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Most people are well aware of the fact that the subject that is consuming the lawmakers in Washington is the federal debt
Cuts By “Super Committee” Could Impact Elder Americans Most people are well aware of the fact that the subject that is consuming the lawmakers in Washington is the federal debt. A little while back there was a crisis of sorts regarding the raising of the debt ceiling that was resolved by an agreement to convene a congressional committee that will present a plan to reduce the federal debt by $1.5 trillion over the next decade. This committee must present its proposal by November 23, and it must be voted on by December 23. There are two different approaches that can be taken to reduce the debt. One of them would be to increase revenue and apply that additional income to the debt. This would require raising taxes, and a lot of people are very much against this. The other way to reduce the debt would be to cut spending, and this sounds appealing to many. When you examine the ways that the federal government spends money you find that a very significant portion of it goes to entitlement programs for senior citizens. Spending on Medicare, Social Security, and Medicaid consumes over a third of the federal budget. As a result, if you're going to cut spending significantly you're going to have to take a long look at these programs. This is especially true in light of the fact that large numbers of people are applying for their benefits right around now due to the maturation of the baby boomers. There have been a number of different ideas floated about how to reduce spending on these programs. One of them would be to raise the age of eligibility for Medicare; it is currently 65. The age at which younger Americans will eventually be able to apply for Social Security could be raised as well. Some have even called for the elimination of these programs as we know them. The best way to be prepared for the eventualities of aging is to seize control of your own interests and reduce your reliance on entitlement programs. If you would like to develop a plan that leads to financial independence, take action right now and arrange for a consultation with an experienced retirement planning attorney. Experienced estate planning attorneys Mobile AL of the Ryan Hicks Cumpton & Cumpton LLP offers estate planning and business planning resources to residents of Mobile AL. To learn more about these free resources, please visit http://www.epattorneys.com today.
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