Personal finance: Am I the only one that sees a problem here?

It’s been on at least the last two meeting agendas and sure enough it made it back onto the agenda for tonight’s recessed Bay St Louis Council meeting:

08-09-17 Agenda - recessedWhy on God’s green earth would Councilman Zimmerman’s salary be a topic for discussion? I asked and the answer I got was disturbing on several different levels. It appears Zimmerman took early social security to help make ends meet and now doesn’t want to make too much money and jeopardize his new government check. My instant reaction was to wonder why he did not think about the ramifications of running for office when he qualified for the Ward 5 Council earlier this year.

Normally a politician not wanting to take a paycheck would be refreshing and it could have been for Zimmerman had he thought things through but it is clear he didn’t do that before running to the taxpayers for a solution to his personal financial problem with Social Security. It also carries implications about his financial acumen which, for a councilman in a “strong Mayor” town whose main job responsibilities are financial in nature, (Budget and annual audit) is a must in order to be effective.

I am asked about taking social security early frequently in the day job, in fact the interplay between taking early social security and planning for a steady retirement income stream is the number 1 question I am asked by my individual income tax clients. Since Mr. Zimmerman put his personal finances on display I’ll use the numbers he disclosed to illustrate a point that trying to game social security is a losers game.

First up is the income: Continue reading “Personal finance: Am I the only one that sees a problem here?”