Financial Freedom 1 Government Grants

Other Ways to Build Your Financial Freedom

Social Security. You’ve paid into it most of your life, so don’t forget to include it in your financial planning. The income you receive when you reach the eligibility age (e.g., 65) is based on the average of your 35 highest salary years. You also can collect 80% of your benefit at age 62. If you die, your spouse may be entitled to your benefits. The age at which you can collect full benefits is currently scheduled to increase gradually to 67. You can check the record of your earnings and get a statement of your anticipated benefits by calling Social Security at 800/772-1213.

Life Insurance. Life insurance can help to financially protect your loved ones in the event of your death. It’s important if you are married and even more important if you have dependent children. There are several types of life insurance:

• Term life insurance pays a fixed amount of money to your beneficiary if you die during the term of the policy. The cost of premiums increases as you get older.
  
  
• Whole life insurance is permanent insurance that provides a death benefit that is guaranteed for the insured's life as long as premiums are paid. Participating policies may pay dividends that can increase the policy's cash value, but they are not guaranteed.
  
  
• Universal life insurance is considered a variation of whole life insurance with more flexibility. Within limits, the policy owner determines the amount and frequency of his or her premium payments and is permitted to adjust the policy face amount up or down to reflect changes in his or her needs. As premiums are paid and cash values accumulate, interest is credited to the policy's accumulation fund.
  
  
• Variable Life Insurance is similar to universal life in that there is flexibility in connection with premium payments and death benefits. However, with variable life, premium payments are held in separate accounts, and the policy owner chooses how the cash value will be invested. Consequently, such a policy's cash value will fluctuate with the performance of the chosen investment portfolios.

Back by popular demand! Government Grants 2004 Book Version.

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