The upcoming increase in the senior population will place strain on our government’s infrastructure causing budget cuts and tax increases. Good retirement planning can save senior a fortune in healthcare costs and taxes.
Seven Thousand Nine Hundred Eighteen (7918) this is the number of baby boomers that have been turning sixty each day since 2006, according to the U.S Census Bureau, that means every hour 330 Americans are becoming senior citizens. This large increase in the senior population will place a considerable strain on our government’s infrastructure.
The Social Security Administration believes that by 2031 when all the baby boomers are over 65, it will take 2.1 workers per senior to support their retirement needs. What this means for people on the verge of or preparing for retirement have a number of things to consider before retirement to protect themselves from the possible cuts and reductions in governmental assistance as deficits increase and taxes rise.
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