The following story is what our liberal friends like to hear. It makes the case for more government assistance; higher Social Security benefits and just more. But is that the real message? Or is the important thing that individuals should take more responsibility, be more informed and aware; have a plan that mirrors reality?
Looking at the facts, this woman is struggling, it appears she is living on a reduced Social Security benefit. But by her own admission, she got herself into her current decision in at least two ways; failing to save and retiring early. She wishes someone had given her advice; me too.
However, with just a little effort, the advice is out there. Free calculators for retirement planning abound. Social Security statements let people know how much they will receive and simple math comparing expenses and income will provide the results.
Too many people go through life with their head in the sand and then wonder why bad things happen. A liberal looks at the result and says we need to provide more help. A conservative sees the same situation and says individuals must take more responsibility.
I guess the real question is, how much responsibility do you want to take for the Elaines of the world? How much of the inequality we worry about is the result of individual decision making or lack thereof?
Published: Saturday, August 30, 2014 at 03:36 PM.
There’s no gold in Elaine Bouldin’s golden years.
Five years after retiring, the Stanley woman found herself looking for extra cash and filing for bankruptcy.
She misses her full-time job in the Register of Deeds office at the Gaston County Courthouse. She’s who you saw to get copies of birth certificates.
Retiring a decade ago at age 62, she was ready to move on. Bouldin agreed to take less Social Security in exchange for early retirement.
The decision haunts her each time an unexpected expense pops up.
This month marks the 79th anniversary of the creation of Social Security. It provides earned benefits to about 58 million people.
Retiree’s advice: Keep working:These days, Bouldin said she often struggles to make ends meet. She saves up to dine at restaurants, subscribe to cable TV and buy gas.
Two weeks ago, her car needed repair. Without $400 on hand, she requested an estimate and added that expense to her savings plan.
Bouldin shares her story in hopes of helping others. She advises anyone contemplating retirement to keep working as long as possible. That’s advice she wishes she had received.
“That keeps you healthy plus it keeps you making more money,” she said. “You can live a more fulfilled life.”
Earning 20 to 30 percent less: While working at the courthouse, Bouldin admits, saving money wasn’t a priority. She enjoyed spending her salary and says she did “anything I wanted to.”
Retirement brought a shocking realization. Her Social Security check did not cover her mortgage, sup-plemental insurance payments, house utilities and food.
She found herself living on 20 to 30 percent less than when she was working. She spent her 401(k) and investments to temporarily stay afloat.
via Planning to take early retirement? Read their story first – Local – Gaston Gazette.
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