Social Security is one of the more controversial financial questions of our time-will it be there for you, or won’t it? Should it be privatized or not? What happened to the trust fund? Of course, politicians will still be debating by the time all of us are retired. Here’s how to make sure you get the most out of Social Security, no matter what Washington does.
|Who among your family or friends has already begun collecting Social Security? What has their experience been like?|
|Things to Talk About|
|Now that people are living longer, more and more people are drawing benefits. In 1940, there were 40 active workers to support each person receiving Social Security. Now, there are only three workers for each beneficiary, and that number will continue to fall. Keep in mind that the age at which you can start receiving full benefits is going up as well. It used to be 65, but the qualifying age for full benefits is now increasing on a graduated scale. By 2027, the age will be 67. So you’re probably going to have to wait longer and longer to qualify for full benefits to start replacing a smaller and smaller percentage of your pre-retirement income.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own!
|Catch Yourself Doing Something Right|
|Share your success with your fellow Club members:
|What Will You Do Today?|
|Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions:
Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example:
You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right.
|Money Attraction Affirmations|
|Choose one affirmation to motivate you to achieve your goals, something like:
|The Money Zone for Next Meeting|
|Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Social Security Basics
|Just For You|
|Before the next Money Club meeting, do the Just for You Exercise called Determining Your Benefits.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting: