by Al Alborn
The Alborn Foundation

My financial website of choice is CNNMoney. It tells me how my investments are doing while providing very readable updates regarding the economy. Today’s headline, Social Security benefits up 1.7% next year, caught my attention.

Yesterday, Bob Pugh wrote a guest post on The Derecho, Guest Post on PWC Tax Proposals. Today, Melissa Peacor is going to discuss strategies for generating additional revenue for Prince William County (to compensate for the possibility of a small increase to the real estate tax or a flat tax rate), or how to pay for unmet critical needs.

I couldn’t help but “connect the dots” between Bob’s excellent economic analysis regarding inflation and the 1.7% raise those receiving Social Security may expect next year. It is probably safe to assume (based on Bob’s analysis) that those on Social Security may expect modest raises for the next four years.

Prince William County, Virginia is becoming “Grayer” as baby boomers retire in place. Social Security will play an important role in their financial security. Local Government should be sensitive to this trend and plan accordingly. Managing taxes to be at least within the 2.0% projected by Mr. Pugh (at least until 2014 at the earliest) sounds like a good idea.

Personally, I’d just as soon see our tax rate decrease over time… but I digress.

Couple that with our Economic Development efforts which, among other things, will increase property values and real estate taxes over the coming years, and things get really interesting for retirees.

If you’re a Senior and count on Social Security, you probably ought to read Bob’s analysis. If you think a Real Estate tax rate or other strategies to increase revenue by increasing other taxes and fees at a rate greater than what you might anticipate for Social Security, you might want to let your Supervisor know how you feel.

If you’re ok with taxes taking an incrementally larger bite of your retirement check in the coming years, just do nothing. You’ll get the taxes you deserve.

Or…

you just might want to attend today’s Prince William County Board of County Supervisor’s meeting, watch it on TV (if you have cable), or tune in on your laptop. Addendum: After I published this post, I went to CNNMoney to see how the market is doing, and was greeted by this very relevant headline, Seniors on Social Security squeezed by rising prices.

If you would like to try and convince me otherwise, I’m always available to join anyone over a cup of coffee who wishes to discuss this or other issues. My office is the Starbucks at the corner of the Prince William Parkway and Hoadly Road in Prince William County, Virginia.

by Al Alborn
The Alborn Foundation

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