Rotary Rocket, August 26th, 2010
Posted by Francis J. Doherty
Rotary Rocket, August 26th, 2010 Meeting Notes
Today's speaker was Brian Ruttle, a financial planner for the Patriot Group and a happy event led off the meeting as President Chet presented a plaque to Past President John Morello.
Today's speaker was Brian Ruttle, a financial planner for the Patriot Group and a happy event led off the meeting as President Chet presented a plaque to Past President John Morello.
Presiding: President Chet Caswell; opening song (a duet, yet) by Val Callahan and Frank Doherty; invocation by Gary MacConnell.
A happy event led off the meeting as President Chet presented a plaque to Past President John Morello marking his tenure as prez. John couldn't be considered a guest, but it was good to see him again. This sentiment was echoed in the many Happy Dollars offered in his behalf.
Winner of the 50/50 raffle was Ed Hall.
Today's speaker was Brian Ruttle, a financial planner for the Patriot Group, who revealed much information on the Social Security system and how it impacts us all. Among the interesting facts he cited: yes, the program will be there for you when it's your time to collect; you can't outlive the program; surviving spouses are entitled to spousal benefits.
Among the not-so-encouraging aspects of the program: whereas at it's inception in the mid 1930s the ratio of active workers to beneficiaries was 8 to 1, it's now 3 to 1. When the plan became law, life expectancy just about coincided with eligible age for benefits. Now to offset life expectancy which has greatly increased (nearer to 80), the eligibility age for receiving full benefits for all born after 1954 has increased to 67. Waiting till fully eligible for benefits (as opposed to early application) works to your advantage. If you apply at age 62, benefits are 75%; at 63, 80%; at 64, 86.7%; and age 65, 93.3%.
Brian also passed out a helpful publication, "A Baby Boomer's Guide to Social Security." It was a timely and universally interesting topic for all members - -whatever their age!
See you all at our next club meeting, Thursday September 9th 2010.
Note: Our speaker for this upcoming meeting will be Karina Brüstle - a German exchange medical student. Due to her work schedule, please come to the meeting early, her presentation will start right at the beginning of our meeting.
Thanks for all that you do. See you at the meeting.
A happy event led off the meeting as President Chet presented a plaque to Past President John Morello marking his tenure as prez. John couldn't be considered a guest, but it was good to see him again. This sentiment was echoed in the many Happy Dollars offered in his behalf.
Winner of the 50/50 raffle was Ed Hall.
Today's speaker was Brian Ruttle, a financial planner for the Patriot Group, who revealed much information on the Social Security system and how it impacts us all. Among the interesting facts he cited: yes, the program will be there for you when it's your time to collect; you can't outlive the program; surviving spouses are entitled to spousal benefits.
Among the not-so-encouraging aspects of the program: whereas at it's inception in the mid 1930s the ratio of active workers to beneficiaries was 8 to 1, it's now 3 to 1. When the plan became law, life expectancy just about coincided with eligible age for benefits. Now to offset life expectancy which has greatly increased (nearer to 80), the eligibility age for receiving full benefits for all born after 1954 has increased to 67. Waiting till fully eligible for benefits (as opposed to early application) works to your advantage. If you apply at age 62, benefits are 75%; at 63, 80%; at 64, 86.7%; and age 65, 93.3%.
Brian also passed out a helpful publication, "A Baby Boomer's Guide to Social Security." It was a timely and universally interesting topic for all members - -whatever their age!
See you all at our next club meeting, Thursday September 9th 2010.
Note: Our speaker for this upcoming meeting will be Karina Brüstle - a German exchange medical student. Due to her work schedule, please come to the meeting early, her presentation will start right at the beginning of our meeting.
Thanks for all that you do. See you at the meeting.