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Tuesday, October 4, 2016

Erosion of Entitlements? Will Social Security disappear?

Times are hard, and they are made even more difficult by the uncertainty of the unknown. There has been much discussion regarding a program taken for granted by many, Social Security, and the shaky foundation upon which it stands in the future. For people who have paid into this program for their entire lives, the thought that it may all disappear is frightening. Many retirees rely on it to support themselves in the later years of their lives.

So is Social Security going to completely disappear? Is this fact or fiction?

The truth lies somewhere in between. The real impact of the government’s shrinking cash flow is that those monthly payments may begin to decrease.  In all likelihood, Social Security will be around for years to come, albeit with diminishing returns. This does, however, create a quandary for those workers caught in the middle of the transition, who have paid a great deal into the program but might retire with fewer benefits than those before them.

What is certain is that something has to change in the government’s practices to keep Social Security alive and well. Several solutions have been proposed, such as instituting a more progressive payroll tax or raising the retirement age, but their ultimate bearing on the future of Social Security is still ambiguous. It may be advantageous to factor this potential decline in future payments into your planning process in preparation for the worst, however. 

Posted by: Patrick Carroll at 10:37 AM
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Tuesday, October 4, 2016

Comprehensive Financial Planning

Financial planning is not about money.

That phrase sounds counterintuitive, right?

The fact is that financial planning is not just about money. It is about the fusion of lifestyle choices and fiscal responsibility, wedded together to create the best possible impact for your specific life. Financial planning is holistic and takes care of your potential needs. It has to be tailored directly to you, because your life is unlike any other.

Real, comprehensive financial planners do not sell a product- they sell a process. Getting a plan made for your future is great, but it will not be nearly as effective as if it was refined specifically for you year upon year. Planning ahead is long-term and requires a financial planner who knows you as well as you know yourself.

Wealth Strategies Group is a source of sound, comprehensive financial planning. Our Lifestyle Protection Process™ is effective because it focuses on your life goals, not on the sale of financial products. We grow along with you and adjust to any unforeseen circumstances or a change in your objectives.

Lifestyles change. Why shouldn’t your financial plan?

Posted by: Patrick Carroll at 10:15 AM
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All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Securities offered through Triad Advisors, member FINRA/SIPC. Advisory Services offered through ACI Partners, LLC. ACI Partners, LLC is not affiliated with Triad Advisors.