Even after being sent to Jail, it seems Bernie Madoff will not go away easily. The man has given an interview to New York Magazine. In the telephone interview Bernie Madoff warned that the federal government is a Ponzi scheme.
Bernie is right, Governments are large Ponzi schemes. This is how the government works : Governments borrows new money to retire old debts.So long as there will be people willing enough to lend the government money this scheme will continue rolling. But if creditors pull the plug, governments go bankrupt. It has happened before in Argentina and other South American countries.
In a Ponzi scheme Early investors are paid out of money put in by later investors and when there are no new investors, the Ponzi scheme collapses.
A detailed explanation as to how US Government is a large Ponzi Scheme is at Seeking Alpha website.
I think during his case with the government Bernie Madoff should have declared to the court that his “investment” scheme was modeled directly after Social Security.
Read the whole interview at NY Magazine
written by Constantine Njeru
\\ tags: Argentina, Bernie madoff, Creditors, Debts, Detailed Explanation, Federal Government, Government Money, Governments, Interview Magazine, Investment Scheme, Investors, Magazine Interview, New Money, Ponzi scheme, Ponzi Schemes, Seeking Alpha, Social Security, South American Countries, Telephone Interview
From January 1, 2011, more than 10,000 baby boomers a day are turning 65 and that will continue for the next 19 years.
Best age to start collecting social security benefits?
The answer is, the longer you wait, the larger your monthly check.
You are allowed to start collecting Social security retirement benefits at age 62. If you opt to collect early, you will get a lower monthly amount. The full benefits are are paid out if you begin collecting at age 66. You can also delay and start collecting a larger monthly check at 70. After age 70 there is no advantage in delaying.
To make it clear check out this NYTime example of the difference it can make by delaying the age when you start collecting your social security :-
Take those who are set to receive $1,000 a month at their full retirement age. If they sign up for benefits at age 62, they will collect only $750. But if they wait until 70, they will earn extra credit and receive up to $1,320 a month — nearly a third more.
To know how much you can collect, use the Social Security benefits calculator, to get the full picture of your benefits under different circumstances and scenarios. You can calculate your payments at age 62, 66, 70, or for any year in between.
written by Constantine Njeru
\\ tags: 19 Years, Advantage, Baby Boomers, Calculator, Circumstances, Extra Credit, January 1, Retirement Age, Scenarios, Security Retirement Benefits, Social Security, Social Security Benefits, Social Security Retirement
People who live in developed world enjoy a life expectancy of 85+ years. Will a long life is a good thing, it also has its downsides. When you retire from work you will lose your regular income and you will need to have saved enough money to help you survive your sunset years.
Today there are money tools that have been designed to help people estimate how much you’ll need the day you retire to live the lifestyle you desire with a given income.
These softwares tools require you to put your age, income status etc and give you an estimate figure of the amount of money you will need for retirement.
Check out these useful free retirement calculators.
ING retirement calculator
T-Rowe Price retirement calculator.
Social Security Calculator.
written by Constantine Njeru
\\ tags: Amount Of Money, Enough Money, Free Calculators, Free Retirement, Ing Retirement, Life Expectancy, Lifestyle, Money Tools, People, Retirement Age, Retirement Calculator, Retirement Calculators, Retirement Check, Retirement Planning, Social Security, Social Security Calculator, Sunset Years, T Rowe Price, T Rowe Price Retirement
ING bank has free tool that lets you calculate “your number” – how much you’ll need the day you retire to live the lifestyle you desire with a given income, retirement date and life expectancy.
The ING number calculator is based in six questions:-
- How old are you
- Are you married
- Whats your current household income
- At what age do you plan to retire
- How much annual income will you need during retirement
- Provide income through what age
To calculate how much money you will need for your retirement go to ING Website
How Much Money You Need To Retire ING
Like all other online calculators I dont think this ING retirement calculator should be taken seriously because the questions asked ignore other key factors such as social security and pension. But I think the ING tool is a fun thing and gives you a simple idea of how much money you will need for retirement and most importantly remind you the importance of saving for retirement.
written by Constantine Njeru
\\ tags: Calculators, Desire, Free Tool, Fun Thing, Household Income, How Much Money, Ing Bank, Ing Retirement, Ing Tool, Life Expectancy, Lifestyle, Number Calculator, Retirement Calculator, Retirement Income, Retirement Planning, Saving For Retirement, Social Security
Money fraud is a big problem. If you take simple protection ideas you can prevent yourself from being a victim of money fraud from con artist
Keep checks in a safe place
- Don’t sign a blank check allowing someone else to fill in the amount.
- Never give someone your ATM, credit card or PIN or Social Security number.
- Check your bank statements carefully for unauthorized withdrawals.
- Be careful of joint accounts as both parties have equal access to the money.
- When in doubt, contact the bank to stop payments or checks, to flag or put a hold on the account or to close an account.
written by Constantine Njeru
\\ tags: Atm, Bank Statements, Blank Check, Checks, Close Account, Con Artist, Contact, Credit Card, Joint Accounts, Money Fraud, Safe Place, Social Security, Social Security Number, When In Doubt, Withdrawals
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