August 27, 2010
This month we celebrate the 75th anniversary of social security. President Franklin Delano Roosevelt signed the Social Security Act on August 14, 1935. The concept was simple; younger workers would contribute payroll taxes and retired workers would have a more secure retirement.
Social security is basically a public (government provided) pension, but Roosevelt chose the term Social Security because the word “security” went right to the soul of what he was trying to accomplish – “Freedom From Want.”
This is an incredibly comforting thought – that if you don’t plan for your older years that the government will step in and take care of you. And that has been a critical safety net for many of our seniors. However, with today’s political and economic climate it is clear that the social security system is something that we shouldn’t depend on because it may look radically different in the 21st century than what Roosevelt had in mind in the early 20th. Some even wonder if social security will exist at all.
So, do you really want your loved one depending on social security to survive (especially if the funds are greatly diminished in the future)?
Without an estate plan, that is what might happen. You could be setting your partner up so that he or she doesn’t have the option of living on the wealth that the two of you worked so hard to accumulate.
The only real way to be certain that your family will be provided for well into the golden years is to schedule a Peace of Mind Consultation with me, your neighborhood Sacramento Elder Lawyer, where we’ll sit down and discuss your family’s situation. You can do that now by calling (916) 241-9661 (limited to first 10 callers).
The bottom line is that you should do what you can now to make sure your wealth is available for your loved ones. Don’t roll the dice and bet that social security will be there for them. Call me, your neighborhood Sacramento elder lawyer and let’s work together to create a plan that truly protects your family on a short and long-term basis. You’ll be thankful you did.