The Nation's Retirement System Needs a Comprehensive Re-evaluation says the GAO

Yes, I'm calling this a myth.  For the following reasons:

• An excellent retirement system called Social Security was designed by Francis Perkins and her committee back in the 1930's right after the preventable debacle of the Great Depression began.
• That excellent system has been under attack ever since it was conceived, primarily by people who just can't stand for other people to have happiness; it's not enough that they've "won" the wealth game, everyone else must also lose.
• The majority of workers are willing to pay the taxes necessary to fully and indefinitely fund benefits.  It is a myth that there are only two workers to pay the necessary benefits for each retiree; 25% of beneficiaries keep working and paying taxes.  Reagan lied about this clear back in 1981 as he severely slashed benefits, saying there were only 3.2 workers for every beneficiary.
• Every other industrialized nation in the world has a livable pension for its seniors
• If we could first solve the pernicious problem of mertiless accumulation of vast wealth and power we could design an efficient and effective healthcare delivery system, leaving trillions of dollars on the table for Social Security enhancement.  And enhancement is what it needs:  reduce full retirement age back to 65, eliminate taxes on benefits for all who earn less than median income, and eliminate the cap on Social Security taxable income.

Read the report yourself here at http://www.gao.gov/assets/690/687797.pdf

Your Constructive Comments are Welcome!

My Adviser Will Live Forever

This is a myth, of course.  But rarely do we discuss the consequences of, or solutions for, the mortality of our advisers.
I'm writing this post because this year I seem to be getting way more questions from potential and existing clients like, "Well what happens to our plan if you're no longer around?"  I don't know if this is because I look terrible lately or because I went on Medicare this year.  Or maybe both.  But it's a smart and legitimate question.  Here's how I answer:
First of all, a large portion of my plans can usually be called "set it and forget it" requiring little future tweaking, other than for untimely life events like unemployment, divorce, disability, or death.  But even those risks are largely taken into account.
Secondly, I have a succession plan should I become incapacitated or deceased.  Without giving too many details- to protect the security of your data -I can tell you this:  Upon my incapacity or death, my Personal Representative can present proof of that to my CRM vendor and gain complete access.  Then they notify all the vendors, partners & clients in my database.  I have designated professional partners who will either step into my shoes or find appropriately experienced and credentialed individuals to do so.  And they will be in touch with you to discuss any necessary changes.
Finally, in my experience, most successful advisers never retire anyway.  We are in this profession because it is extremely gratifying to make such a difference in the lives of our clients.  Having heard the hopes and dreams of thousands of retirees, we understand the importance of finding happiness now instead of deferring it to a couple decades of post-professional idling.  Besides, the Life Expectancy Calculator says I'm going to live to be 98 so I may outlive most of you!

Your Constructive Comments are Welcome!