Problem solving?—We hope Congress finally got through the health insurance issue; now it’s regulation of the financial industry. Can you believe what some of those guys did?—selling bad mortgages likely to default, and then making big bucks by betting they WILL default? It was SO easy for regular people to get mortgages they really couldn’t afford. Easy mortgages with low or even $0 down payments drove housing prices up into a big, fragile bubble. Some people couldn’t afford to pay their mortgages and, POP! went the bubble as house prices started to fall. Many people ended up owing more than their houses were worth and just walked away. So: lots of houses on the market; supply and demand; prices fell even more. A lot of people are hurting from this and other disastrous financial scenarios. A few people, however, got filthy rich from such shenanigans. Let’s hope Congress can pass regulation that will protect us better in the future. Then, maybe Congress could move on to the immigration problem. City blowing smoke? Yes, it did! Last week city workers pumped smoke into the sewer pipes to find leaks, broken pipes, and “illegal” connections. They found a lot of them, too. Too much clean water was flowing through the sewers. That will all be fixed so the sewer water will be nice and dirty. (No use treating clean water to make it cleaner.) Sin? What sin? A minister told his congregation, “Next week I plan to preach about the sin of lying. To help you understand my sermon, I want you all to read Mark 17.” The following Sunday, as he prepared to deliver his sermon, the minister asked for a show of hands. How many had read Mark 17? Every hand went up. The minister smiled and said, “Mark has only 16 chapters. I will now proceed with my sermon on the sin of lying.” Cause and effect? A well-dressed man was accosted by a particularly grubby-looking homeless guy who asked for a couple of dollars for dinner. The man took out his wallet, extracted 10 dollars, and said, “If I give you this money, will you buy beer with it instead of dinner?” “No, I had to stop drinking years ago,” the homeless guy […]
April 29 2010
Make retirement income last There sure is a lot of concern and discussion these days about making retirement income and retirement assets last through all of a retiree’s retirement. A married couple at the age of 65 today can be expected to have one of the two reach the age of 92. With any luck at all, they could both easily reach 85. However, if they retired at the age of 62, this means the savings they accumulated over the 40 years they worked would have to withstand not working for another 30 years. Let’s analyze that 40 years of working and I think we will find that saying the couple accumulated money for 40 years is really not too accurate. In the first working years, most people don’t save a whole lot of money. There is a whole lot more outflow to places other than savings accounts. In their 20s, it’s a time of spending money on children, accumulating money for a down payment on that starter home, purchasing something other than a 10-year-old vehicle, and paying off student loans. Let’s say that spending time frame lasts until our couple turns 32. This means they are really saving for about 30 years, age 32 to age 62. And what they save for, that 30 has to last for another 30 years, age 62 to age 92. When you look at it like that, it’s easier to see why people do run out of money. In addition to the regular, everyday expenses that everyone has to deal with, such as property taxes, utilities, car-operating expenses, food, clothing, prescription and out-of-pocket medical expenses, there are wild-card, catastrophic type events that might happen to quickly to deplete much of the money saved throughout those 30 years. Most of these catastrophic events are medical in nature. According to the Department of Health and Human Services, Americans age 65 and over have a 40% chance of being disabled enough that they would qualify to enter a nursing care at some point in their lives. At the age of 85, that figure increases to 55%. We have the misguided understanding that Medicare or Medigap or Medicare Advantage policies will pay for this nursing care. This is not true. These policies […]
1st Danielle Albrecht, Joan Bunn, Julie Palmer 2nd Danielle Brinks, David Laux, Jonathan Palmer, Sara Williams, Ed Wolven 3rd Beverly Meester, Timothy R. Poddig 4th Marilyn Palmer, Mary Jo Tidey, Wendy Wagner, Jerry Ziomkowski 5th Millie Robertson, Marty Willison, Ralph Zielke 6th Mary Johnson 7th Jerry Elder, Bev Fisher, Alex Meester, Les Trendt
by JUDY REED Residents who love to shop the farmer’s markets during growing season will have a new place to check out come May 8. Solon Township will sponsor a farmer’s market and craft sale at the old horse farm at 15185 Algoma Avenue every Saturday from 9 a.m. to 2 p.m. beginning May 8 and running through September. The township bought the property almost a year ago after it was foreclosed on. But they didn’t have the funds this year to renovate it for a township hall or fire barn. “We’ve been talking about how we could use it, and we thought it would be nice to have something close by like this for residents,” explained Linda Badgerow, administrative assistant at the township. Solon is offering the use of the barn at no charge to vendors and will provide tables if needed. And since the market will be held inside, the sale will go on rain or shine. The township has been advertising for vendors and Badgerow said that the response has been good. Stands will be on a first come basis. For more info, contact her at (616) 696-1718 or email firstname.lastname@example.org.