Educate

	Did you know? --- "Some delaying of the age of eligibility for retirement benefits is becoming increasingly pressing." Federal Reserve Board Chairman Alan Greenspan Passed by Congress in 1983, the age for full Social Security benefits rises gradually from 65 to 67 starting in 2003. Today, Social Security surpluses provide over $75 billion toward the deficit. However, by 2012, Social Security will be bankrupt and by 2029, it will be insolvent. The median life expectancy for men is 73 years and for women is 80 years. Today's Social Security Benefits: 6.2% FICA Tax (Plus matching 6.2%)-- Age in 1997 - 21-55 Income in 1996 - $30,000 Annual benefits - $12,765/Year CONSIDER, along with compound interest, having worked from age 21, retiring at age 65, averaging $30,000 per year. If deposited to your new SSavings account--
	1)	Contributing only 4% or $100/month, earning 5%, total new SSavings of $192,000 or $15,200 annual benefits.
	2)	Contributing only 6.2% or $155/month, earning 5%, total new SSavings of $297, 000 or $23,500 annual benefits.
	3)	Contributing 12.4% or $310/month, earning 5%, total new SSavings of $594,000 or $47,000 annual benefits.
	Which makes more sense? Contribute 12.4% of your total income to maybe receive $12,765 in benefits or, for example, contribute 4% and be assured of receiving $15,200 annual benefits! Sometimes, the solution can be obvious, don't you think?