Personal Finance Made Easier Through New Extension Service Web Site

A new Web site has been developed that will make money management decisions easier.

Making good money management decisions in a complex marketplace is not easy. To help, a new Web site has been developed that will make money management decisions easier. The new tool is eXtension's Financial Security For All Web site at http://www.extension.org. From the Web site, choose "personal finance."

"The Web site provides reliable and up-to-date financial security information," says Debra Pankow, North Dakota State University Extension Service family economics specialist. "There are lessons available that were designed for self-paced learning. Also available is a base of commonly asked financial questions that has research-based, peer-reviewed answers to help users learn more about specialized areas of personal finance."

The Financial Security for All Web site features:

• Frequently asked questions: Compiled by financial security experts from throughout the nation, this includes simple, clear answers from experts on topics such as credit, insurance, investing, retirement, consumer issues and talking about money.
• Ask an expert: Financial security experts nationwide provide a timely response to individual personal finance-related questions.
• News and upcoming events: Every day something's happening in the world of personal finance, and eXtension's Financial Security for All Web site keeps news and a calendar of events current at the local, state and national levels.
• Calculation tools: Consumers can use online tools to maximize their payments on credit accounts to achieve debt reduction. Farm and ranch families can use this site to help answer questions about retirement.

"The Web site also provides timely, unbiased and research-based learning modules to help consumers learn about everything from investing, retirement and estate planning to organizing their household records and teaching young people about money," Pankow says.

eXtension is an educational partnership of more than 70 land-grant universities to provide timely, objective, research-based information and educational opportunities. eXtension's interactive Web site has customized links to local Extension Service Web sites, such as NDSU's at http://www.ag.ndsu.nodak.edu/.

Pankow is chair of the Financial Security for All Extension Community of Practice committee. It is a group of nearly 100 Extension Service professionals from 43 states that developed the Financial Security For All eXtension Web site. Most of the group's work was done online.

"Chairing this virtual community has been the most challenging and rewarding experience of my more than 20 years as an Extension agent and specialist," Pankow says. "It has allowed me the opportunity to use cutting-edge technology to work with professionals across the land-grant system to develop educational materials to help consumers make wise financial decisions."

Social Security Income in North Dakota Likely to Rise Significantly

Population projections suggest that, due to aging baby boomers, the number of people age 65 and older will increase by more than 50 percent during the next 15 years.

Baby boomers (people born from 1946 through 1964) are starting to turn 60. As they leave the work force and enter retirement during the next 15 to 20 years, North Dakota likely will see a significant increase in Social Security income.

This month's "Economic Brief," a monthly publication from the North Dakota State Data Center at North Dakota State University, focuses on Social Security in North Dakota, which includes beneficiaries, annual payments and average monthly benefits.

In 2005, the number of Social Security beneficiaries in North Dakota totaled 115,260. Retired workers and their dependents accounted for 71 percent of these beneficiaries and received $780 million in payments. Disabled workers and their dependents represented 12 percent of all beneficiaries and received $137 million. Survivors consisted of 17 percent of all Social Security beneficiaries and received $257 million. The average monthly Social Security benefit for a retired worker in North Dakota was $935 in 2005, an increase of 5 percent from 2000, after adjusting for inflation.

Population projections suggest that, due to aging baby boomers, the number of people age 65 and older will increase by more than 50 percent during the next 15 years. Since the majority of Social Security beneficiaries are retired workers, annual Social Security payments to North Dakotans likely will increase significantly during the next few decades.

Current economic simulation modeling indicates that the surge in elderly will translate into a corresponding increase of $429 million in Social Security payments, before adjusting for inflation.

"The dramatic rise in seniors in our state will have important consequences, not only in the redistribution of income, but also on the state's labor force and the demand on infrastructure and services," says Richard Rathge, State Data Center director