Is Your Future Secure?

In the next 5 years, approximately 25 million "Baby Boomers" will be retiring in the United States. In my work section alone, 50% of them are retiring soon. Then, enter OUR generation--the children of the said baby boomers--to fill in the workplace vacancies. That said, Social Security pensions will be flying out of tax-payers' pockets faster than you can even say your own 9-digit SSN to meet their needs and you've probably heard of the rumor that "there won't be enough money left in the Social Security fund by the time we retire!"

Our generation has mostly led a carefree lifestyle. Coupled with fluctuating stock markets and the mind-set that 20 or 30-somethings should not be worried about retirement just YET, it is often rare for young adults to have stocks, money markets or savings bonds. It is sad but true that my peers are driven by material things--newest gadgets, faster cars, more advanced technology, wider plasma TVs, etc. Well, first off, we can't help it, because that's what we all grew up knowing... I mean especially, the generation after us. For instance, Rob's little cousins--who are all under the age of 8--have their own laptops and cell phones. Who would've thought, huh?

Well, all these things aren't so bad if you put your future first... There is no definitive time-frame as to when to start thinking about "what-if"s. But if you can start as early as college, the better--I'm strictly addressing my age-group here! Do you really need bigger rims for your car when you haven't even paid your tuition yet? Could you really afford to go to Cancun for Spring Break or would you be using college loans to pay for it? I mean, it's just a matter of spending wisely! Just because college loans don't have to be paid until you actually graduate and start your job doesn't mean you should enjoy them! It will bite you in the end. I have co-workers who are slightly older than me who have college debts. One of them said, by the time he pays it off, he'll be almost 40!!! And when asked what he would've done differently, he simply states "I wouldn't have gotten new rims for my Cadillac!" Too late...

But it's NEVER too late to start thinking about YOUR future NOW!!! I've been VERY FORTUNATE to be one of the few who do not have college loans. This is one of my weapons that I carry with me. I have an immaculate credit score and is very lucky to have married a man in the same predicament! Before we got married, the Catholic Church required an Engaged Couple's session, which we completed in a span of 6 months (from Sept. through Feb.) In it, we took a series of classes--from couple's therapy to Natural Family planning, which is the ONLY family planning approved by the Catholic Church... After 6 months, we took a "Compatibility Test" with questions ranging from arguments to financial stability. When we got our results, it is apparent how Rob and I have different views about politics, customs, and especially religion--him being Lutheran. But what struck the Deacon more than anything was that we were 100% in-sync with Family and Financial matters--which he says are the main causes of divorce amongst married couples these days!!!

Looking forward to the future... TOGETHER!

Truly, Rob and I have the same views about our future. We both like fancy things--this is undeniable, but we DO have set limitations and are very concious about retirement. Another fortunate thing is my job--not only do I love what I do, but I also work for the Florida Legislature. We have great benefits, such as free health, dental and life insurance for me and my family. We also have the Florida Pension plan--an account set up for us, FREE, by the state for retirement--a supplement to Social Security benefits. In addition, we have an optional Florida Deferred Compensation program, where you can withhold additional retirement pension with private financial institutions such as ING, Nationwide, Symetra, AIG Valic to name a few. I personally prefer ING, so I have an account with them. Since I'm not a STOCK person, I have a financial adviser from ING, who invests my stocks and I can check my investments and stocks daily on their website. Rob, on the other hand, has his own retirement plan with Syn-Tech, since it is very different with private companies. The only thing we have jointly is our checking and savings accounts. We always put 10% of our combined net salary into our savings monthly. We pay off all credit card bills every month--only using them for the benefit points and rewards such as free hotel stays. We pay more than the minimum mortgage payment for our home, thus accumulating equity faster.

And last but not the least, we are definitely enrolling our future children in the Florida Prepaid College Plan, wherein the cost of college for your kids are locked in to today's rate. According to Dept. of Education, the average cost for a student to attend a university in the state of Florida FOR 1 YEAR today is $15,000 - $20,000 (with tuition, fees, books, housing and transportation). It is twice that at private universities and triple for out-of-state!!! A newborn today will expect to pay $30,000 a year on tuition alone by the time he or she attends college. For more info, go to www.florida529plans.com to enroll your kids!

So, do yourself AND your (future) kids a favor... Start planning for your future today!