How Financially Secure Are You?

Check this out, the U.S. Social Security Administration reports that, at the age of 65, more than 90-percent of us will be broke and less than 10-percent of us will have financial reserves. Now is the time to check-in and see what course you are on.

Rate yourself 1 through 5 (where 5 most accurately describes you and 1 is furthest from describing you).

This month’s bills come in before I’ve paid last month’s bills.
I receive at least one cutoff/delinquent notice per quarter.
I have a stack of unopened bills/notices.
I keep a negative running balance in my checkbook.
I search for products I can buy with minimal down payments.
I get excited about how much credit line I have left.
I get at least one cash-advance per quarter from my credit card(s).
I am frequently short a few dollars and borrow from friends, etc.
I get high from telling the clerk to “charge it.
I am always interested in getting new charge cards.
I don’t make regular visits to the bank.
I celebrate when I pay routine bills like the phone or rent on time.
I am tightlipped when it comes to discussions about money and avoid conversations about it.
I’ve had an account closed in the last year and am angry about it or have blamed others.
When my paycheck or loan money comes in, I experience a great sense of relief.
I rarely keep a running balance in my checkbook.
My credit card balances run near the maximum credit line.
I have little or no savings, investments, or assets; nothing available for contingencies.
I bounce more than three checks per year.
I have only a vague idea of my various financial obligations.
Money is tight, but there is always someone I keep turning to who won’t let me starve.

Add up your score:

By the age of 65, more than 90% of us will be broke and less than 10% of us will have financial reserves. This exercise helps determine what course you are on. Having scored yourself 1 through 5 (1 being less true and 5 being more true), we determined your score above. Use the key below to interpret your score.

SCORING KEY:
20-35	Congratulations, doesn’t look like a challenge!
36-50	Borderline situation.
51-75	Get on a budget, start a savings plan.
76-100	Ouch! It’s time for a major change.

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