Page 68 - Charles Calhoun Book Rich As You Want To Be

Compare the percent saved above with how much

is taken by social security (12.4 percent). The

government will “hold” your money for you. Of
course, with social security, you really don’t own

anything. In your own saving and investment plan,

you would own it all. In your own saving plan, you
can use the money if you need to. In social security

you cannot use the money at all except when they

pay you benefits subject to their rules. With your
own investments you own it and can leave it to

your heirs. When you die in many cases your social

security vanishes too. There are some survivor
benefits from social security but nothing like your

own investments, and your heirs may not qualify

for any survivor benefits at all. That depends on
ages and family relationships.

My advice is to save money. Pay yourself first.

The first bill you pay each month should be to your
own investment account. Should you fail to save,

there is a good chance you will experience

hardship. In fact, I just read today in the
newspaper that about 33 percent of seniors have

no savings for retirement. I’ve also read that 97%
of 65-year olds cannot write a check for $600.

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