Can the US be far behind?
While the US is lecturing the Chancellor of Germany about how to deal with the financial crisis (and there is a financial crisis in Europe), the German Chancellor came back with pointed statement: deal with your own financial issues. They are worse than Europe’s.
The debate is on in many European countries about how much taxes will go up and what government services will be dropped. One current proposal in the UK is to have 456 prescribed drugs dropped from funding to save €440 million.
The next question is how long will it be before Brussels sends in a team of experts telling Spain what it needs to do? Three hours or three days?
Unfortunately, the US isn’t far behind. Boomers should expect similar cost cutting measures as they ride into retirement. There simply isn’t sufficient money to go around for one third of the US population as they retire. It’s known that retirees consume a disproportional amount of government resources and this continues to increase as we age.
Individuals need to evaluate their accumulation needs to ensure they have at least a few million dollars in addition to whatever resources they have already set aside before the onset of retirement for medical and other related issues.
The best way to accumulate another $2 to $4 million in the next five years is to slash tax liabilities by taking advantage of allowable deductions that will put millions back into your pocket – deductions your CPA knows very little about.
Isn’t it time to find out what you’re entitled to?