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November 4, 2016     Heritage Florida Jewish News
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November 4, 2016
 

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HERITAGE FLORIDA JEWISH NEWS, NOVEMBER 4, 2016 PAGE 7B Many retirees and those nearing retirement express a common fear. They worry about run- ning out of money; finding their bank account drained with years of life still ahead of them. "The reality is that a large percentage of Americans simply don't have the kind of savings they need," says Chuck Price, president of Price Financial Group Wealth Management Inc. (www. pfgwm.com) and author of "Investing Simplified: What You Don't Know Can Hurt You." His suggestions for stretch- ing retirement dollars as much as possible include: Work longer. Nothing says you have to stop work- ing at a particular age. You can continue in your career, find a new one or just work part-time. Even temporary employment can help keep the cash flowing so you don't have to tap into your savings too much. Cultivate alternative income streams. You can reduce your reliance on your retirement portfolio by cultivating income streams. "This could be done through a side business or maybe by making investments outside your retirement portfolio that pay dividends," Price says. "There are a number of ways you might be able to come up with some extra income." Cut costs. Are there expenses you can get rid of if money becomes too tight? Maybe you don't need to play golf every day or dine out so often. Are you paying for in- surance on an extra car that you really don't need anymore or for a motorcycle you rarely ride? "Retirement is supposed to be fun, I know, but in tough economic times you'll have to make decisions," Price says. "If your situation improves, you can add some of those luxuries back later." Reconsider the financial help you give others. Older people often want to help their children and grand- children financially, but you might need to cut back on your charity. "If your own survival and financial situa- tion is being threatened, you need to pull back a bit," Price says. "You're trying to make your money outlive you, so it might be necessary in times of economic turmoil to re- duce how much you provide to others." On the upside, Price says, it's worth noting that ex- penses in retirement might not end up being as much as you think. "Most people spend less money as they get older because they stop driv- ing, traveling and buying clothes," Price says. "The main exception is if there's a need for long-term care, which can be very expensive. "But most of my clients in retirement, usually after about age 80, aren't spending anywhere close to what they planned for." OHI" WOHn, By Angel Morales Every Veterans Day, the nation honors the brave men and women who risk their lives to protect our country and the freedoms we cherish. Social .Security honors veterans and ac- tive duty members of the military every day by giv- ing them the support they deserve. A vital part of that is administering the Social Security disability program. For those who return home with injuries, Social Security is a resource they can turn to for disability benefits. Social Security's Wounded Warriors website is at www.socialsecurity.gov/ woundedwarriors. The Wounded Warriors website has answers to many commonly asked questions, and shares other useful in- formation about disability benefits, including howveter- ans can receive expedited pro- cessing of disability claims. Benefits available through Social Security are different from those available from the Department of Veterans Affairs and require a separate application. The expedited process is available to military service members who become dis- abled while on active military service on or after October 1, 2001, regardless of where the disability occurs. Even active duty military who continue to receive pay while in a hospital or on medical leave should con- sider applying for disability benefits if they're unable to work due to a disabling condition. Active duty status and receipt of military pay doesn't necessarily prevent payment of Social Security disability benefits. Although a person can't receive Social Security disability benefits while engaging in substan- tial work for pay or profit, receipt of military payments should never stop someone from applying for disability benefits from Social Secu- rity. Learn more by visiting www.socialsecurity.gov/ woundedwarriors. With over 80 years of ex- perience and compassionate service, Social Security is proud to support ourveterans and active duty members of the military. Let these heroes know they can count on us when they need to take advan- tage of their earned benefits, today and tomorrow. By Blanca Taylor It's healthy to be skeptical in a world of uncertainties. Major news networks some- times broadcast conflicting facts that require a bit of re- search to verify. There's even a day in October dedicated to skeptics. So, this is the perfect time to tell all the skeptics that there's no reason to think Social Security won't be here for you well into the future. Recently, the Social Secu- rity Board of Trustees released its 76th annual report to Con- gress presenting the financial status of the Social Security trust funds for the short term and over the next 75 years. We're pleased that legislation signed into law by President Obama last November averted a near-term shortfall in the Disability Insurance (DI) trust fund that was detailed in a previous report. With that small, temporary reallocation of the Social Security contribution rate, the DI fund will now be able to pay full benefits until 2023, and the retirement fund will be adequate into 2035. It is impor- tant that members of Congress act well before 2023 in order to strengthen the finances of the program. As a whole, Social Security is fully funded until 2034, and after that it is about three-quarters financed. Many people wonder if So- cial Security will be there for them. Here's a fact that will relieve any skepticism you might have: the increased cost of providing Social Security benefits for Baby Boomers is less than the nation's increase in spending was for public education when the baby boomers were children. Put your skepticism aside and rest assured that Social Security is with you today and will be with you tomor- row. You can read the entire report at www.socialsecurity. gov/OACT/TR/2016. yOU from side the cal by II (canaglillozin) Tablels~ SIDE EFFECTS MAY INCLUDE KETOACIDOSIS, KIDNEY FAILURE, HEART ATTACK, STROKE, COMA OR DEATH. For Immediate Assistance CALL: mm m !,