Where did Social Security numbers come from?

3-18-2014 National:

Social Security numbers: Most people in the U.S. have them, considering you need them for so many things. Kids need them so their parents can claim them as dependents for tax reasons, you need one to apply for a job, and they’re necessary for collecting many government benefits. If you’ve applied for a credit card or loan, you’ve entered it on your application. Because it’s tied to some of the most important, sensitive data about you, a Social Security number itself is incredibly delicate information, which is why you need to be cautious about whom you give it to.

But what’s so special about a sequence of nine numbers, and how secure can that numbering system be? Should a Social Security number be longer to prevent identity theft? There are lots of questions that surround this string of numbers that is so deeply embedded in Americans’ lives, and to answer them, it helps to know the basics.

Why Nine?

The Social Security numbering scheme was created in 1936 as a way to organize Social Security applications.

“It was really just a bookkeeping device for our own internal use and was never intended to be anything more than that,” says the history section of the Social Security Administration website.

The 10 golden rules of retiring rich

3-8-2014 National:

The median worker’s retirement fund contained a meager $79,300 in 2010. That fun fact comes courtesy of professional services firm Towers Watson and might make you think retiring rich is out of reach for most people.

Think again.

Don’t let the statistics scare you. With a little advance planning and self-discipline, you might not ever be famous but you could be rich.

Rule 1: Spend less than you earn

The formula for retiring rich starts with you actually putting money in the bank. Social Security alone isn’t enough to have you living the good life during your golden years.

Stacy recommends you spend only 90 percent of the money you make and sock the remaining 10 percent away.

If you have zero savings right now, concentrate on building up an emergency fund in a savings account first. Once your rainy-day fund is full, put that 10 percent you’re not spending into a dedicated retirement fund.

If you’re currently spending more than 90 percent of your income each month, you may want to read about how to save $1,000 by summer.

Rule 2: Start saving early

Thanks to the power of compounding interest, a little money saved now can go a long way at retirement time. But to get the most benefit, you’ll want to start saving as early as possible.

Regulators Try to Stop Financial Abuse of Seniors

6-13-2013 Washington DC:

Two federal regulators are teaming up to help prevent financial exploitation of the elderly.

A new curriculum developed by the Federal Deposit Insurance Corp. and Consumer Financial Protection Bureau aims to help the elderly avoid being subject to financial scams and frauds.

Seniors are considered easy targets for predators, the regulators say. Insurance company MetLife MET -0.02% has found that older Americans lose $2.9 billion a year due to financial abuse.

Known as “Money Smart for Older Adults” the curriculum is designed to teach seniors and their care-givers about financial scams. It is also designed to ensure that older adults plan for a future in which they lose the capability to make financial decisions.

Officials envision the 2 1/2-hour curriculum being taught by providers of services to seniors as well as bank employees. It covers issues including veterans scams, identify theft, medical identify theft, scams involving reverse mortgages, planning for unexpected events and disaster planning. (..continued.. see links in original) by Alan Zibel