own money by walking their neighbor's dog, raking leaves, shoveling snow in the winter, or something similar. Or, if your kids are like mine and have way too much stuff, help them have a yard sale. They'll be de-cluttering their bedrooms, and earning (and hopefully saving) money, too!
  
  
• Level with them in an age appropriate manner. Kids can pick up on things from a very young age. They know when Mom and Dad are stressed out, and when they are old enough, you can start explaining when and if money gets tight around the house.
  
  In my opinion, kids detect lies, cover-ups and half-truths far more often than most parents realize, and this can lead to a child having problems with honesty later in life.
  
  
• Also, explain to your kids that they shouldn't just blindly buy into what they hear on TV and see on the internet. The American Academy of Pediatrics estimates that an American child sees over 40,000 commercials each year. That is a lot for a child to process. Explain to your kids that it may look great on TV or online, but just because "so and so" has a fancy car or all the latest gadgets, doesn't mean that they should live beyond their means.
  

I've used a lot of these tips within my own family, and I can honestly say that I think my advice is beginning to take root. Just the other day, I asked my daughter if she wanted to spend her allowance at Wal-Mart, in the toy aisle, and she said, "No...I'm saving up to buy a new bike". I was shocked, but I was really proud, too. If you employ some or all of the tactics I've written about here, I'm willing to bet that your child will soon surprise you with a nugget of financial wisdom as well.

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My Three-Year-Old Thinks a Credit Card Can Solve Our Problems

One of my son’s favorite “toys” is his credit card. In actuality, it is a pre-paid Master Card that I received for the mail-in rebate on a PDA phone. The money long gone, I must have kept the card in my purse, because my excavating toddler found it and claimed it as his own. The card is bright orange, so it’s reasonable to believe that he would play with the small piece of plastic; however, the game he was playing was cause for alarm. My husband and I made the discovery one afternoon as he was leaving to run errands. We must have been discussing a bill of some sort because my son interrupted us, declaring, “Mom, it’ll be fine - I got my red car!” ‘Red car’, of course, is slurred toddler-speak for “credit card” - he pulled it out of his pocket to show us.

While the sentiment was heart warming, the premise was horrifying. First of all, how does my son know what a credit card is? We only have one credit card right now, and it’s locked away with the Hope Diamond as we rebuild our credit by paying off bills and living beneath our means. He may see us pay for items in retail stores with debit cards, but that’s only every now and then, as he rarely goes shopping with us. We knew that he understood that some plastic cards represent money, but to call it a “credit card” specifically and then assure me that everything would be okay because he had one was a leap in understanding that I did not predict or foster in my three-year-old son. Where did he get the idea that credit cards make everything alright?

Hubby and I laughed nervously, and then looked at each other, wondering how he could have formed such an idea. We talked about it and came to some realizations that we weren’t so happy with. Although we know that young children absorb new information like sponges, frequently learning things that their parents have not taught them directly, we were unaware of how acute his understanding of currency is…for a three-year-old, anyway. While he still thinks all paper money is worth $50, he comprehends that adults exchange money for items and services. He believes that money gets you things that you want; he usually wants food, and he sees us pay for food with money. However, to leap to the assumption that credit cards solve non-food related problems (my husband and I were not discussing food on the day in question) is a broad jump in my opinion. He is learning about money from some other sources, too. As a parent, I felt that it was time for me to take a closer look into his media exposure as it relates to money, credit, and how the economy works.

After I thought about it, I began to see how we in the Western world are so inundated with media messages promoting a consumer credit culture that there is no way to escape it without becoming a hermit. One of my son’s favorite cartoons has a main character who is rich, and she uses credit cards to fund her lifestyle - in elementary school. One CBS Evening News segment by Nancy Cordes explores how credit card companies are deliberately targeting children as young as three years old by integrating credit cards into children‘s games and toy accessories.



Then, even the safest of prime-time television shows are interrupted with commercial messages from credit card companies that promote lush, satisfying lifestyles that are made possible by the almighty plastic. While the television doesn’t baby sit my children, they see enough of it to possibly be affected by the onslaught of credit card marketing and comic characterizations of rich super-spenders who don’t carry cash.

What’s a mom to do?

I have to take a direct approach to teaching my toddler about money and credit, even now. Christian Credit One gives some great advice about how to begin exposing children to money management lessons, even in their pre-school years. Their website is at http://www.ccone.org/.



I plan on implementing some of those tactics in my daily routine with my little one. The first step is getting him a personalized piggy bank that he can cherish and keep as he gets older. I want him to be able to correlate responsible money management with fond family memories and family values. That way, instead of thinking that he is helping mommy by using his “red car,” he will remember the lessons that mommy and daddy taught him about saving and spending less than what you have in the bank, not more. We want him to think about how fun it was to go to the grocery store and help mom and dad pick out items based on cost to value comparisons, helping to spend the family money wisely. I have fond memories of learning about money in pre-school. I want his memories to be pleasant, too; not a reminder of how young he was when he first started on the road to ruining his credit through a warped understanding of money and red cars.

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