When you are making plans for retirement it is important to pay attention to all relevant factors because things are always changing. It is challenging enough to manage your own affairs effectively, but there are also things that take place that are out of the control of the individual that can have an enormous impact on your retirement. For a case in point look no further than the Wall Street debacle of 2008 that derailed many carefully conceived retirement plans.
In addition to market conditions that can be unpredictable, you also have to concern yourself with changes to the tax code and governmental legislation that impacts senior citizens. The federal budget deficit has been a topic that has gotten a lot of attention in recent months, and there has been talk about slashing programs that our elders rely on. It’s been said that the present workforce cannot carry retirees as the baby boomers reach retirement age. Many of these boomers would ask why their initial Social Security checks would be instances of deficit spending when they have paid into the program for perhaps 40 or 50 years without receiving a dime in return, but that is another matter.
In any event, one must stay apprised of current events to plan effectively. As we all know lawmakers can be swayed by public opinion, and with that in mind it would be useful to share the results of a recent Kaiser Family Foundation poll. More than six out of every 10 people polled stated that they are against any cuts at all to Social Security. 57% were against reductions in Medicare spending, and half of the people who responded said that they did not want to see Medicaid spending cut at all.
Polls such as these can have a profound effect on the attitudes of those making the decisions in Washington. The future of these programs is relevant to anyone who is planning for retirement, so these ongoing budget talks are something to keep an eye on going forward as your retirement years draw nearer.
- The Not-So Transparent Corporate Transparency Act - May 30, 2023
- How Tax and Non-Tax Considerations Impact Estate Planning – Part II - May 25, 2023
- How Tax and Non-Tax Considerations Impact Estate Planning – Part I - May 18, 2023
