Are My Social Security Benefits Safe?

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Money Matters

presented by: Vision Financial

In the news from time to time we see a report that states that Social Security is “going broke.”  However, these reports are often based on projections by the Trustees of these programs. And projections are just that, projections… like pre-season football or election polls, they are trying to predict what will happen in the future. Each year, the Trustees of the Social Security and Medicare Trust Funds release lengthy annual reports to Congress that assess the health of these important programs. The newest reports, released on June 5, 2018, discuss the current financial condition and ongoing financial challenges that both programs face.

Each program has a financial account (a trust fund) that holds the Social Security payroll taxes that are collected to pay Social Security benefits. Money that is not needed in the current year to pay benefits and administrative costs is invested (by law) in special Treasury bonds that are guaranteed by the U.S. government and earn interest. As a result, the Social Security Trust Funds have built up reserves that can be used to cover benefit obligations if payroll tax income is insufficient to pay full benefits.

Highlights of the 2018 Social Security Trustees Report 

  • For the first time since 1982, Social Security’s total cost is projected to exceed its total income (including interest) and remain higher for the next 75 years. Consequently, the U.S. Treasury will start withdrawing from trust fund reserves to help pay benefits in 2018. The Trustees project that the combined trust fund reserves (OASDI) will be depleted in 2034, the same year projected in last year’s report, unless Congress acts.
  • Once the combined trust fund reserves are depleted, payroll tax revenue alone should still be sufficient to pay about 79% of scheduled benefits for 2034, with the percentage falling gradually to 74% by 2092.
  • The DI Trust Fund is expected to be depleted in 2032, four years later than projected in last year’s report. Both benefit applications and the total number of disabled workers currently receiving benefits have been declining. Once the DI Trust Fund is depleted, payroll tax revenue alone would be sufficient to pay 96% of scheduled benefits.

Why are Social Security and Medicare facing financial challenges? Social Security and Medicare are funded primarily through the collection of payroll taxes. Because of demographic and economic factors including higher retirement rates and lower birth rates, there will be fewer workers per beneficiary over the long term, worsening the strain on the trust funds.

What is being done to address these challenges? Both reports urge Congress to address the financial challenges facing these programs soon, so that solutions will be less drastic and may be implemented gradually, lessening the impact on the public. Combining some of these solutions may also lessen the impact of any one solution.

There are no current projections that call for a complete end to these benefits. However, the situation is a sober one and should cause all of us to think about how we are saving and preparing for the security of our own financial future. View a combined summary of the 2018 Social Security and Medicare Trustees Reports and a full copy of the Social Security Report at ssa.gov. 

 

R. Heath Morris, CFP® 

Vision Financial Group

4505 Pine Tree Circle, Birmingham, AL 35243

205-970-4909, www.vision-financialgroup.com

Investment Advisory services offered through Investment Advisors, a division of ProEquities, Inc., a Registered Investment Advisor. Securities offered through ProEquities, Inc., a registered broker-dealer and member of FINRA & SIPC.  Vision Financial Group, Inc. and West Alabama Bank are independent of ProEquities, Inc. Securities and insurance products offered are not bank deposits, have no bank guarantee, are not FDIC insured, and may lose value.

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Legal Matters

Presented by: Bradford & Holliman, Estate Planning, www.bradfordholliman.com

Parents often prepare Wills leaving assets equally to their children and then make mistakes with their accounts that favor one child over the others.

By Mistake: Sally Denton’s Will leaves her assets equally to her three children. To help pay bills, Sally made the mistake of adding her son, Ralph, as a joint owner on her checking account, savings account, and certificates of deposit instead of setting up a Power of Attorney. When Sally dies, Ralph has full ownership of those accounts and is not obligated to divide those accounts with his siblings. Why? The joint ownership titles void the terms of her Will.  

On Purpose: Wilma Parker and her son, Carl, rarely speak, and Wilma has not seen her granddaughter for years. Her daughter, Annette, is very close to her mother and handles shopping, cooking meals, and taking Wilma to appointments, and cooking meals. Wilma’s Will leaves her assets to her two children equally, but Wilma also has a life insurance policy for $300,000 that names Annette as the sole beneficiary. Wilma intends for Carl to inherit some assets, but she purposely intends to leave Annette much more.  

A probate estate consists of all the assets owned at the time of death. If no beneficiary is named on an account, the bank or insurance company will pay the proceeds of the account into the probate estate, and the assets will be distributed under the terms of the Will unless joint owner or beneficiary designations override the Will.

It is fine to knowingly plan for assets to pass to certain people outside of probate. Just make sure you realize when you are deviating from your Last Will and Testament to do it on purpose, not by mistake.

-Melanie Bradford Holliman 

Partner, Bradford & Holliman, LLC

Practice focuses on estate planning, elder law and special needs trust.

2491 Pelham Parkway, Pelham, Ala. 35124

205-663-0281, www.bradfordholliman.com

This article is for educational purposes and is not intended for specific legal advice.

No representation is made that the quality of legal service to be performed is greater than the quality of service performed by other lawyers. 

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Encouraging Word

The term “Christian Walk” refers to living out your faith. It involves one’s daily lifestyle and includes your personal belief system, behavior and conversation. The hymn “Trust and Obey” says it best; “When we walk with the Lord in the light of His Word what a glory He sheds on our way. When we do His good will, He abides with us still and with all who will trust and obey.”  

I want to mention three ways we can strengthen our Christian Walk:

  1. Submit. Submission means to yield to the power or authority of another; to be humbly obedient. James 4:7 says, “Submit therefore to God. . . ” I Peter 5:16 says, “Humble yourselves, therefore, under the mighty hand of God, that He may exalt you at the proper time.” We are to submit our wills to God’s will. Jesus said in Matthew 16:24, that one would have to “deny himself.” John the Baptist said that “he must decrease that Jesus might increase.” And Jesus’ prayer in the Garden said, “not my will, but Thy will be done.”
  2. Be Sensitive to God’s leading. Sensitive means to be easily affected; highly responsive; attentive. As Christ-followers we need to be attentive and responsive to the Holy Spirit’s direction. I Corinthians 3:16 says, “. . . you are a temple of God, and the Spirit of God dwells in you.” Ephesians 5:18 says, “. . . be filled with the Spirit.” Galatians 5:16 adds, “walk by the Spirit, and you will not carry out the desire of the flesh.”
  3. Be Serious about Serving God. Serious is to be sincere; characterized by deep thought; somber disposition; focused. Jesus instructs Christians to stay focused on Him; to follow Him; and to be faithful. This requires discipline, dedication and determination.

How we live is important. Our lifestyle reflects what we believe. Make sure your Christian Walk is strengthened by submission to God’s will; sensitivity to God’s leading; and remaining serious about serving God!

-Tony Cooper 

Celebrating 28 Years of Service as Exec. Director, Jimmie Hale Mission

www.jimmiehalemission.com

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Healthy Living

Participants gather for “A Journey of Courage and Hope” at the first metastatic breast cancer retreat in Central Alabama.
Participants gather for “A Journey of Courage and Hope” at the first metastatic breast cancer retreat in Central Alabama.

Birmingham based Forge Breast Cancer Survivor Center (Forge) and The Deep South Cancer Foundation (DSCF) recently partnered to help meet a very important need among metastatic breast cancer survivors in our community. Forge and DSCF hosted “A Journey of Courage and Hope,” the first retreat for metastatic breast cancer survivors in our region. “These retreats are incredibly meaningful in meeting the needs of women who are approaching the end of life and want to connect with others, discuss their fears, make plans for the future, and come away feeling more prepared for what lies ahead. Together participants discover new strength. These women are survivors, even though they will never know the joy and relief of being disease-free. It is an opportunity to support women with metastatic breast cancer in a unique and meaningful way” said Lillie D. Shockney, RN, BS, MAS, a two-time breast cancer survivor and an expert in the field of metastatic breast cancer from Johns Hopkins Hospital.

The free retreat was an opportunity for women and the women who support them to retreat from the routines of treatment and daily life to experience a program of individual and mutual healing and renewal. Within the safe environment, attendees had the opportunity to address and confront fears. Activities included a letter writing session in which each survivor/co-survivor pair wrote positive things that came out of their relationship that most likely would not have if there had not been a cancer diagnosis. Nancy, a caregiver, wrote “My dear companion Sharon, I am deeply grateful to be traveling this road with you along with huge realities that present themselves.  All of life and living and all of death and dying.” The retreat was held at the Benedictine Sisters Retreat Center in Cullman, Ala. where attendees enjoyed large porches, grounds including a lake, outdoor labyrinth, spiritual center and chapel as well as community spaces for group sessions.

Learn more about opportunities like this as well as other resources available to survivors and co-survivors of breast cancer visit www.forgeon.org. Forge will host volunteer training for individuals who would like to offer support to breast cancer survivors and their loved ones November 9-10. Details at www.birminghamchristian.com/events. †

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Healthy Living

Late fall marks the beginning of the peak season for accidental falls, especially for older people. Falls and fall-related injuries are the leading cause of death in people 65 years and older—more than 15,800 deaths per year. For people 85 and older, one in five falls results in death. Contrary to the myth that falls are unavoidable accidents, most falls are the result of manageable or preventable risks.

Physical changes that come with aging make seniors more prone to falling. Changes in muscles and joints make movement more difficult and make it harder to correct for a sudden loss of balance. Vision changes make it tough for older eyes to adjust to varying levels of light or perceive depth and distance. Many medications, depression, stress or lack of sleep can also affect judgment, balance and coordination.

What You Can Do.

  • Seniors who stay physically active improve their balance, flexibility and strength. Exercise and socialization also reduces stress and depression, increases alertness and strengthens the heart and circulatory system.
  • Regular eye exams will help correct vision problems and detect possible diseases, like glaucoma, that make it hard for seniors to see hazards.
  • Sturdy shoes and walking equipment such as a cane will improve balance.
  • Assess your home. There should be plenty of light in every room and along hallways and in stairways. Motion-activated or timer lights can be particularly helpful, especially as days get shorter. Emergency lighting or a flashlight should also be within easy reach. You can improve bathroom safety by having grab bars installed in the tub or shower and by the toilet.  Non-slip strips and a bath bench in the tub or shower and a raised toilet seat are valuable additions. In kitchens, countertops should be kept glare-free. All rugs should be tacked down or secured with nonskid pads. Rugs with highly-contrasting dark and light patterns can interfere with seniors’ depth perception and should be avoided or replaced. To reduce glare, only no-wax cleaners should be used on floors. Firmly secure handrails are a necessity on both sides of stairways and outside steps. Steps should also have non-skid treads. Furniture should not block walking areas. Make sure all electrical cords are out of the way.
  • Hiring an in-home caregiver can also help prevent falls, especially if you’re a senior who is living alone at home or you are caring for an older loved one. In addition to handling risky household activities, a caregiver can provide constant supervision. Supervision is especially important for older people with dementia that makes them get up and wander at night.

Home Care Assistance of Birmingham offers a free Fall Prevention Assessment of your home, with recommendations for ensuring safety. Just call us to schedule with no obligation. You can also call to request a free booklet, “Preventing Slips and Falls in the Home” or stop by our office on Valleydale Road and pick one up.

-Debra Beadles

Owner, Home Care Assistance of Birmingham 

5291 Valleydale Rd., Ste. 123, Birmingham, AL 35242

205-438-6925

www.HomeCareAssistanceBirminghamAL.com

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Hassle Free Zone

Aaaah…perfection! Who knew one word could cause so many problems? We’re told from a very young age that practice makes perfect. I used to counter that argument by saying, “Yes, but nobody is perfect, so why practice?” My piano teacher never appreciated my fine skills of logic!

Perfection somehow became my standard. After all, if I don’t have time to do it right the first time, I certainly will not have time to RE-do it the second time. Knowing when it is better to do it “perfectly” or just to accomplish the task is difficult for many of my clients as well. Is something better than nothing? Is done better than perfect? 

I freeze up when trying to accomplish something because it is not perfect yet. My perfectionism has led to something worse: procrastination. There are baby pictures of my kids still in boxes because I cannot finish the scrapbooks; unfinished projects around the house because I don’t have time to do them perfectly; ideas put back on the shelf or in a filing cabinet because they’re not quite ready. How many of you have had a great idea before someone else did, except they did something with it and made it big, instead of you? Procrastination only produces one thing: frustration.

This perfectionism mindset is a common reason for clutter in homes and offices. So many of us are waiting to find just the RIGHT system to snap us into shape and in the meantime, we live in chaos. We keep putting off to tomorrow what should be done today, hoping we can do it better then. We tell ourselves we will have more time tomorrow to complete a project, but tomorrow is already booked too!

If I am striving for perfection, I will always fail. So now, I strive for excellence. Face it – our homes and offices will never be perfect. But are they better? Can we accept it and be proud of our efforts, even if it’s not completely perfect? Consider it a work in progress, realizing your needs will continue to change as your life does. We live in a world which is constantly changing as new ideas, technology and solutions are developed. So, even that which is “perfect” today will not be tomorrow. So, DO something today – and tomorrow, you can do it even better!

–-Kim McBrayer 

Designer  | Professional Organizer  | Speaker

SPACE CADETS

5291 Valleydale Road, Suite 121

Birmingham, AL 35242, 205-368-2425

www.spacecadetsorganizing.com

 

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Are We There Yet?

AFor the 9th year in a row, Aldridge Gardens in Hoover will host Whispers of the Past, Sunday October 7. Poarch Creeks from Atmore, Ala. will demonstrate authentic Pow Wow dancing.
For the 9th year in a row, Aldridge Gardens in Hoover will host Whispers of the Past, Sunday October 7. Poarch Creeks from Atmore, Ala. will demonstrate authentic Pow Wow dancing.

Bring the family to Aldridge Gardens in Hoover on Sunday October 7 to experience a day discovering the culture and contributions of Native Alabamians. From 10 a.m. to 5:30 p.m., Whispers From the Past – A Native American Experience, offers demonstrations, activities, and presentations authentic to American Indians of the Southeast. Demonstrations include authentic Pow Wow Dancing with Medicine Tail Dancers and Singers provided by the Poarch Creeks of Atmore, Ala., flintknapping/observing how real stone arrowheads were made, American Indians creating baskets from long-leaf pine needles and dolls from corn husks, and Porch Creek Indians playing Stick Ball (Modern Day Lacrosse). Hands on activities include fishing with cane poles and worms in the Aldridge Gardens Lake, beading on looms, creating a clay coil pot to take home, leaf pounding, corn grinding, artifact hunting and gourd crafting. Visitors will be able to purchase unique items including projectile points and arrowheads, Choctaw foods and crafts, jewelry and beadwork, and woven baskets. The event is endorsed by the Administration at the State Department of Education and local school districts. Admission is $15 for adults, $10 for students, $10 for Seniors (65 and older) and Veterans. Free for children under three. Off-site parking and shuttle are available at nearby Bed Bath & Beyond on Lorna Road. For more event details visit www.aldridgegardens.com or call 205-682-8019. †

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City Scene

Enjoy Taste of Hoover October 11 at Aldridge Gardens, 3530 Lorna Road, Hoover, www.aldridgegardens.com.
Enjoy Taste of Hoover October 11 at Aldridge Gardens, 3530 Lorna Road, Hoover, www.aldridgegardens.com.

For the seventh year in a row, Aldridge Gardens in Hoover is hosting the perfect opportunity to enjoy delicious dishes from Hoover’s best restaurants and caterers in the beautifully lighted setting of the gardens. The bonus is your support will help the not for profit Gardens to be maintained and continue to offer services and events throughout the year. The event, Thursday October 11 from 5-8pm, comes complete with white tablecloth settings and live entertainment by The Birmingham Heritage Band. Tickets are $45 for Aldridge Garden members and $50 for non-members. Purchase tickets at www.aldridgegardens.com. Tickets will only be available at the gate if the event is not sold out. 

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Best Books

In the Gospel of Matthew, Jesus makes a statement that stands in complete opposition to one of our society’s most entrenched values. Surprisingly, it has nothing to do with marriage, the sanctity of life, or even immoral conduct. “No one can serve two masters,” he said. “For either he will love the one and hate the other, or be devoted to one and despise the other. You cannot serve both God and money.” Hate money? Despise money? The inability to wrap our minds around such a statement reflects the degree to which our society’s love of money has seeped into our thinking. Even Christians feel compelled to back-peddle or caveat the words of Christ on this one.

In his new book, Redeeming Money, Paul David Tripp tackles the incongruity between what the Bible says about money and how most of us actually live. This is not a “how to” book. It is not about debt reduction, retirement planning, or paying tithes. Tripp is concerned about the spiritual seduction of money, which is far more important than our 401K or credit score. The question is not what we do with money, but what money does in us. Do we envy those with it? Do we look down on those without it? Are we in constant anxiety over the amount we have, or do not have?

Author: David Paul Tripp
Author: David Paul Tripp

Money can be a tool in the hands of a godly person. It can also be an invisible idol, robbing us of our trust in the goodness of God, stealing our joy, contentment and peace. We are a people obsessed with money. We are one of the richest nations in human history and we still don’t think we have enough. The most important principle Tripp shares in Redeeming Money is that financial matters always concern the heart. There is a remedy for our money problem, and it is not found in financial manuals or budgets. It is found in the grace of God.  

-Darrel Holcombe, Owner 
Sanctuary Christian Books and Gifts
Colonial Promenade, Alabaster

205-663-2370

 

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Are We There Yet?

The Alabama Splash Adventure Fall Festival includes access to over 15 amusement park rides including the award winning Rampage Roller Coaster. The park is located at 4599 Splash Adventure Parkway, Bessemer, www.alabamasplash.com.
The Alabama Splash Adventure Fall Festival includes access to over 15 amusement park rides including the award winning Rampage Roller Coaster. The park is located at 4599 Splash Adventure Parkway, Bessemer, www.alabamasplash.com.

Say goodbye to summer and hello to Alabama Splash Adventure’s 1st Annual Fall Festival! Alabama Splash Adventure will turn the amusement ride section into a festive fall playground every Saturday and Sunday in October from 12-6 p.m. Expect a day of family fun that will include full access to over 15 amusement park rides – including The Rampage which has been ranked as one of the 25 wooden coasters in the world. Also enjoy fall themed activities including hay rides, corn maze, pumpkin art, candied apples, and much more! Different events will be featured every weekend inside the park including free unlimited Pepsi drinks and free parking. A Car Show will kick off the first weekend in October (Oct.6-7) and include a variety of classic, antique, custom, and race cars. Enjoy an Arts and Craft Show October 13 and 14, local live music acts October 20 and 21 and a Halloween High Dive Show October 27 and 28- including 75-foot-high dives! 2018 and 2019 Season Passes are valid for entry during Fall Festival weekends. General Admission tickets can be purchased at the front gate or online at www.AlabamaSplash.com. Children two years old and under are free.

Birmingham Christian Family is also giving away three, Family 4 Packs (4 tickets) to the Festival and there are three ways to be entered to win.

  1. Sign up for our E-Newsletter at www.birminghamchristian.com or on our Facebook page, www.Facebook.com/BirminghamChristianFamily
  2. Like & Follow Us on Facebook and Share the Alabama Splash Adventure Festival Post! www.Facebook.com/BirminghamChristianFamily
  3. Like & Follow Us on Instagram and Share the Alabama Splash Adventure Festival Post! @CFPBirmingham

Winners will be announced on Facebook 10/12/18, 10/19/18 and 10/26/18 so be sure to LIKE the Birmingham Christian Family Facebook page! Offer ends 10/25/18. †

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