Category Archives: Financial Independence

A WOMAN has taken aim at her friends who charge their adult kids rent, insisting it's "so wrong" and something no parent should do.

The mum said that "no matter their age" kids should be able to live at home rent-free and that it's "very strange" for people to think otherwise.

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Her comments completely divided opinion with many arguing the high cost of having grown kids live at home for free.

But the woman defended her comments by saying if you can afford to have kids then you can afford to look after them past the age of 18.

The woman shared her concerns on Mumsnet where she wondered if it was normal to make grown children pay rent.

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She said: "I have a few friends who charge their adult children rent to live at home.

"I personally find this very strange, no matter their age my children will always be my children and welcome in my home without any expectation of money.

"I think as well, with it being so hard for young people to get on the housing ladder these days, one of the only ways they can is to live at home rent-free so they can save for a deposit."

While some agreed, many were shocked by her stance, with some insisting they "cant support another adult for free."

Some commenters claimed kids will never learn to manage their own money unless they pay rent, Mirror reports, but the woman disagreed.

One person wrote: "It is important that these young adults pay their way. I'd be charging rent and putting it away to assist towards their deposit."

While another said: "How will they learn to manage their money and budget if they dont pay rent?"

Arguing her point, the woman responded: "It doesn't make sense to me that youd have children but the second they turn 18 you can't afford to have them around anymore.

I personally find this very strange, no matter their age my children will always be my children and welcome in my home without any expectation of money.

"I'm by no means wealthy - less than 100 left over each month. But I won't top up my budget at the expense of my children."

She went on to explain that her own kids pay their own phone and car bills while putting money into their savings each month - and that this teaches them financial independence.

"With regards to teaching financial independence - they budget an amount of money each month to go towards a deposit and then they have to pay their bills (phone, car etc) so they are being responsible."

Some, however, agreed admitting they'd never make their kids pay to stay at home.

Although, some said they would expect them to be looking at moving out.

"I wouldnt charge rent, and I know my parents wouldnt have either," one said.

"But if they were living with me as adults I would expect them to have some sort of plan for moving on like saving for a house deposit."

In more parenting news,a mum is praised for her 'brilliant' hack to stop kids acting up and all you need are lolly sticks.

And, mums rave overALDI's new wine glass holders for storing kid snacks in and kitchen cupboards have never been tidier.

Meanwhile,a mum has shared how to stop your kids' bath toys from going mouldy.

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My friends charge their adult kids rent and I think its so wrong, I never would no matter what their age... - The US Sun

Rupali Ganguly has been riding high on success for the show Anupamaa. One of the most loved shows on television currently, it speaks about women's financial independence. The lead actress named Anupama shows how she is struggling hard to make a name for herself. Even after getting a divorce from her husband, she is being targeted but still, Anupama is going ahead. Well, Rupali Ganguly, who plays the lead role, enjoys a huge fan following on Instagram. She always shares pictures from the set and her personal life too.

Today, she has shared a perfect family picture featuring her husband and son. Her caption is perfect and it reads, We literally have each others back! My world of strength, my world to always lean on, my world holding me strong. In the picture, the trio is seen holding each other and smiling. Her son taking the chance of leaning on his mother and sleeping. They are looking very adorable. Rupali is seen wearing a yellow kaftan and left her hair open.

As soon as she shared the picture, fans dropped heart emojis in the comment section. Her co actor Gaurav Khanna wrote, Wow.

Take a look at the picture here:

Well, the rumours were going on that Sarabhai vs Sarabhai 3 is in making. However, no official confirmation is on this. A few weeks back, the actors of the show had a reunion and Rupali had shared the picture also. The comedy show is still loved a lot by the audience.

Also Read: Rupali Ganguly keeps manifesting Sarabhai Vs Sarabhai 3; Talks about working with Gaurav Khanna in Anupamaa

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Rupali Ganguly shares perfect family PIC with her husband and son: My world holding me strong - PINKVILLA

Nowadays, women are seeking financial independence and building careers for themselves. How do such women balance their careers and motherhood? Daily Trust on Sunday writes.

Unlike the olden days when women depended on their husbands financially, the tide has changed as many of them now make positive efforts to secure and build careers for themselves. They are no longer bound to the cultural belief that a woman is only meant to take care of the home the husband, children etc.

In Nigeria, women have been able to position themselves in fields that were previously dominated by men, such as politics, finance, technology etc.

However, naturally given to women as a responsibility is that of motherhood, and it comes with its own pressures.

A woman is expected to play a critical role in training the child, attending to the needs of the child (physical, emotional, mentally), and still ensure that the entire household is catered for. Combing such responsibilities with a career can sometimes be draining for a woman, especially those who do not get assistance.

A study conducted by Bryan Mcintosh and other professors showed that motherhood has a strong impact on career progression for women. The study also concluded that a career woman with many kids is most likely not to progress so far in her career as her attention will be torn between her responsibilities at work and home, especially if the children are still young.

Angela Odia, an accountant who spoke with Daily Trust on Sunday said her job often kept her away from her child. My job is tasking, but I want to be able to give my best so that I can win promotions and other benefits.

It is not easy to be a mother and also give your best in the office. To be honest, I put in more hours in the office than I do with my child, she said.

She, however, said although she was not able to spend enough time physically with her child, she puts measures in place to assure that she gets the best care.

She said, Theres a driver to pick her and drop her off from school. Theres a trained nanny at home to take care of her when I am at work. She has a lesson teacher who comes three times a week to tutor her, etc.

Because I have been able to put all these things in place, I dont feel guilty when I am work, or when I have to work late hours because then I am assured that my child is being taken care of. On days I have free time, I engage myself and my child in activities that will help create a bond and cover up for the time I wasnt available.

Angela revealed that she was not comfortable with the maternity terms at her office as she was given only a month as maternity leave and was expected back in the office as soon as possible. Luckily for me, I had accumulated my leave days and added it to my maternity leave to be able to give me time to take care of myself and the baby before handing over the childcare to my mother, she added.

She frowned at the narrative by many organisations that a woman who gives birth becomes less efficient at her duty because she will be distracted. I find it appalling that instead of organisations to create more suitable conditions for pregnant and nursing mothers, they are more worried about the womans efficiency after childbirth.

As a career woman, I can tell you that when you are willing to pursue both career and motherhood, you are bound to make plans to cover up your absence in a childs life, just to make sure your career stays afloat, she added.

She also noted that balancing motherhood and career is more difficult when the child is young, saying, As the child grows older, he or she starts becoming responsible for themselves, which will in turn release some stress of you and allow you to focus more on work.

Angela advised that women should not be ashamed of admitting that sometimes there is no balance between their career and motherhood. She said, It is hard trying to fit motherhood into a professional live. It doesnt mean you can be good at both. However, there are days you would be required to put in more effort in one commitment as compared to the other, and that shouldnt make you feel bad, as both commitments are important to you.

Eugenia Ndukwe also told Daily Trust on Sunday that due to the kind of duties assigned to her at her former job, she was not able to fully commit to her motherly duties.

Pursuing my career affected my duties as a mother. However, having a supportive husband and family members really helped a great deal.

I had my two kids when I worked as a personal secretary to a senator; and it was the most trying moment of my life. I lived below average due to low income, lived in the suburb, far from the office while I attended to my highly demanding job. In fact, I did not have time to dedicate myself to my motherly duties.

At the time I had my third child, the public sector had become more considerable in relation to nursing mothers while the private sector had not. In fact, the child bearing experience at that time made life almost depressing.

When I was working in the public sector, I was able to get three months of maternity leave, but in the private sector it was one month, which, to be honest, I felt was not the best, she said.

Mrs Ndukwe added that given the responsibilities of her previous job, she had very limited time to attend to the needs of her children. I spent very limited time with my kids because I was only available on Saturdays and Sundays.

She is, however, grateful that despite her busy schedule at work, her children were catered for. That was possible because I had the support of family members who lived with me and supported my domestic responsibilities, she explained.

Another woman, Onyinyechi Aaron, who has been building her administrative career for a period of time, said that an easy way of balancing career and motherhood is deciding to see the latter as a lifestyle rather than a task or job.

Being a career woman doesnt give you enough time to be the best mother, nonetheless, it is important to find a balance between both, so that your child can get the best, she said.

She also disclosed that although she was comfortable with the maternity terms at her place of work, she wished she had more time to be with her child. Yes, the maternity terms in my office are workable, however, I needed extra time to spend with the child; but I still needed to resume immediately as there was no one to keep on covering for me.

She said that due to her workload, she was not able to attend to her childs needs as much as she would love to. Despite my responsibilities, I can boldly say I am able to attend to the needs of my child. However, I am not able to do as much as I would want to, she said.

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How to strike balance between career and motherhood - Daily Trust

Just about everybody wants to become financially independent so why do so few people get there?

One of the secrets to attaining financial independence is that it doesn't usually "just happen".

It starts with a detailed plan, and a willingness to commit to that plan.

To help you get going in the right direction, here are 15 steps to become financially independent.

Tony Robbins seen at Netflix original documentary "Tony Robbins: I Am Not Your Guru" Premiere at... [+] 2016 SXSW Film Festival on Monday, March 14, 2016, in Austin, TX. (Photo by Eric Charbonneau/Invision for Netflix/AP Images)

OK - that quote is from the recently discredited Bill Cosby, but it's brilliant nonetheless. And it's an important point too. One of the reasons more people dont reach financial independence is theyre afraid not of being financially independent, but of the changes in their lives they'll have to make to get there.

Taylor R. Schulte, CFP, Financial Planner, Founder & CEO, Definefinancial.comrecognizes it doesn't happen overnight:

If you are new to the financial planning process, its important to remember you dont need to go from zero to sixty overnight. Just like a fitness trainer would be hesitant to recommend an all-out body straining routine on your first day in the gym, I wouldnt expect someone to start implementing advanced planning techniques in the first week. Pick a reasonable and attainable goal, and get used to achieving small wins on your track to financial independence.

For example, if you are new to saving, you dont need to immediately put aside half of your paycheck. Start with a small amount - maybe $20 per pay period - and increase it as you get more comfortable with the process. Starting out slow will help you build the confidence needed for long-term success.

In order to become financially independent, you have to have a serious heart-to-heart talk with yourself. You want to get a few things clear in your head, including:

That last point is a discussion all its own

Becoming financially independent isn't a single goal, but a series of sub-goals. This is because your financial life has several facets. In order to reach your overall goal of financial independence, you'll have to establish goals in the various areas of your financial life, including,

We're going to go over each of these categories in some detail, but it's important you create such a list, with a corresponding goal relating to each individual category. That will ensure you are moving your entire financial situation forward, rather than trying to do it one category at the time.

If I can pick one step out of this list 15 that's more important than the rest, it's this one. That's because no other steps you take will be possible unless you fully commit to mastering this one.

The reason its so important is its the single step that will provide most of the spare cash you will need in order to accomplish most of the other steps. Learning to live beneath your means is one of the central costs of learning how to become financially independent. And if you have not mastered this technique in the past, doing so will range anywhere from uncomfortable to downright painful.

Setting goals is the first step into turning the invisible into the visible Tony Robbins

Jose V. Sanchez, financial advisor atJosevSanchez.comexperienced living within his means as a child:

Our parents grew up extremely poor, but wealthy in tradition, family, and faith. Their nurturing frugality instilled both a tradition of resisting needless spending and the value of time over money. Setting a goal to champion frugality has made the biggest impact in wealth accumulation in my life. This value of frugality is a tradition that my wife and I are passing on to our kids.

Delayed Gratification. Get comfortable with that term. No - make that, get very comfortable with it. It means being willing to sacrifice now in order to provide for a better life for you and your loved ones in the future.

If youre currently struggling with your finances, there'll be no easy way over this hurdle. You'll probably have to cut out every expense in your budget that is not absolutely necessary, it even do what you can to reduce those that are.

It could include passing of the annual family vacation, driving your car for years after paying off your car loan, living in your current home even though most of your neighbors traded up, and buying your clothing in thrift stores while everyone else you know shopping at the mall.

That's just a short list of the sacrifices you'll have to make. But in making them, you'll be clearing money in your budget to build savings, to get out of debt, and to invest for the future.

Are there one or more people in your social circle who you could reasonably characterize as a spendthrift? If so, one of the sacrifices you may need to make to reach financial independence will be to either reduce your contact with this person (or people), or even eliminate them from your life altogether.

I know that sounds harsh, but is also totally necessary. The people who we keep company with can have a profound effect on how we view and spend money.

If you are surrounded by people who "live for the moment" - meaning they mostly spend their money having fun rather than saving for the future, you will inevitably get pulled into that behavior.

In Step 3 I said that living beneath your means is the single most important step on this list, and that's true. But you can give yourself a major assist in that effort by making sure you steadily increase your income in the future. If you can steadily increase your income while keeping your spending level you will reach all of your financial goals much more quickly.

You can keep your career moving forward by keeping your work skills sharp, and increasing your value to your employer. You should put yourself in the running for promotions where possible, and hold yourself open for better opportunities with other employers. If you are self-employed, it means steadily working to keep your business moving up to the next level.

Chris Hammond, financial advisor and founder of RetirementPlanningMadeEasy.comshares his career tips:

Working on advancing your career is like investing in yourself. Its one of the best ways to get a good return on your investment, whether you are salaried or self-employed.

If you are self-employed, that just means you have a lot of bosses that you serve. So, periodically ask those bosses/clients how you can better serve them. I have done this in the past through simple surveys. I simply ask what challenges they are facing and how I can better serve them. The better you can serve people, the more value you bring to the table, the more it helps you become a higher earner.

Don't be one of those people who says "I'll start saving money when..." The problem with telling yourself that is "when" never comes.

The better position? When is now! When is always. You should always be saving money no matter what's happening. That's one of the very best strategies to make sure you are always moving forward.

If you don't have enough room in your budget to save money now, then the answer is to increase your income, lower your expenses, or both.

As John Maxwell says Youll never change your life until you change something you do daily. The secret of our success is found in your daily routine.

Tony Liddle, CEO and Financial Advisor at Sark Investmentssits down with his wife each January and write out our annual goals:

We set up a business and personal budget for ourselves and include savings goals. Then to keep ourselves accountable we review our budget monthly. This keeps us on track to reaching our financial goals. I'd recommend setting up a system that works best for you and your family. Just writing down your goals will help you start the process. But, reviewing them daily and having honest conversations about where you are financially will determine your success or failure in becoming financially free.

Never let excuses stand in the way of saving money. It's a long-term goal that starts today and never stops.

If you have been living paycheck-to-paycheck up to this point, your first savings goal should be to create a safety net. You can do that by creating an emergency fund.

An emergency fund should be held in a perfectly safe account like a savings account, money market account, or a short-term certificate of deposit. It's not for investment, because investment involves risk, and that's not the purpose of an emergency fund.

Your first goal should be to accumulate a sufficient amount of cash in the account to cover 30 days worth of living expenses. Once that's achieved, your goal should be to add another 30 days worth of living expenses. The account should have between three months and six months of living expenses if you're a salaried employee, and between 6 and 12 months if you have a self-employed job or paid entirely by commissions.

Andrew McFadden, CFP and Founder of Panoramic Financial Advicethinks it unwise to navigate life without any sort of financial cushion:

Life is full of surprises and changes, and it will do you a lot of good to have a liquid stash of cash you can access quickly in case of an emergency. Emergencies like getting laid off, the car dying, or your child needing an urgent medical treatment, and your health insurance doesnt quite provide the coverage you thought it did.

Do you want to be up a creek without a paddle when those situations occur? Sure, you could probably charge those emergencies to a credit card with reward points, but thats going to end up costing you a lot in interest charges in the long-run. The goal is to make smart choices by planning ahead.

Additionally, more and more today, I am seeing the need for an emergency fund because people get sick of working for tyrant bosses, and want the financial flexibility to walk out the door if they cant stand the frustration anymore. No emergency fund - no flexibility to call your own shots.

Once your emergency fund is adequately stocked, you can begin thinking about investing your money. This is important, because investing is about using your money to earn more money. The larger your investment portfolio becomes, the closer you get to financial independence.

Ideally, your efforts to save money should never slow down once you have built your emergency fund. Instead, increase your efforts to fund your investment accounts. That should be easier to do once you have an emergency fund in place.

In hindsight, it's obvious there have been better times to invest than others. But since no one knows what the future holds, you can't know when that will be in the future. Plan to invest no matter what the market is doing. If you're investing periodically, you'll be dollar cost averaging into the market, which will minimize the risk you're taking should the market decline.

If you do feel it's a bad time to invest, then simply cut back on how much you are investing in equities. But at the same time, continue accumulating cash and fixed income investments in your portfolio, that way it'll be there to buy when the timing looks little bit more favorable.

This gets back to not knowing what the markets will do in the future. The best way to protect yourself against unexpected surprises is to diversify your investments across several different asset classes.

Big picture, you should have a certain amount of money invested stocks, fixed income investments, peer to peer lending, cash, natural resources, and real estate. That will keep you from taking a big hit in the event any of those sectors crashes, while at the same time taking advantage of strong markets wherever they may be.

Also, don't get crazy with your investments. Stick with index funds for stocks, since they have lower investment fees and don't generate a whole lot of capital gains taxes. Keep your real estate investments in real estate investment trusts (REITs), which are actually something like real estate portfolios themselves.

Just as you would diversify your investment portfolio, you should also diversify how you make money. Both the economy and the job market are not as stable as they were a couple of decades ago, and you have to be prepared to ride out the ups and downs.

For example, if you have a full-time job, work on creating a side business. Not only will it provide you with an additional source of income for savings and debt reduction, but it may also form the replacement for the job you lose in the next recession.

If you have a business, look to diversify into related sources of income. You may even consider creating passive income sources, such as being an investor in a small business that is run by someone else.

Multiple income sources, in and of themselves, can represent a form of financial independence all by themselves.

Taxes represent a major reduction in your income, that means you will have less money available to save, invest, and pay off debt. By using strategies that reduce income taxes, you'll be able to keep more of your income, rather than turning it over to the tax authorities.

The easiest and best way to shield your income from taxes is retirement plans. If your employer offers a 401(k) plan at work, put as much of your income into it as you can afford. At a minimum, invest up to the amount that will get you the maximum employer matching contribution. For example, if your employer offers a 50% match (3%) up to a 6% contribution by you, you should contribute at least 6% and of course, more is always better.

Also take advantage of individual retirement accounts (IRAs). Take one even if you don't qualify for an income tax deduction for taking one. Even without the tax deduction on the contribution, both traditional and Roth IRAs still allow you to defer income taxes on investment income.

If you're self-employed, create your own retirement plan for your business, such as a solo 401(k), or a SEP or SIMPLE IRA. Using such a plan, you can shelter much as 20% of your income - up to $53,000. That's a lot of tax savings right there.

It's hard to make a case for being financially independent when you owe money to banks or other people. You should have a goal of getting out of debt as soon as possible.

You can have different time horizons for getting out of debt with each debt category.

For example, you can commit to eliminating your credit card debt in five years, while eliminating your student loan debt in 10 years, and your mortgage in 15 years.

That's not an overnight solution to your current debt problems, but it sets you to heading in the right direction.

And once you get out of debt in any category, stay out and never come back! There's no such thing as "good debt" when you're trying to achieve financial independence.

Early in your journey toward financial independence, you may want to maintain minimal insurance coverage to keep your insurance expense low. But, as your wealth grows, your insurance coverage has to rise along with it.

Though we don't normally think of it in this way, the primary purpose of insurance is to protect our assets. The more assets you have, the greater your insurance coverage needs to be.

Review all of your coverages annually. That includes health, auto, homeowners, disability, and affordable lifeinsurance. As your wealth grows, low coverage levels and high deductibles can work against you in a crisis. That defeats the whole purpose of having insurance of any kind.

In order to become financially independent, you will need to become fully committed to your plan. You should have a written plan that includes goals for each financial category and plan to review them annually.

The purpose is twofold:

This is incredibly important, particularly number two. It's very easy to get sidetracked on the road to financial independence. For example, you may find yourself getting very comfortable about two thirds of the way there, and starting to spend more money and save less.

Think of it as an affirmation, in which you renew your commitment. You should do that at least annually, but in reality you should do it as much as you need to.

Becoming financially independent isn't easy. That's why you need a detailed plan, and a commitment stick to it. Use this list as a guide, and modify it to fit your own circumstances. You'll get there - as long as you don't give up!

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The 15 Crucial Steps Needed To Achieve Financial ... - Forbes

Hi Brandon,Yours was the first FIRE podcast I listened to when I fired 2+1/2 years ago, and Ive been following your yearly updates ever since. To answer your question about fat vs lean FIRE, its definitely the former one in my opinion. Beyond the obvious reasons of financial security and opportunity enabler, it prevents the risk of false FIRE, which is accepting to live for the rest of life too modestly versus your potential, or having an obligation to complement your income with some sort of work, hack or remunerated activity, no matter how much you tell yourself its optional and you enjoy it.Of course, with fat FIRE comes the overwhelming responsibility of being solely responsible of what you do and whether you continue to grow or you stagnate in your comfort zone.I found interesting your comments about FIRE being an enabler (or even a tool) for a particular predetermined objective (in your case to publish an album), as opposed to an enabler of new unchartered future objectives, or challenges, and how to choose them among the myriad of possibilities and maintain the discipline to achieve them.Maybe one day we can grab a beer and further discuss the purpose of FIRE and what to do with it.

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Financial Independence Podcast - Mad Fientist

Achieving financial independence is deeply embedded in the American dream. Yet millions of young Americans see their parents and grandparents struggling to reach traditional retirement, living with minimal fixed incomes, or having to work far longer than they wanted.

FIRE stands for "Financial Independence, Retire Early." The goal is to attain enough wealth to retire early through a combination of a very high savings rate and a frugal lifestyle. And we aren't talking about retirement at 55. Most FIRE practitioners aim to retire in their 40s or even earlier.

Does FIRE make sense for you? If you're frugal, able to divert a very large portion of your income to retirement savings and investments, and have a do-it-yourself spirit, then adopting a FIRE lifestyle could be a perfect path to financial freedom. Chances are, even if you're not interested in going full-on FIRE, elements of the movement can help you reach your financial goals faster.

Financial independence means, in the most basic sense, that an individual no longer needs to work for money. Put another way, they are no longer financially dependent on an employer to provide them with a paycheck.

At its core, financial independence appeals to those who value their time at least as much as they value an increasing investment portfolio. At a certain point, the value of accumulating more and more assets begins to diminish, which generally makes people more aware of how they're spending their time.

From a purely mathematical standpoint, achieving financial independence requires having enough assets saved to predictably cover your living expenses in perpetuity. A good starting point is to set a savings goal based on the 4% withdrawal rule, which works out to building a nest egg equal to about 25 times your annual spending requirements. For example, someone who needs $50,000 per year would need to have a $1.25 million portfolio.

The FIRE movement is made up of mostly ordinary individuals -- some of whom produce FIRE content via podcasts and blogs, and many who don't -- who have rallied around the principles of financial independence. Some are incredibly aggressive savers, some are remarkable investors, and some are insanely high earners. But all want to reduce the dependence they have on their respective employers and at least have the optionto live life on their own terms.

When it comes to FIRE, you most certainly can have the "FI" piece without the "RE." This serves as a point of caution: Many FIRE movement adherents recommend retiring "to" a career or lifestyle you enjoy as opposed to retiring "from" a workplace you hate.

Being a 35-year-old retiree with nothing but time ahead can seem like a daunting proposition on its own. It's perfectly reasonable -- and abundantly common -- to achieve financial independence but continue to work in some capacity.

Image source: Getty Images.

Those familiar with FIRE might think its adherents are frugal to an extreme. They might think that FIRE means living a life of pure sacrifice until an arbitrary portfolio value is reached. On the contrary, FIRE principles are freely accessible to almost anyone.

Make no mistake -- there are some strategic sacrifices involved -- but even the most ardent FIRE practitioners make room for enjoyment and self-indulgence. To get to their FIRE number as fast as possible, however, many FI devotees follow some of the value-maximizing principles of financial planning.

Some of the more common FIRE tips include:

The difference between the typical employee and the FIRE adherent is the one seeking financial independence is very deliberate in ensuring that each of these tips is met and surpassed. They are purposeful. Every dollar has a job. FIRE proponents understand that each of their small actions plays a significant role in ultimately hitting their retirement number, which will only come sooner with greater dedication.

It starts with asking yourself some basic questions and then doing the math to figure out how much you'll need to save -- or if you need to adjust your goals.

Once you've answered these two questions, you can start working to determine if your goal is feasible. Let's start with the first number, which is how much you expect to spend each year in retirement.

As mentioned earlier, a helpful rule of thumb is the "4% rule," which says your retirement savings will need to be large enough for you to withdraw 4% per year. In other words, your nest egg needs to be 25 times the amount you'll withdraw the first year. In each successive year, your withdrawal amount may be increased by inflation.

In the previous example, we used this concept to show that someone anticipating $50,000 in annual living expenses would need to accumulate $1.25 million. If your expectations for annual expenses in retirement aren't quite so frugal -- the median U.S. household income is now closer to $60,000 per year -- you may need to accumulate even more.

Let's use $1.25 million as a starting point, along with the next question:When do you want to retire?

If someone who's 25 wants to retire at 40 with a $1.25 million nest egg, they'd have to stick $83,000 per year in a savings account at current interest yields. Needless to say, that's out of reach for many people who don't earn a significant income.

However, there are ways to boost how much you save and to maximize how much your savings grow so you're not doing all the hard work on your own. And remember, FIRE is far from an all-or-nothing proposition. Even reaching 50% of your FI goal is a tremendous accomplishment and will earn you a significant amount of financial flexibility.

Of course, these are simple numbers to illustrate the point: Saving a lot of money is much harder than growing wealth by investing a portion of that savings over the long term. And, perhaps a more salient point: Investing as much money as you can -- as soon as possible -- will pave the way toward financial freedom.

One of the unique things about the FIRE movement is that its constituents come from all walks of life and all income levels. You don't need to be a Wall Street executive to reach financial independence; anyone can accelerate their trajectory toward FI by following a few simple financial planning principles. Retiring early, on the other hand, tends to be more controversial and more self-defined. Becoming financially independent doesn't force you into quitting your job the next day, but it certainly does give you the choice.

Many people are bothered by the idea that FIRE requires too much sacrifice of the "now." Yet many FIRE practitioners say the lifestyle can be deeply gratifying. Sure, there are sacrifices, but learning basic plumbing to fix a leaky faucet can save you hundreds of dollars versus hiring a handyman or plumber. It can also unlock your potential to do far more things on your own.

FIRE devotees also describe the lifestyle as being physically and emotionally healthy. Instead of a pricey resort vacation -- often with the added stress of air travel -- a camping or backpacking trip with family and close friends not only costs less, but it can result in more meaningful experiences.

But howmuch sacrifice FIRE requires you and your family to make really depends on your goals, your disposable income, and what you're prepared to give up or cut back on to get your savings rate as high as possible.

It's also possible to find over time that many things that were hard to give up are things you're better off having left behind. A simpler, less-expensive lifestyle that prioritizes experiences over things, especially when it helps you achieve financial independence as early as you can, is worth striving for.

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Financial Independence, Retire Early (FIRE) - The Motley Fool

Everyone wants to be financially independent, but few are acutely aware of what it means to them, and the principles that need to be followed to achieve it. InvestorIan Casselhas some amazing insights that can lay the foundation for a roadmap.

Dont be afraid to say no to 99.9% of investment opportunities. You only need to find one great company, before others, to change your life. Extraordinary returns follow extraordinary discipline. An investors goal should always be to make as few investment decisions as possible. Keep your hurdle rate high and embrace inaction.

Chickens will eat anything you put in front of them. They will eat insects, bugs, meat, fruit, vegetables, fish, and, yes, even chicken. They have no self-control and will even eat their own eggs and faeces.

A hawk can see up to 8x more clearly than the sharpest human eye. To put in comparison, if you had a hawks vision you could see an ant on the ground from on top a 10-storey building. A hawks eye is so large that it occupies a big portion of its skull. The hawk knows what its looking for.

The visual capabilities let the hawk distinguish the size, shape, and speed of the potential prey so it can recognize, target, and capture it quickly. As you fly above the investment landscape looking for opportunities, develop tools, strategies, even statements, that you can apply quickly to evaluate opportunities. Know what you are looking for so you can develop the vision to recognize an opportunity quicker.

8 insights on getting wealthy

No one gets rich keeping their money in a savings bank account. For me, the advantage was microcap stocks, the smallest public companies in the world. For you, it might be another area of the public markets or maybe even real estate, or some other area of expertise. Through skill and prudence, you get to a point where you finally have a choice.

There is a reason why I exclusively invest in the microcap arena. Its one of the only places in the public markets where a small, astute investor has a clear structural advantage. It is impossible for larger institutions to invest in these small companies until these stocks rise and become more liquid. Great investors dont follow the institutions; they invest where they are going to go. (Did you know that Warren Buffett, Peter Lynch, and many other great investors started in micro and small cap stocks as well?)

Individual investors have an edge over investment managers, advisers, analysts, or anyone forced to prove how smart they are to others. You dont need to have an opinion on everything. You dont have distractions. All you have to do is focus on making a few good investment decisions per year.

3 investment hacks for young people

On my 16th birthday, my parents presented me with $20,000. It could be for my college education. They had also co-signed paperwork so that I could open an account with their financial adviser. The choice was mine.

I had always been interested in money and the stock market. Technology stocks were starting to make daily headlines in the business section of newspapers. I called the financial adviser and he sent me a few analyst reports to review. I bought $5,000 worth of one technology stock. It doubled in two months.

I filled out applications to a few private and public colleges. I realised I could spend all my money on one semester at a private college or attend a less expensive public university, live at home and commute, work part time, and continue to invest. I chose the latter path.

I worked part time for a financial adviser with over 1,000 clients. The money I earned was sufficient to pay for my college tuition. The $20,000 from my parents turned into $120,000 by riding the technology bubble. When the bubble burst, so did my portfolio.By 2001, my portfolio of mid and small cap technology companies fell so much they turned into microcaps. The $120,000 was now $8,000. I was financially and emotionally bruised.

It dawned on me that I was not skilled, just plain lucky.

When you are holding onto a position ask yourself Is this business growing and making more money per share than it did a year ago, two years ago? Successful investors can differentiate business performance from stock performance and can take advantage of those investors who cant. Even great businesses get overvalued. Its important to make investing decisions based on business performance, not stock performance. Its also important to know the distinction between external stock market forces driving a stock price versus business reasons.

Learning and evolving is a big driver of long-term success as a full-time private investor.

How to combat these 6 investing demons

A lot of people incorrectly assume that they need enough money to do nothing. You just need enough to do whatever you want. The power is having a choice. The choice might be to work less to spend more time with family, to go back to university, to start your own business, to travel, or perhaps even take a job that pays you less but gives you purpose when you wake up in the morning.

One of my mentors is a successful private investor. He works his day job not because he has to, but because he likes it. His non-financial job offers him lots of autonomy, so he can focus on his investing when he needs to. His job also shields him from questions from family and friends if he were to quit his job and retire. What most dont know about him is he has grown his portfolio from $100,000 to over $50 million over 20 years. You would never know it. He still lives in the same house, still has the same friends, still has the same life. One of his biggest worries is people finding out what hes done and looking at him differently.

As you grow your capital you will reach a pivot point when you feel you finally have a choice to do what you want in life. Some of you will choose to keep your day jobs because you love them. But some of you will choose to finally break free from a job and routine that have been holding you back.

6 questions that will get you excited about saving

Larissa Fernand is Senior Editor at Morningstar India. You can follow her onTwitter.

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When it comes to financial independence, be a hawk - Morningstar India

DANBURY, Conn., Oct. 15, 2021 /PRNewswire-PRWeb/ -- TrustPlus is partnering with Prosperi-Key, a new, nonprofitdigital platform that helps workinghouseholds living paycheck to paycheck.

Prosperi-Key connects income-eligible people including many essential workers with support, services, and discountstailored to them. Too often lower-income households struggle to get by yet are ineligible forfederal and state safety net programs. Members of this ALICE population--Asset Limited, Income Constrained,Employed--provided input in helping to develop Prosperi-Key.

"Our members are some of the smartest people I know with budgeting.They have figured out how to get by, but it is a struggle, and it adds stress every single month," said Kim Morgan, CEO, Prosperity Digital Marketplace. "People who have money are using financial advisors and investment firms and they're getting guidance all the time. We now can offer our members a Financial Coach from TrustPlus who can say, 'What are your dreams? Where do you want to go? Do you want to be able to pay for your children to go to college? Do you hope to retire?' Financial Coaches can help you achieve those goals."

"TrustPlus looks forward to working with Prosperi-Key members from across the country, and especially in western Connecticut, Buffalo, New York, and Dayton, Ohio, where Prosperi-Key is focused, initially," said Kate Griffin, president of TrustPlus. "We'll provide Prosperi-Key members personal finance coaching where and when they need it, helping them to manage debt, strengthen credit, and build savings on the path to financial health."

Added Morgan: "Our goal is really to get every single Prosperi-Key member to work with a TrustPlus Financial Coach and to know that their future is secure."

For more information aboutTrustPlus and Prosperi-Keyand how tojoin us in supporting your community, contact deepa.garg@prosperikey.org.

A Prosperi-Key press kit, including a product demo, video interview clips, and additional screenshots, is available here.

ABOUT PROSPERITY DIGITAL MARKETPLACE, LLC

Prosperity Digital Marketplace is a wholly owned nonprofit subsidiary of United Way of Western Connecticut. Its work is focused on a population that United Way identifies as ALICE:Asset Limited, Income Constrained, Employed.A United Way report published in September 2020revealed thatmore than 1 in 3 households haveearnings above the Federal Poverty Level but below a basic cost-of-living threshold.ThisLLC is developing new technologies to reduce barriers for the ALICE population to access social services and to engage businesses in creative ways to support this population. A volunteer Board of Directors oversees the organization, a paid ALICE Board made up of consumersadvises, and a volunteer Innovation and TechnologyBoardhelps withtechnology and security.

ABOUT UNITED WAY OF WESTERN CONNECTICUT

United Way of Western Connecticut(UWWCT)improves the lives of hard-working, struggling households by mobilizing the resources of local communities to create lasting change.We help residents across Northern Fairfield County, Southern Litchfield County, and the City of Stamford by focusing on the vital building blocks for a good life: Education, Financial Stability, and Health. We are committed to ensuring that every child enters school ready to learn, every family is financially stable, and every community we serve is healthy and strong. By leveraging the collective power of the community, we are focused on creating an environment where individuals and families are self-sufficient and can achieve financial independence. For more information about United Way of Western Connecticut, please visit:http://www.uwwesternct.org.

ABOUT TRUSTPLUS

TrustPlus is a financial wellness benefit that helps workers make the most of every hard-earned paycheck. A service of Neighborhood Trust, our coaches demystify personal finance with empathy, providing on-demand, one-on-one support and expert guidance. Our unique approach blends human connection with action-oriented tools and workplace products to ease the burden of workers' everyday money worries. In addition to serving as an employee benefit, we also are offered as the human coaching feature of worker-focused fintechs. Learn more at http://www.mytrustplus.org.

Media Contact

Deepa Garg, Prosperity Digital Marketplace, +1 8474521964, Deepa.Garg@ProsperiKey.org

Kim Morgan, Prosperity Digital Marketplace, kim.morgan@prosperikey.org

Twitter, Facebook

SOURCE Prosperity Digital Marketplace

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Prosperi-Key Partners with TrustPlus to Offer Financial Coaching Nationwide to ALICE - WFMZ Allentown

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.

If youre trying to reduce the cost of college, it pays to stay local. Thats because in-state tuition is almost always significantly cheaper than out-of-state tuition. With high student loan debt creating burdens for many borrowers for years or decades after graduation, those savings can be life-changing.

But what exactly counts as in-state, and what are the best strategies to secure in-state status? We break it down for you below.

If you attend a public university, there are typically separate rates for students who are in-state versus out-of-state residents. In-state students generally pay less because their family pays state taxes, which help fund the public universities in the area.

In-state and out-of-state tuition rates only apply to public, state-sponsored colleges and universities. Private institutions generally charge the same amount for all students, no matter where theyre from.

The difference in tuition costs can be staggering. According to the College Board, the average annual cost for in-state students at four-year public schools was $10,560 during the 2020-21 school year. The average cost for out-of-state students was $27,020a whopping difference of $16,460 annually and $65,840 after four years.

In-state students may also qualify for special state grants or scholarships, which vary depending on where you live. These grants can further reduce the cost of tuition for in-state students. For example, Texass Toward Excellence, Access and Success grant program provides up to $5,195 per semester for state residents who attend a public state university.

The most straightforward way to qualify for in-state tuition is to attend a school in the state you live in. While some students may assume that moving to a different state will automatically make them a resident, the rules are much more complicated. Almost no states will count simply moving to attend college as a qualifying reason, and requirements vary widely by state and school.

Most states require that you live and work there for at least 12 months before qualifying as an in-state resident. But beyond that, you may need to show that you intend to live in the state for reasons beyond your college attendance. Documentation can help illustrate this, and actions such as registering to vote, getting a drivers license, paying state taxes and adding your name to a lease can all help prove your residency in a new state. Some states or schools may also require you to prove financial independence to qualify as a resident.

Here are some scenarios where it may be possible to receive in-state tuition more quickly:

If your parents are divorced and live in different states, you may qualify as an in-state resident for both states. However, this depends on state and university policies.

Some places may require that the local parent be primarily responsible for financially supporting the student or claiming them as a dependent on their taxes. Other states allow either parent to provide residency, even if they dont shoulder the majority of the financial responsibility.

Marrying an in-state resident can help you prove residency while youre still in school, but there will likely be hoops you still need to jump through. In many states, you would typically be considered an independent student after you are married. It may be easier to prove residency once youre categorized as independent, but there will probably be additional requirements youll need to meet.

Several regions of the country allow out-of-state students to receive in-state or discounted prices at state colleges within that region. Here are the most well-known reciprocity agreements:

New England

The New England Board of Higher Education allows students from Connecticut, Maine, Rhode Island, Massachusetts, New Hampshire and Vermont to enroll in an out-of-state New England school and receive significant tuition discounts.

Students can become eligible if they enroll in a public school or pursue a degree that participates in the program. Exact requirements vary based on your home state and desired school.

Midwestern States

The following states participate in the Midwest Student Exchange Program:

Students from these states may enroll in a public university in a participating state and pay no more than 150% of the in-state rate. Not all public universities from this region have joined the exchange program, so double-check before applying. Private colleges may offer a 10% tuition discount under this program.

Southern States

The Southern Regional Education Board Regional Contract Program provides lower tuition rates for students interested in a medical or health professional degree. Students will receive in-state tuition rates at out-of-state public universities and a discount at private universities.

The following degree programs are eligible:

This program includes the following states:

Residents of southern states may also qualify for the Academic Common Marketplace. This program allows students who are studying in a specialized field to pay in-state tuition rates in a different state. If youre pursuing a degree thats not offered by a public school in your state, you could be eligible. Fifteen states participate in this program, and you can search for more than 2,200 degree programs.

Western States

The Western Undergraduate Exchange includes the following states and territories:

Participating public institutions in these states offer tuition for out-of-state residents at no more than 150% of the in-state rate. More than 160 schools participate in the program.

More advanced students can benefit from other programs. Graduate students can utilize the Western Regional Graduate Program to save on tuition, while the Professional Student Exchange Program provides tuition discounts to professional students studying in one of 10 medical fields.

Read more here:

What Is In-State Tuition And How Do I Get It? - Forbes

When you retire, if you become disabled, or if someone you depend on dies, we are there when you need us. You can access your information, benefits, and important services from just about anywhere with your personal and secure my Social Security account. With your mySocial Security account, you can:

Compare future benefit estimates for different dates or ages when you may want to begin receiving benefits.

Check the status of your benefits application or appeal.

Review your earnings history.

Request a replacement Social Security card (in most states).

If you already receive benefits, you can also:

Get a benefit verification or proof of income letter.

Set up or change your direct deposit.

Change your address.

Request a replacement Medicare card.

Get a Social Security 1099 form (SSA-1099).

You can even use your my Social Securityaccount to opt out of receiving certain notices by mail, including the annual cost-of-living adjustments notice and the income-related monthly adjustment amount notice. These notices are now available in your Message Center when you sign in to your account. We will send you an email that a new message is waiting for you, so you never miss an important update.

Its easy to sign up for a mySocial Security account. Please let your friends and family know that they can create their own my Social Securityaccount today at http://www.ssa.gov/myaccount.

If you rely on Supplemental Security Income (SSI) payments or Social Security Disability Insurance (SSDI) benefits and want to start or return to work, we can help.

Ticket to Work (Ticket) is a program that supports career development for SSDI beneficiaries and SSI recipients who want to work and progress toward financial independence. The Ticket program is free and voluntary. Learn more about the Ticket to Work program at http://www.ssa.gov/work or call the Ticket to Work Help Line at 1-866-968-7842 or 1-866-833-2967 (TTY) Monday through Friday, 8 a.m. to 8 p.m. ET.

In addition to the Ticket to Work program, the Plan for Achieving Self-Support (PASS) program also helps people with disabilities return to work. A PASS allows you to set aside resources and other income besides your SSI for a specified period. With a PASS you can pursue a work goal that will reduce or eliminate your need for SSI or SSDI benefits.

How does a PASS help someone return to work?

We base SSI eligibility and payment amounts on income and resources (items of value that the person owns).

PASS lets a person with a disability set aside money and items they own to pay for items or services needed to achieve a specific work goal.

The objective of the PASS is to help people with disabilities find employment that reduces or eliminates the need for SSI or SSDI benefits.

You can read all about the PASS program at http://www.ssa.gov/pubs/EN-05-11017.pdf.

The PASS must be in writing and we must approve the plan. To start, contact your local PASS Cadre or local Social Security office for an application (Form SSA-545-BK). You can also access the form at http://www.ssa.gov/forms/ssa-545.html. Ticket to Work service providers, vocational counselors, or a representative or relative can help you write a PASS.

For more information about PASS, read The Red Book - A Guide to Work Incentives at http://www.ssa.gov/redbook.

Your job isnt just a source of income it can be a vehicle to independence or the beginning step to fulfilling your dreams. Let our Ticket to Work program or PASS program help you achieve your goals.

Every year on Veterans Day, we honor the people who risk their lives to protect our country. Our disability program is part of our obligation to wounded warriors and their families. Social Security is an important resource for military members who return home with injuries. If you know a wounded veteran, please let them know about our Wounded Warriors web page, http://www.ssa.gov/woundedwarriors.

Our Wounded Warriors web page answers many questions commonly asked about Social Security, and shares useful information about disability benefits. On this page, you can learn how Social Security benefits are different from benefits available through the Department of Veterans Affairs and require a separate application. We also explain how veterans can expedite the processing of their Social Security disability claims if they become disabled while on active military service on or after October 1, 2001, regardless of where the disability occurs.

Active-duty military service members who continue to receive pay while in a hospital or on medical leave should consider applying for disability benefits if theyre unable to work due to a disabling condition. Active-duty status and receipt of military pay doesnt necessarily prevent payment of Social Security disability benefits.

We honor veterans and active duty members of the military every day by giving them the respect they deserve. Please let these heroes know they can count on SSA when they need us most. Theyve earned these benefits! Our web pages are easy to share on social media and by email with your friends and family. Please consider passing this information along to someone who may need it.

We are here for surviving family members when a worker dies. In the event of your death, certain members of your family may be eligible for survivors benefits. These include widows and widowers, divorced widows and widowers, children, and dependent parents.

The amount of benefits your survivors receive depends on your lifetime earnings. The higher your earnings, the higher their benefits. Thats why its important to make sure your earnings history is correct in our records. That starts with creating a my Social Security account atwww.ssa.gov/myaccount.A my Social Security account is secure and gives you immediate access to your earnings records, Social Security benefit estimates, and a printable Social Security Statement. The Statement will let you see an estimate of the survivors benefits we could pay your family.

You may also want to visit our Benefits Planner for Survivors to help you better understand Social Security protections for you and your family as you plan for your financial future at http://www.ssa.gov/planners/survivors.

Please visit http://www.ssa.gov or read our publication Survivors Benefits at http://www.ssa.gov/pubs/EN-05-10084.pdf for more information. You can also help us spread the word by sharing this information with your family and friends.

We have exciting news to share: weve redesigned your Social Security Statement (Statement) to make it easier to find the information you need.

Who gets a Statement?

You will get a Statement if you are an adult who does not receive benefits. Your unique Statement gives estimates of future Social Security benefits that you and your family may receive each month along with a basic overview of the Social Security program. It also provides a record of your earnings history and other valuable information. Your future benefits are based on your earnings record, so its important to tell us when you see an error, so you can get it corrected and ensure you get all the benefits you earned. Your Statement explains how to report an error.

Whats New in the Statement?

The redesigned Statement is streamlined and written in plain language to make it easy to read, use, and understand. Weve divided the information into sections, like different types of benefits, so you can easily find what you need. The new Statement provides a bar chart with your personalized retirement benefit estimates for up to nine different ages, depending on when you may want your benefits to start. This key information can help you make educated decisions about your financial future.

Fact sheets tailored to your age group and earnings situation accompany your online Statement. The fact sheets can help you better understand Social Security programs, benefits, and how they fit your situation. For example, for younger workers, we provide more information about how you can save for your future; for older workers, we explain how benefits may be taxed and how to avoid a Medicare penalty. We include links in the fact sheets for easier reference and additional information.

Our Social Security Statement web page at http://www.ssa.gov/myaccount/statement has samples of the Statement, as well as copies of the new fact sheets (in English and Spanish). Please share these resources with your friends and family.

Get Your Personalized Statement Online Today

The best way to access your new Statement is by using your personal mySocial Securityaccount. If you dont have an account, be sure to create one today. Your account also lets you access other services online, such as requesting a replacement Social Security card and getting a letter proving you do not receive Social Security benefits.

Get started by signing in to or creating your mySocial Securityaccount today at http://www.ssa.gov/myaccount!

General

Question: Are Social Security numbers reassigned after a person dies?

Answer: No. We do not reassign Social Security numbers. In all, we have assigned more than 500 million Social Security numbers. Each year we assign about 5.5 million new numbers. There are over one billion combinations of the nine-digit Social Security number. As a result, the current system has enough new numbers to last for several more generations. For more information about Social Security, visit our website at http://www.ssa.gov.

Question: Is it illegal to laminate your Social Security card?

Answer: No, it is not illegal, but we discourage it. Its best not to laminate your card. Laminated cards make it difficult sometimes even impossible to detect important security features and an employer may refuse to accept them. The Social Security Act requires the Commissioner of Social Security to issue cards that cannot be counterfeited. We incorporatemany features that protect the cards integrity. They include highly specialized paper and printing techniques, some of which are invisible to the naked eye. Keep your Social Security card in a safe place with your other important papers. Do not carry it with you.Learn more at http://www.ssa.gov.

Retirement

Question: I want to estimate my retirement benefit at several different ages. Is there a way to do that?

Answer: Use our Retirement Estimator at http://www.ssa.gov/estimator to get an instant, personalized retirement benefit estimate based on current law and your earnings record. The Retirement Estimator, which also is available in Spanish, lets you create additional "what if" retirement scenarios based on different income levels and stop work ages.

Question: I've decided I want to retire. Now what do I do?

Answer: The fastest and easiest way to apply for retirement benefits is to go to http://www.ssa.gov/retireonline. Use our online application to apply for Social Security retirement or spouses benefits. To do so, you must:

Be at least 61 years and 9 months old.

Want to start your benefits in the next four months.

Live in the United States or one of its commonwealths or territories.

Disability

Question: I just received my first disability payment. How long will I continue to get them?

Answer: In most cases, you will continue to receive benefits as long as you are disabled. However, there are certain circumstances that may change your continuing eligibility for disability benefits. For example, one of the following may apply:

Your health may improve to the point where you are no longer disabled.

Like many people, you would like to go back to work rather than depend on your disability benefits and you are successful in your attempt.

Also, the law requires that we review your case from time to time to verify you are still disabled. We tell you if it is time to review your case, and we also keep you informed about your benefit status. You also should be aware that you are responsible for letting us know if your health improves or you go back to work.

Question: I currently receive Social Security disability benefits. I now have a second serious disability. Can my monthly benefit amount be increased?

Answer: No. Your Social Security disability benefit amount is based on the amount of your lifetime earnings before your disability began and not the number of disabling conditions or illnesses you may have. For more information, go to http://www.ssa.gov/disability.

Supplemental Security Income

Question: How do I report a change of address if Im getting Supplemental Security Income (SSI)?

Answer: A person receiving SSI must report any change of address by calling our toll-free number, 1-800-772-1213 (TTY 1-800-325-0778), or by calling a local office within 10 days after the month the change occurs. You cannot complete a change of address online. You should report your new address to Social Security so you can continue to get mail from Social Security when necessary, even if you get your benefits electronically by direct deposit or Direct Express. Learn more about SSI at http://www.ssa.gov/ssi.

Question: Who is eligible for Supplemental Security Income (SSI)?

Answer: People who receive SSI are age 65 or older, blind, or disabled with limited income and resources. Go to http://www.ssa.gov for income and resource limits. The general fund of the U.S. Treasury makes SSI payments. They do not come out of the Social Security Trust Fund.

Medicare

Question: I need to make changes to my Medicare prescription drug coverage. When can I do that?

Answer: Open season for Medicare Part D prescription drug coverage runs from October 15 to December 7. The Medicare Part D prescription drug program is available to all Medicare beneficiaries. Joining a Medicare prescription drug plan is voluntary and participants pay an additional monthly premium. If you are considering changing your plan, you might want to revisit the Application for Extra Help with Medicare Prescription Drug Plan Costs. If you have limited resources and income, you may also be eligible for Extra Help to pay monthly premiums, annual deductibles, and prescription co-payments. Extra Help is estimated to be worth about $5,000 per year. To find out more, visit http://www.ssa.gov/prescriptionhelp. For more information about the Medicare prescription drug program itself, visit http://www.medicare.gov or call 1-800-MEDICARE (1-800-633-4227; TTY1-877-486-2048).

Question: Where can I find general information about Medicare benefits?

Answer: Social Security determines whether people are entitled to Medicare benefits, but the program is administered by the Centers for Medicare & Medicaid Services (CMS). You can visit CMS Medicare website at http://www.medicare.gov or call them at 1-800-MEDICARE (1-800-633-4227). Online or by phone, you can find answers to your Medicare questions at CMS.

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At home or on the go: Social Security is online - AdVantageNEWS.com