Will the Federal Budget Impact Your Retirement?
As you are preparing for retirement, it is important to plan proactively and identify potential problems that could impact your retirement. Today, retirement looks much more different compared to years past, where there is more responsibility on you to save, rather than depending on your employer or the government to provide you financial security.
Our national debt for 2014 was close to $18 trillion and with government funded programs, such as Social Security, costs continue to increase to help support these programs. Some of you may have concerns that Social Security will not be available for you when you retire. Social Security is the largest federal spending program and along with other health care programs, including Medicare and Medicaid, accounted for 49% of the federal budget.
In addition, there are many other factors, such as inflation or healthcare care costs, which may impact your retirement and are important to factor into your overall plan. Over the last 20 years, federal spending has increased faster than inflation at 63 percent. In addition, the cost of healthcare continues to rise and more of that burden transfers to you.
Have you had a full income plan analysis? If you feel now is the time to have an analysis performed, give our office a call (775) 853-9033. We would be happy to speak with you.