Good news: It's not going anywhere. If you are a working Americans in your 40s, there's one thing you should know above all else: Social Security will be there for you when you retire. Even though the Board of Trustees has projected that the program's net cash outflow will accelerate each year after 2019, and will result in the complete exhaustion of $2.9 trillion in asset reserves by 2034, Social Security is in absolutely no danger of going bankrupt What $100 in Social Security income used to buy in goods and services in 2000 now buys $66 worth of the same goods and services.
Aug 24, 2018 at 7:21AM When you retire, there's a really good possibility that you'll rely on Social Security benefit, to some degree, to help make ends meet.
According to a Gallup survey conducted in April, approximately five out of six nonretirees implied that Social Security would represent either a major (30%) or minor (54%) source of income during retirement.
This combined 84% , based on nonretirees' responses. Image source: Getty Images. The changing dynamics of Social Security Yet, being reliant on Social Security is a somewhat dangerous proposition for those looking to retire in more than a decade's time.
The latest Board of Trustees report, released in early June, shows that the program will have $1.7 billion more in expenses this year than it'll generate in revenue.
That's the . And while $1.7 billion isn't a particular large figure in relation to the trust's $2.9 trillion in asset reserves, this changing dynamic is clearly cause for concern. Of course, what Social Security will look like during your retirement will ultimately depend on when you reach the eligible claiming age of 62. Let's take a look at what folks in their 40s (i.e., people born between 1969 and 1978) can expect from America's most important social program. Image source: Getty Images.
Good news: It's not going anywhere If you are a working Americans in your 40s, there's one thing you should know above all else: Social Security . Even though the Board of Trustees has projected that the program's net cash outflow will accelerate each year after 2019, and will result in the complete exhaustion of $2.9 trillion in asset reserves by 2034, Social Security is in absolutely no danger of going bankrupt.
The secret to its success lies in the fact that two of its three sources of income are recurring. Whereas the interest income earned on its asset reserves would disappear if its excess cash were to be exhausted, the 12.4% payroll tax on earned income of up to $128,400, and the taxation of Social Security benefits, ensure that income will still flow into the program for disbursement.
Or, to put this into plainer English: As long as the American public keeps working, and Congress doesn't adjust how the program is funded, the payroll tax and the taxation of benefits will ensure Social Security has no chance of going bankrupt. Bad news: Your payout might be reduced However, although Social Security will march on, there are consequences to the program having a persistent, and growing, net cash outflow.
One of them is the expectation for a cut in benefits, assuming Congress doesn't find a way to raise additional revenue. If the Trustees' projection is correct, and the program depletes its asset reserves by 2034, then it's been estimated that a will be needed to sustain payouts through the year 2092. The magnitude of this reduction is such that no further cuts should be needed over the long term, which is defined by the report as the next 75 years.
Slashing benefits by up to 21% won't go unnoticed, and it's a clear warning to people in their 40s to reduce their expected reliance on Social Security, if possible. Image source: Getty Images. More bad news: The purchasing power of Social Security dollars will further dwindle Not that any of you in your 40s need anymore rain on your parade, but the purchasing power of Social Security dollars is liable to decline substantially between now and when you begin claiming benefits.
According to an analysis from The Senior Citizens League, the purchasing power of a Social Security dollar . What $100 in Social Security income used to buy in goods and services in 2000 now buys $66 worth of the same goods and services. The issue here is that Social Security's measure of inflation, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), does a of factoring in the expenditures that matter most to seniors.
As the name implies, this is an inflationary tether that tracks the spending habits of working-age urban and clerical employees, who have markedly different spending habits from seniors. Ultimately, it means medical care and housing expenses are underweighted in the CPI-W, while less-important costs for seniors (like apparel, education, and transportation) get more weight.
Unless lawmakers move away from the CPI-W, which has been Social Security's only cost-of-living adjustment calculator since 1975, this loss of purchasing power should persist. You'll have to wait a bit longer to collect your full payout An important fact that those of you in your 40s should know is that you'll have to wait a bit longer than your parents to claim your full benefit.
In 1983, Congress passed the last major reforms to Social Security. Among the laundry list of changes made by the Reagan administration was to gradually raise the from 65 to 67 over a four-decade span.
Your full retirement age is the age at which you become eligible to collect 100% of your retirement benefit, as determined by your birth year. For people born in 1960 or later, their full retirement age is 67. Meanwhile, the parents of folks in their 40s likely had a full retirement age of 66, or perhaps even under 66.
Waiting longer to receive your full payout means that your lifetime benefits will be reduced. You'll either wait longer to collect your full payout, shortening the amount of time you'll receive a monthly check, or you'll claim prior to your full retirement age, thereby accepting a steeper permanent reduction in your monthly payout.
It's something to keep in mind when deciding on the best claiming age for you. A Fool since 2010, and a graduate from UC San Diego with a B.A. in Economics, Sean specializes in the healthcare sector and investment planning. You'll often find him writing about Obamacare, marijuana, drug and device development, Social Security, taxes, retirement issues and general macroeconomic topics of interest.
best dating in your 40s what to expect - Dating After 50: What To Expect
Dating in your 40s as a man can seem intimidating. If you want to have a family, you may worry that women who are still in their childbearing years will think you’re too old. You may also be worried that women will question why you haven’t been married yet after making it through your 20s and 30s.
Or maybe you have recently gotten divorced and now you’re trying to navigate your way through the everchanging dating world. Regardless of what your fears or insecurities are when it comes to the romantic landscape, know that dating in your 40s as a man doesn’t have to suck. In fact, this can prove to be a particularly thrilling time in your life, as there are many advantages men in their 40s have on the dating scene that you may not have realized.
Below, take a look at nine tips to experience that most success while dating in your 40s as a guy. Dating in Your 40s for Men Tip #1: Ask Friends to Set You Up A lot of your friends are now married or are at least on their way to the altar. If that seems like a bummer it doesn’t have to be. When you’re coupled up, it’s fun to hang out with other couples. But it’s also nice to be able to help your single friends find someone special if they’re . Tell your friends that you are looking for a relationship and if they know someone you think would be a good fit, you would be open to getting set up with them or meeting them at an event.
FYI, not to sound sexist, but female friends or the wives of your friends are probably going to be the best at this. In general, women tend to be more inclined to play matchmaker, so don’t be shy about asking. In fact, matchmaking can be really fun for a lot of people. Trust me, I know — I’m a . Before getting set up, let your friend know about the type of qualities you are looking for in a woman, and that you want to find in someone long-term.
This will help your friend select someone who is more likely to be compatible with you. Don’t simply say “I’m looking,” or “I wanna meet someone.” Get a little bit specific. You don’t want to be overly picky, but you also want to avoid going out with someone who is going to be on a completely different page than you when it comes to things like morals, values and what you consider to be deal breakers.
Tip #2: Use Online Dating to Your Advantage Along with meeting through mutual friends, use a variety of other means to meet women in order to optimize your success. One great way to meet women is through online dating sites and apps. There are available as well as paid sites to choose from. Download a few different apps and sign up for some websites as well. Note that, when you’re looking for a serious relationship, paid websites like and have a good reputation for connecting people of different ages and demographics.
Both Match and eHarmony require you to sign up for a paid membership plan in order to reap the full benefits. However, if you want to give eHarmony a test-drive for three days, you can check out my article on .
Another paid dating site that is great for mindful singles and vegetarian is . Although you’re going to want to do a paid membership if you want to get the most out of that site, there is a free option that allows you to get a good feel for the site.
As far as dating apps go, , , and are free options out there that tend to be geared more toward those looking for long-term relationships. Tinder (the app that started it all) is known as more of , but I still recommend giving it a try. A couple I know here in San Francisco actually got married after meeting on the app, so there are definitely people on Tinder that are looking to get serious. However, you want to make sure that you have a profile that is on point when it comes to Tinder (and, really, any dating app or website), along with a great opener after you match with someone.
Check out these great examples of to get started, as well as some to inspire you when messaging a match. Tip #3: Give Yourself an Age Range of 10 Years When Looking for Singles When it comes to in a relationship, go by a difference of 10 years — so if you’re 40, any woman 30 or older or 50 or younger can be a good choice age-wise.
You can also do the half your age + 7 rule, i.e., the youngest acceptable age for you to date, if you’re 40, would be a woman who is 27.
These rules don’t have to be set in stone, but it is important to note that, when you’re in your 40s, it’s probably a bad idea to date a woman below the age of 25. Women in their early 20s are more likely to still be in a party mindset or have a desire to sow their oats before settling down.
A woman in her mid-to-late 20s, 30s and 40s is more likely to be interested in a mature relationship. Tip #4: Use Recent Pictures for Your Online Dating Profiles Don’t let the fact that you’re in your 40s intimidate you into using dated photos on your online dating apps and websites. Yes, it may be tempting to put a photo of you back in your days as a bright-eyes 20-something or just-got-my-shit-together-and-loving-life 30-something, but remember that you’re planning on meeting these women in real life.
Worst case – if you choose online dating photos when you had a full head of hair, and you’re now – the date isn’t going to go so well. Even if a woman is attracted to you upon meeting, she’s going to find the fact that you used old photos really sketchy.
No one likes these types of surprises when it comes to dating, hence . Remember that a lot of women won’t just be unfazed by your age — they’ll be excited about it. This brings me to my next tip. Tip #5: Embrace Your Age Some men I talk to who are in their 40s worry that their age is going to be a deterrent in the dating world. But a lot of women actually gravitate toward men in their 40s, particularly when they want a serious relationship. Dating in your 40s as a man usually means that you are more established, cultured and well-rounded than men in their 20s and even early 30s.
And as a man, you don’t have any type of biology working against you when it comes to starting a family. In fact, a 2010 study including 3,770 heterosexual adults found that . Women often associate these men with confidence, intelligence, good child-rearing and overall maturity. Tip #6: Disclose Your Marital Status If you’re , don’t keep that a secret from a potential partner.
Remember that they’re going to find out eventually, so it’s best to be upfront about it from the beginning. When you disclose your divorce, however, be sure to talk about it in positive terms. Don’t bemoan the difficulties of divorce and talk about how much it sucks to have to start over by dating in your 40s, what a crazy succubus your ex-wife is, and so on.
Think about the things you learned from the experience and how it helped you grow as a person. Moreover, you don’t need to dive into explicit details about your divorce at the beginning of a relationship. Let her know you’re divorced, you grew from the experience and are happy to be back in the dating world now that you have moved on.
Now, if you haven’t moved on from the divorce, give yourself the before diving back into the dating world. It’s tempting to rebound after a heartbreak, but doing so is only going to stymie the grieving process, which is necessary following something as big as a divorce. Lastly, if you aren’t actually divorced yet — don’t date! Legally separated means that you are still married and it’s just a plain bad idea to throw a new romance into the mix before everything has been settled in that department.
Tip #7: Get in Shape Your in your 40s, which mean staying in shape can be more difficult. If you’ve never worried too much about working out, try to start incorporating more activity into your routine by exercising 30-45 minutes a day, five times a week.
This doesn’t mean you have to go crazy with bodybuilder workouts, but whatever your activity level has been in your 20s and 30s should be amped up now that your metabolism has slowed down. If your diet isn’t the best, take this new era as a way to embrace healthier foods. Eating well and exercising won’t just make you look better — it will make you feel better too.
When you feel good, , and that will automatically make you more appealing to women. In all honesty, when it comes to attraction, confidence can seriously trump a pair of biceps as far as sex appeal goes. Tip #8: Make Her an Offer She Can’t Refuse This tip is a tried and true one whether you are dating in your 40s or beyond. When you ask a woman out, it’s important that you stand out from other men by offering her a that appeals to her specific interests.
For example, if the woman you’re approaching is a wino, you could offer to take her to an eclectic wine tasting at a place she hasn’t been before. It’s also important that you have the date properly planned so you can give her all the details she needs, i.e., the exact time of day, the day of the week, and location of the kickass date you have planned. The time, date, and location comprise a date’s call-to-action, or what we here at EmLovz refer to as .
Using a TDL prevents you and the girl you want to take out from engaging in a frustrating back-and-forth the figure out the what, when, and where of your date. And as a man in your 40s, this is going to really impress women that over in their mid-to-late 20s. Girls are used to guys offering laissez-faire invitations to “hang out” or “grab a drink.” When a man comes up with a compelling date idea and uses a TDL, it shows that you’re being chivalrous by keeping a woman’s time and interests in mind.
Tip #9: MegaDate This is another dating tip that transcends all age groups. If you are single, you absolutely, 100% need to be MegaDating if you want to reach your dating goals FAST. is a dating process that involves dating several different women at the same time in order to diffuse your energy and keep your social calendar full. MegaDating is great when you’re dating in your 40s as a man because it will ultimately give you the confidence you need to find success. This strategy requires you to practice your approaches with women and put yourself out there frequently.
Like they say, practice makes perfect, so the more you MegaDate, the better you will become at attracting women. Another reason this process is a great one to use when dating in your 40s is that it prevents you from settling for the mediocre.
You may feel a bit rushed to settle down with someone at this point in your life, but choosing to marry a person that isn’t truly right for you will only lead to discord in the relationship. When you MegaDate, you are constantly hanging out with interesting women, which will keep you from getting tempted into locking down a relationship immediately and rushing into something that isn’t good for you.
I used MegaDating as my main strategy during my . It helped me find a compatible partner and it can do the same for you! Dating in Your 40s As a Man and Finding the One If you want individualized guidance on dating in your 40s or any other roadblock you encounter in the dating world, head over to my to book a new client Skype coaching session with me.
During this 50-minute Skype session, we will diagnose your dating history, create an action plan to help you crush your dating goals and find the woman of your dreams, and see if my 3-month coaching program would be a fit for you. I’d also like to invite you to check out my , which address all your online dating needs.
Whether you need help building a dating profile from scratch or simply want an assessment of your current profiles, these services will help you: • Improve the number of responses of your outgoing messages • Increase the number of incoming messages you receive • Increase the overall number of profile views and more Best of luck to you in your journey of finding your next relationship.
Forty-something brings a whole host of benefits as well as challenges. Rachael Lloyd shares the six things you really should know about dating in your 40s While might seem daunting, there are actually many advantages to being flirtatious in your fifth decade. Being forty-something means you can draw on rich life experiences and emotional insights to make more informed choices.
You’re still relatively youthful and adventurous, yet older and wiser at the same time. You can probably detect a in a potential date a mile away, and you’re far less likely to be easily seduced by super-flattering conversation.
You’re invariably more cautious and less impulsive than you were in your younger years. What’s more, today there are far more singles in their forties than ever before. Nobody has to feel ‘on the shelf’ or worry about a lack of options. 40 really is the new 30! Emotional baggage awareness According to the Office of National Statistics, the average age for is 45 for men and 42 for women.
So, whatever your own circumstances, chances are, you’re going to encounter a fair few divorcees (or so-called ‘second timers’) in the dating pool.
It also has to be said that dating in your 40s probably means both you and your date will be carrying some emotional baggage – but who isn’t? The point is that challenging experiences often make us stronger in the long run. This is the time in life when you know what you’re looking for, and you shouldn’t be afraid to say so. If or step-children, then you may be seeking someone who’ll be happy to take them on in the long-run, for example.
Be yourself and own your experience Equally, if you’ve never been married nor had children, don’t let anyone make you feel that you’re somehow lacking. There’s a perception that men or women who haven’t settled down by the time they hit their 40s are . But, it may be that they prioritised other areas of their lives, such as career or travel, or they simply weren’t in a hurry to get hitched.
As with dating at any age, don’t feel you have to share your entire life history on the first or second date. Just give and seek enough information to get a reasonable handle on things. Critically, don’t let anyone tell you it’s time to settle. While being in a relationship can be an amazing addition to many people’s lives, there are countless others who will tell you otherwise.
Better to be single than suffocating! Ultimately, a relationship should empower you. The same goes for dating. So go on, seize the moment and jump in.
What's the Best Dating Advice For Men in Their 30s?