Key Points
Have you built your life plan?
Does your life plan need to be updated?
Have you built your financial health plan?
Does your financial health plan need to be updated?
Are you managing your financial health smart?
Given your financial plan, are you living your best life?
References
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Key Concepts
Have you built your life plan?
Does your life plan need to be updated?
Have you built your financial health plan?
Does your financial health plan need to be updated?
Are you managing your financial health smart?
Given your financial plan, are you living your best life?
What are your goals for living ?
What is not working now?
What does work now?
What do you need to change in your life to be happier?
What do you want to change in your life to be happier?
Potential Value Opportunities
Best Affordable Retirement Communities - 2024.pdf link
Best Affordable Retirement Communities - 2024.pdf. file
- Middle-class Americans will have the most success retiring in Arizona, Ohio and Florida.
- Sun City West Arizona, has the highest percentage of residents age 65 and older, at 86.5%.
- Greenville, Ohio, has the lowest overall annual cost of living of all the cities on this list, at $30,173.
1. The Villages, Florida
- Household median income: $73,415
- Single family home average value: $408,342
- Annual cost of living: $48,808
- Average Social Security Benefits: $30,704
2. Green Valley City, Arizona
- Household median income: $57,785
- Single family home average value: $321,915
- Annual cost of living: $41,989
- Average Social Security Benefits: $27,102
3. Sun City West, Arizona
- Household median income: $61,941
- Single family home average value: $398,930
- Annual cost of living: $48,781
- Average Social Security Benefits: $28,190
4. Hot Springs Village, Arkansas
- Household median income: $68,580
- Single family home average value: $305,455
- Annual cost of living: $41,487
- Average Social Security Benefits: $28,754
5. Venice, Florida
- Household median income: $68,843
- Single family home average value: $466,895
- Annual cost of living: $53,436
- Average Social Security Benefits: $27,226
6. Sun City, Arizona
- Household median income: $51,263
- Single family home average value: $329,036
- Annual cost of living: $44,204
- Average Social Security Benefits: $25,346
7. Sun City Center, Florida
- Household median income: $64,661
- Single family home average value: $341,594
- Annual cost of living: $45,845
- Average Social Security Benefits: $26,759
8. Punta Gorda, Florida
- Household median income: $75,898
- Single family home average value: $419,564
- Annual cost of living: $49,123
- Average Social Security Benefits: $28,854
9. Mesquite, Nevada
- Household median income: $69,146
- Single family home average value: $406,306
- Annual cost of living: $48,562
- Average Social Security Benefits: $26,855
10. Englewood, Florida
- Household median income: $61,734
- Single family home average value: $382,567
- Annual cost of living: $47,686
- Average Social Security Benefits: $25,610
11. Murrells Inlet, South Carolina
- Household median income: $71,019
- Single family home average value: $438,475
- Annual cost of living: $49,996
- Average Social Security Benefits: $26,060
12. Pinehurst, North Carolina
- Household median income: $102,917
- Single family home average value: $542,557
- Annual cost of living: $57,335
- Average Social Security Benefits: $28,853
13. Oro Valley, Arizona
- Household median income: $101,394
- Single family home average value: $525,380
- Annual cost of living: $56,423
- Average Social Security Benefits: $29,587
14. Wildwood, Florida
- Household median income: $68,121
- Single family home average value: $319,201
- Annual cost of living: $42,621
- Average Social Security Benefits: $28,259
15. Sebastian, Florida
- Household median income: $65,650
- Single family home average value: $362,710
- Annual cost of living: $46,421
- Average Social Security Benefits: $23,019
16. Naples, Florida
- Household median income: $135,657
- Single family home average value: $713,541
- Annual cost of living: $69,932
- Average Social Security Benefits: $30,538
Potential Challenges
US Social Security System Needs to support retirees and young people on a sustainable basis
The US government has clearly failed to set Social Security to support retirees and young people on a sustainble basis.
Yes the shifting age of the country's population and other demographics economically challenge Social Security funding for retirees and young people.
What are the key principles to agree on for Social Security?
- We can't increase the Social Security tax rates on the young people in the working or middle class ( current rates below )
- We can't cut retirement benefits for retirees
- We must make Social Security economically sustainable for the long-term
- We must eliminate fraud, waste and abuse in the system wherever possible
- Anything else is open to change
FICA rates for W2 employees ( 1099 workers pay the full 15.3% )
Yes. FICA combines Social Security and Medicare taxes for a total of 15.3%, but the cost is split between the employer and employee. 6.2% of an employee’s FICA taxable wages go to Social Security tax and 1.45% of their FICA taxable wages go to Medicare tax. The employer must match these percentages for a grand total of 15.3%.
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