As this country comes ever closer to an economic tipping
point, it is more critical now than it has ever been to be forward
thinking. That is why for baby boomers
who have not yet reached retirement every aspect of their life in the near
future will be paramount in how their later years unfold. As the most important election of my life is
about to take place in the next month, and the issues of what to do about the
overburdened Social Security and Medicare programs will undoubtedly be
drastically changed forever, it is time for the Baby Boomers who have some time
before they reach their age of retirement to put several things under a
microscope. Without going into politics
too much, as I personally believe that neither side is willing to offer
legitimate answers to the tough problems, I will say that no matter who is
elected the issue of self preservation of wealth, assets, and healthcare
becomes ever more critical. Cuts are
going to be coming and there is no getting around that.
For someone in their early fifties the cuts that
are coming in the near future can be seen as a positive and a negative. Negative in that the Boomers who have already
reached retirement will at least get to have the advantage of full benefits for
a short period of time, while they will not.
On the flip side there is a positive in that there is still time to
prepare. The fact that a large amount of
the pre-retirees wealth was erased due to the large financial crisis that we
just experienced does not mean that there are not opportunities for them to still
plan for recouping their losses. As
always, educating yourself is the best form of defense on the issues
surrounding Healthcare, but this will only get you motivated to plan more. Going and speaking with an attorney who
specifically deals with Elder Law issues will not solve will allow you some piece of mind in forming a plan
that you know that no matter what unfolds in terms of reforms and cutbacks that
there will be in place safeguards and contingency plans. Those Boomers who believe that their upcoming
choice for the presidential election somehow has the “answer” and will somehow
rescue them from financial peril are taking an enormous risk. As I stated earlier educating yourself is
always the first step in making a plan for yourself and a good place to start
would be an article from this past January from the Huffington Post explaining
that both sides of the presidential election proposes very different ideas, but
with ultimately the same possible results in Medicare, CUTBACKS! http://www.huffingtonpost.com/2012/01/01/2012-medicare-debate-is-a_0_n_1178374.html
As I am sure that most Baby Boomers are scared about their
financial future going into retirement it is time to empower themselves with
the knowledge of how to save themselves with the help of Elder Law
professionals. A qualified Elder Law
attorney will help them navigate the troubled waters of retirement and give
advice and help on everything from tax issues, trusts, wills, special needs
trusts, Medicare and Social Security benefits, VA and disability benefits. Most importantly the service an Elder Law
attorney can provide is piece of mind that you have a protector against mechanisms
that you have no personal control over.
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Mr. Smith's site is http://www.babyboomerslaw.com/ and his email is: msmith2905@gmail.com. If you would like to learn more about the author, please visit the previous post with his bio at http://www.thesololawyer.org/2012/07/matthew-smith-guest-blogger-promising.html.
Mr. Smith's site is http://www.babyboomerslaw.com/ and his email is: msmith2905@gmail.com. If you would like to learn more about the author, please visit the previous post with his bio at http://www.thesololawyer.org/2012/07/matthew-smith-guest-blogger-promising.html.
