The Coleman Democrat-Voice (Coleman, Tex.), Vol. 94, No. 15, Ed. 1 Tuesday, September 3, 1974 Page: 2 of 16
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4
Pogo 2
COLEMAN DEMOCRAT-VOICE
Retirement Calls
4 *
For Planning
College Station Have you
made retirement plans.' Sue
cessful retirement doesn’t just
happen; it results from careful
planning, notes an economist in
agribusiness at Texas A & M
University.
One s success and happiness
during retirement depend to a
great extent upon how well he
prepa'res," says Dr. Wayne
Hayenga with the Texas
Agricultural Extension Ser
vice. "Successful retirement
requires considerable thought
and effort."
He points out that most
people today have jobs which
have retirement regulations. In,
many jobs retirement is requir
ed at age65. However, farmers,
ranchers and other^elf employ
ed businessmen ti^ve more
flexibility irt deciding on the
time of their retirement. The
Social Security law provides
the possibility for these people
to retire anytime between the
ages of 62 and 72.
Many selfemployed people
work as long as they are able,"
Hayenga points out. "When
they do retire, often it is as a
result of poor health or adverse
business conditions. This usual
ly does not lead, to a happy
retirement period."
Although Social Security
retirements benefits have con
tinued to increase, these
benefits are designed to cover
only the bare living essentials,
and no more. So other sources
of income are often needed,
(intends the economist.
Many farmers continue to do
some farm work after, retire
ment to provide extra income.
According to the last Census,
more than 16 per cent of the
farms in Texas were operated
by people over 65. Most of
these farmers receive only a
-mall amount of farm income,
but others continue to operate
larger farms and collect redu-
ced or no Social Security
benefits.
"After retirement, renting
the farm to a family member or
EVERY WEDNESDAY
Is Savings Day On Dry Cleaning At
Bahlman Cleaners
This Wednesday Special
Aten's Suits, Women's Slack Suits
• Vl
Shurfresh J]
CRACKERS
another farmer may provide
extra income. Rental income,
regardless of the amount, will
not reduce one s Social Security
benefits when one does not
participate materially in the
operation or management of
the farm," explains Hayengr.
Some farmers want to sell
their farm upon retirement.
The money received from the
sale of a farm cari be put into
investments or savings and
Cused for supplementary in-
come. ' '
"Making an installment sale
of the farm is another possibili-
ty," according to Hayenga.
"This usually reduces the
igcome tax due on the sale. To
qualify for this savings, the
amount received in the year of
sale cannot exceed. 30 per cent
of the selling prion."
The economist suggests con
tacting an insurance agent or
banker on other ways to
provide for retirement income,
including annuity plans which
have tax saving provisions-^
"In planning for retirement,
keep in mind that inflation will
mean more and rmTrp--4urome
will be required to live weK in
the future^ It has been
estimated that Social Security
will provide only about 60 per
.cent of basic living cost," notes
Hayenga.
"The most important thing to
remember is that plans for
retirement income should be
mafic before, not after, retire
■ment."
^ Colemon, Tfxw, September 3, 1974
Back Pay Due Actives,
Reserve,Guard Members
ALL EYESare on tennis star Jimmy Connors as he slides
into the ball during a title match against S» eden's Bjorn
Borg in Indianapolis. The odd photo effect was created
by changing the camera lens' focal length.
TUESDAY
Town and Country Garden
Club will have a meeting at 7:30
p.m. jn the home of Mrs. Zeno
Hemphill.
WEDNESDAY
■ Christian Women's Fellow-
ship will have a salad luncheon
at 12:00 at the church.
Silver Valley Home Demon
stration Club will be meeting at
3:00 p.m. in the home of Mrs. C.
A. Billings.
THURSDAY
Mrs. Willie Stobaugh will be
hostess fojv the 2:30 p.m.
meeting of Thursday Bridge
Club.
Mrs. Neal Smith and Mrs. W.
C. Stiles will host a meeting of
Rebekah Class of First Baptist
Church at 2:30 p.m. in the
church activity building.
For a modern touch in room
lighting, try a strip of adjust-
able lights installed on the
ceiling just in front of the
window, Patricia Bradshaw,
housing and home furnishings
specialist, Texas Agricultural
Extension Service. The Texas
A & M University System,
suggested.
*****
BUY IT AT HOME
Texas Tech
Honor Roll
Announced
Lubbock, Texas -A total of
eight Texas 'Tech University
students from Coleman were
recognized for academic a
chievement during the spring
semester and were listed on the
deans’ honor rolls.
To qualify for the recogni
lion, students must achieve a
grade average of 3.0 on a 4
point scale
Included on the honor rolls
'were: Deborah Hagler, Tim
Hunter, Pamela Moore, Glenn
Baird, Robert McMillan, Sarah
Hunter, Ann Campbell and
Michael Moore. -
Approximately 21,500 stu-
dents are enrolled in the six
colleges and two schools at the
university: Agricultural Scien-
ces, Arts and-Sciences, Busi-
ness Administration! Educa-
tion, Engineering, and Home
Economics and the Graduate
School and the School of Law.
Texas Tech is one of the major
. universities in the state and
third largest in enrollment.
Labor is the only successful
collector of the living the world
owes to humanity.
Silver Valley
H.D. Club To
Meet Sept. 4
The Silver Valiev Home
Demonstration club will meet
at the home of Mrs. C. A.
Billings at 300 W. 9th Street,
Coleman, at 3:00 p.m. Wednes-
day, September 4.
This will be the first meeting
for the current organizational
year.
Those w>ho think of their past
usually have many grave doubts
concerning the future.
Beyond the blue horizon,
there lies a lot of smog.
Foresight is the attribute
of a wise man; hindsight the
attribute of a pretender.
A back pay windfall is in
store for everyone who was in
the active military, reserve
forces, or the National Guard
"during late 1972.
The payments,, totaling seve-
ral hundred million dollars, are
owed to the military according
to a court decision.
The one shot hack pay due
stems from a rulingity the U- S.
' Court of Appeals that former
President Nixon illegally delay
ed the government pay raise
scheduled by law for October,
1972.
The Second Supplemental
Appropriations Act, signed
June 8, 1974 provided the
military services with funding
authority for retroactive pay
ments to military personnel,
including those who have since
.separated or retired.
The decision came in a law
suit brought by the National
Treasury Employees Union
after Nixon delayed until
January, 1973 the automatic
raise required under the
Federal Pay Comparability
Acts.'The active duty basic pay
increase was 6.7 percent.
The Texas National iGuard is
now processing the payments
for current and former Guards
men. Persons who, were in the
Guard or Army Reserves or on
active duty during that period
and remain in that status today
will receive the money automa;
tically in the next few weeks.
Others who have moved from
active duty to the Reserves or
from one Reserve component to
, another must request the
payment. Reservists who have
separated or retired since
October 1,1972 are also eligible
for the back pay.
Persons eligible for the back
pay should write their last unit
of assignment. The letter
should include full name, Social
Security Number, rank, cur-
rent mailing address, date
separated, and the duty station
during October-December
19/2.
ADMISSIONS:
Mrs. W. J. Morrison, city
Mrs. Curtis Rambo, city
Mrs. Clifford Hernandez, city
Mrs. Dora Faries, city
Mrs. W. L. Lowe, city
Mrs. Bill I.aws, city
Oran Haney, city
Mrs. Kay Anderson, city
Mrs. Joe Hicks, city
Joe Thompson, city
DISMISSALS:
Mrs. Clyde Smith, city
Winfield Waits, Brookesmith
Ed Bedell, city
Mrs. Clifford Hernandez and
/baby, city
Mrs, Curtis Rambo, city
New fabric blends of cotton
and wool take advantage of the
best characteristics of each
fiber, Mrs. Becky Culp, area
clothing specialist, Texas Agri
cultural Extension Service, The
Texas A & M University
System, reported. The warmth
of wool and the comfort of
cotton create a pleasing, attrac
tive balance for wearers.
2 Lbs.
89
SHIES
DISCOUNT
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Red Delicious
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New Crop # A(
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EGGPLANT
fresh Pound J
BAKERITE
79c
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Fresh--Each
PAPAYAS
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PEARS
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PRUNE PLUMS .. 25c
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MUSHROOMS... 69c
Grapefruit
T«un JUICE
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3 Pound Can
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MELLORINE
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| Last Week's^ 100^ Winner
Mrs. Otto Irby
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PEACHES
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The Coleman Democrat-Voice (Coleman, Tex.), Vol. 94, No. 15, Ed. 1 Tuesday, September 3, 1974, newspaper, September 3, 1974; Coleman, Texas. (https://texashistory.unt.edu/ark:/67531/metapth752300/m1/2/?q=%22joe+dan+lemay%22~1: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Coleman Public Library.