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"Millions Of 'Baby Boomers' Are Approaching Retirement At The Same Time!" |
As the first wave of the 77 million or so "Baby Boomer" generation nears retirement... there's an alarm bell rippling through Washington. See, never before experiencing a rush of millions of people simultaneously hitting retirement age, our political leaders are challenged in trying to come up with a plan. They have no model, no scenario, no plan or pattern from the past to help them out. This is something entirely new to them, and they admit they really don't know what to do. With Medicaid, Social Security and Medicare already running in the red, what in the world are they going to do when millions of new people start asking for their government’s financial assistance for things like Social Security, nursing home care, medical expenses, and so on? So far, it seems like crossing their fingers is about all they've come up with! EVERYONE'S Futures Are At Stake... Not Just The Baby Boomers! Right now, about one out of eight Americans are seniors. By the time 2020, it will be one out of six. This is an increase of 20,000,000 in retirement age! Those already in retirement are about to get more scared. They're already nervous about cut-backs to the money and assis Now, there are the 77 million more who are about to come into their golden years over the next 25 years. There's more to this enormous problem than some realize. Now, people are living longer, thanks to advanced medical technology and treatments. We've got people who are more educated, married later in life, had fewer children and divorced more. Why are these characteristics of the baby boomer generation a concern? The government is waiting with baited breath that maybe you won't need their help! See, many of our political leaders are banking on the fact that the baby boomers who are nearing 65 are more educated than previous generations. Improvements in the American education system has led to more high school diplomas, college degrees and advanced learning than ever before. And because of the higher levels of education, it's believed that the baby boomers take better care of their health. Awareness of the importance of good physical and mental fitness makes them believe that baby boomer retirees will need less medical care…so this will reduce government health care expenditures. Well, this theory is okay for someone who only wants to look at one side of the coin! But... What about the fact that increased longevity increases medical needs? The Census Bureau projects that "the ranks of the 'oldest old', those who are least 85 years old and usually
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dependent and medically frail, will more than double - and under certain Census Bureau projections - could even triple!" (And if you're in the "young-old" category of ages 65 to 74, chances are YOU may find yourself physically and financially looking after your 'oldest old' frail relatives, parents, aunts, uncles, etc.!) Parallel that with the fact that the high rate of divorces causes more "widowhood" in retirement, who will require outside help, this is some problem! Many people have looked to family caregivers for personal and medical financial assistance... but that option is not going to be available to a lot of us anymore. Higher divorces and people having fewer and fewer children (if any at all) will stimulate even more need for government assistance! Actually, we could probably fill a book with everything that's facing retirees, and soon to be retirees. However, one of the biggest emphases should be on your own planning, and what you intend to do to safeguard yourself from this hard to figure out financial future! As has been noted, we're much more educated people these days. That means we should know how absolutely critical and important it is to plan for our futures so they are safe, peaceful and financially secure, despite what the government does or doesn't do! Your best defense for not being financially devastated or wiped out upon retirement depends a whole lot on what you do TODAY to dictate your desired results! And a financially peaceful and secure future won't come from crossing your fingers, or ignoring what's going stance they get for which they worked so hard in their lifetime on, or hoping the government will come up with something. These are sure-fire ways to fail at achieving your golden year goals! Planning is the key! Consistent financial planning to keep up with today's ever-changing political and economic world is a must, and your best chance at bullet-proofing your finances! Taking the time to review your current financial situation NOW can pay you back a thousand times later! As always, make sure you get the right information to make the right decisions! Please keep in mind that this is designed to help you, but it is not to be relied on as advice. Our job is to make you aware of what's going on so you can avoid making financial planning mistakes. If you haven't started your financial planning for 2006, DO IT NOW! Why? Well, because many people make renewed vows (resolutions) to get their finances in order…and because if you start your 2006 tax planning NOW…you can save the MAXIMUM amount of taxes! So…don't delay. Use our referral system. We have the most elite network of financial professionals in South Carolina, all ready to help your money grow and protect your savings and earnings from taxes. Use the quick contact form at the bottom of the page. If you prefer someone contacting you by phone, please put your phone number at the end of your posted question or comment. Thank You.
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