Promoting Your Business Online and in Your Golden Years
Promoting Your Business Online and in Your Golden Years
Remember the Tom Hanks movie "The Green Mile" from 1999? The cinematic version of Stephen King's book only makes passing references to Alan Greenspan and the state of the economy in the present. Even though Greenspan's testimony before Congress can go on for three hours (the length of "The Green Mile"), it is unlikely to make anyone cry unless they are a baby boomer about to collect Social Security benefits.
Hanks portrays a prison guard in "The Green Mile" who is responsible for the safety of death row convicts. Using Southern decency, he attends to each "death row" inmate individually. To keep from drawing too many parallels to the film, I will only note that Mr. Greenspan remains respectful when questioned about his views by Congressional Committees. He was born in New York City on March 6, 1926 (give him a card).
The hot seat for criminals is where "The Green Mile" concludes. A social, political, and economic hot seat has emerged as a result of Alan Greenspan's statement on February 25, 2004: Social Security benefits. Have a look at http://www.federalreserve.gov/boarddocs/testimony/2004/20040225/ for the complete text of his testimony.
Moving on to the Social Security hot seat comments from "The Green Span":To the first baby boomers in 2008, we wish you a happy 62nd birthday!They may retire at 62 for half of them.We are all going to have longer lifespans.The price tag for Social Security is going up.Finances might fall short of meeting the need
How would you interpret this? I guess it is just more incentive to get that site sold so I can start putting money down for retirement. Additionally, with prudent management, every site that generates revenue has the potential to continue doing so indefinitely. Being eligible for retirement benefits does not imply that you are obligated to retire. The flow of funds might last as long as you do.
Nevertheless, retirement savings are still a wise investment. Immediate and future tax savings are yours to enjoy. Additionally, when you become eligible for Social Security payments, they may be lowered due to an aging population living longer. You should begin saving immediately by implementing any of the following strategies.You can put $3,000 into an IRA in 2004, $4,000 from 2005 to 2007, and $5,000 from 2008 onwards. You can add an extra $500 in 2004–2005 and $1,000 in 2006 and beyond when you reach the age of 50 thanks to "catch-up" provisions. Thus, you are eligible to contribute up to $6,000 to your IRA in 2006.You can be eligible for an employer-sponsored plan if your website is an incorporation. The SIMPLE plan, which stands for the Savings Incentive Match Plan for Employees, has $9,000. An "adjusted" $10,000 will be the result throughout 2006.In 2004, you can put up to $13,000 into a SAR/SEP and 401(k) plan; in 2006, you can put up to $15,000. "Catch up" options are also available in employer-sponsored plans for employees who are 50 and older. For 2004, for instance, a worker who is 50 or older can put in a "catch up" payment of $3,000 (in 2006, that amount can go up to $5,000).
Brokerage firms and banks both offer the option to open an IRA or an employment account. Before anything else, consult your financial advisor and tax specialist.
In retirement, Social Security covers the essentials. Start putting money up for retirement now so you may live the life you want when you are old.
Wow, that is cool!
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