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Individuals Should Take Responsibility for Long-term Finances
Social Security and Medicare Could be Gone in Future
RALEIGH, N.C. (July 10, 2009)—With the financial strength of Social Security and Medicare worsening, individuals are worrying about the safety of their long-term finances. Dale Merritt, president of Raleigh-based Merritt Wealth Strategists, believes that Americans of all ages need to stop thinking that Social Security is a financial foothold for retirement and educate themselves on independent ways to provide for their financial future.
In the 2009 Annual Report on Social Security and Medicare, trustees of the government’s two largest benefit programs report that Social Security will begin paying out more in benefits than it collects in taxes by 2016. They also note that the trust fund may be depleted as soon as 2037. Medicare is in an even worse situation, as trustees note that the program is already paying out more in expenses than it collects, and that it could be insolvent by 2017. The full report is available at www.ssa.gov/OACT/TRSUM/index.html.
“It’s unclear if Social Security or Medicare will be around in the next 20 or 30 years,” says Merritt. “People need to take control of their financial health and plan accordingly for their pending retirement.”
Popular American financial author, Dave Ramsey refers to Social Security as “Social Insecurity” on his Web site (www.daveramsey.com), and Merritt agrees that Americans can no longer feel comfortable that they will have a nest egg awaiting them from the government as they age. Merritt adds that investment education is a critical component to sustained financial wealth, and that people are not being educated properly in regards to money and personal finances.
“There should be mandatory classes on investing and money management in high school and college, maybe as far back as middle school,” Merritt notes. “Oftentimes, young people grow up seeing their families living on credit, and that is the wrong example for them to see.”
Merritt recommends that individuals will be better off if they begin planning for retirement as early in their careers as they can, to take advantage of the benefits of longevity and dollar cost averaging. More information is available by contacting Merritt directly at 919.782.0033.
About Merritt Wealth Strategies:
Merritt Wealth Strategies is a father-son collaboration of Les and Dale Merritt formed in 2009 to provide investment, insurance and retirement planning services to residents in the Triangle and eastern Wake County. Merritt Wealth Strategies is located at 3356 Six Forks Road, Raleigh, NC 27609. For more information, call 919.782.0033.
About Dale Merritt:
Dale Merritt is president of Merritt Wealth Strategies. Having grown up in Zebulon, Dale is eager to provide financial opportunities to the community in which he was raised, offering real estate and retirement planning, as well as other financial services to eastern Wake County. Merritt has several securities registrations including Series 6, 7, 63 and 66, as well as a Long-Term Care Insurance license and a Life Insurance license. He is a member of the American Association for Long-Term Care Insurance. Merritt believes in remaining active in the community. In addition to being part of the Zebulon Chamber of Commerce and the Knightdale Chamber of Commerce, he maintains active membership in the North Carolina Cattlemen’s Association, the Appalachian State University Triangle Alumni Chapter and the Little River Chapter of Ducks Unlimited. He and his wife, Katie, also volunteer with the Paw Prints Animal Rescue in Garner. For more information, call 919.782.0033.
“Securities and Investment Advisory Services offered through FSC Securities Corporation. Member FINRA/SIPC and a registered investment adviser. Merritt Wealth Strategies is not affiliated with FSC Securities Corporation or registered as a broker-dealer or investment adviser.”
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