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According to the Statistics Portal the personal savings rate in the U.S. was a mere 2.4 percent in 2017.Different ResultsSet a savings goal. You choose. How about 10 percent? If you can live on 90 percent of your take home pay then you know you are always living within your means and you will be bet- ter able to handle a financial emergency, or a change in income, if that happens. The number above is strickly a number to start with. You must decide whatyou are willing to commit to. According to the Statistics Portal the personal savings rate in the U.S. was a mere 2.4 percent in 2017. That savings percent- age has seen an increase throughout 2018 and in October 2018, the person- al saving rate in the U.S. amounted to 6.1 percent. The year-end number will be out soon.How about creating monthly chal- lenges? The best part is that you’ll be turning fun challenges into healthy sav- ings habits. Engaging your children and grandchildren in this process can also help to teach them saving habits into their future.Maybe it’s a no-spend challenge. Could you give up your coffee at the drive through for a month? How about bringing lunch to work for a month? Maybe it’s only ‘free’ entertainment options for a month; you’d be surprised how many opportunities there are in our area. The fun part is to change it up. I find thateating in, rather than eating out can have a significant impact on the budget but the reality is that I do enjoy the socialization time with friends. So while this challenge is up on the table from time to time I know that I could not sustain it and enjoy what I do at the same time. The point is to change it up in such a way as to make it work for you and your family.It truly is a challenge for some in their youth to understand the value of saving for a rainy day, a family trip, or a new home. Saving for retirement is even more nebulous, but it’s coming no matter what. These challenges can be part of helping youth to recognize the fun of watching their dollars grow in a savings account of their own.The final goal of your working career is most likely retirement. And while many retire and travel the world others have found that the option is not even on the table. Partially because saving money was not part of their monthly plan. Some will struggle in retirement because of unexpected emergencies and other challenges, but even in retirement there are potentially new career options. Working to the Senior’s benefit however, is that the house is generally paid for,or they are downsizing, and the cost of insurance is now switching primarily to Medicare.Since the Social Security system was not intended to be the only source of living in retirement, there are incentives to increase the amount of monthly take home benefit by being willing to work just a few months to years longer. As an example:The age at which you retire canaffect your benefit amount greatly. If you retire at age 66 in 2017, your maximum benefit will be $2,687. However, if you have reached age 67 or older, you willbe granted credits for your deferred retirement. In 2017, deferred retirement earns an additional 8% per year over full retirement age, up to age 70, meaning that if you retire at age 70 in 2017, your maximum benefit would be $3,538 – 24% higher than those for someone retiring at 66 with the same earnings history. On the other hand, should you decide to collect benefits before you reach full retirement age, your benefits will be reduced to ac- count for the additional years over which total benefits must spread. For example, if you were born in 1960 or later and your full retirement age is 67, retiring at age 62 would reduce your payout by 30%.You can visit the Social Security Administration online at https://www.ssa. gov/benefits/retirement/ to determine your monthly benefit in retirement and so much more.MEN IN BUSINESS I SCENE 4401 9

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