The financial train wreck

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The biggest burden, of course, will be borne by people
who don't plan ahead
You can cut/eliminate taxes with some planning.

“The baby boom generation is moving into retirement with something no other generation has had:
huge tax liabilities.”

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The financial train wreck

  1. 1. Avoiding The Train Wreck
  2. 2. 76,000,000 Baby Boomers Rushing to Retirement
  3. 3. Huge Problem No Money
  4. 4. Who are the Baby Boomers? Most famous generation in American history. The U.S. Census defines the Baby Boomers as those born between Jan 1st, 1946 and Dec 31st, 1964. You see, after U.S. troops returned from World War II, they quickly settled down and everyone started having lots and lots of babies. This gigantic generation has transformed America as they have passed through every stage of life. Now they are getting ready to retire. Read more: http://www.businessinsider.com/facts-about-retirement-crisis-2010-12?op=1#ixzz2qylZeoJZ
  5. 5. The Day of Reckoning has Arrived
  6. 6. The Promises Made Can Bankrupt a Nation
  7. 7. http://www.forbes.com/sites/othercomments/2013/10/30/u-s-national-debt-1-1-million-per-taxpayer/
  8. 8. $1,100,000.00 Per Taxpayer http://www.forbes.com/sites/othercomments/2013/10/30/u-s-national-debt-1-1-million-per-taxpayer/
  9. 9. $126,000,000,000,000.00 Bankrupt a Nation
  10. 10. • But our politicians just keep spending money. In order to pay the Baby Boomers what they are owed the federal government may indeed go into even more debt and have the Federal Reserve print up a bunch more money. • So in the end, Baby Boomers may get most of what they are owed. Of course it may be with radically devalued dollars. Already we are watching those on fixed incomes being devastated by the rising cost of food, gas, heat and health care. • What is going to happen one day when prices have risen so much that the checks that our seniors are getting are not enough to heat their homes?
  11. 11. • What are we going to do when those on fixed incomes are buying dog food because it is all that they can afford? • We are rapidly reaching a tipping point. As the first Baby Boomers retire the system is going to do okay. But as millions start pouring into the system it is going to start breaking down. • No, there is not much that we can do about it now. We should have been planning for all of this all along. Americans should have been saving for retirement and governments should have been setting money aside. • But it didn't happen. • Now we pay the price. Read more: http://www.businessinsider.com/facts-about-retirement-crisis-201012?op=1#ixzz2qyw09Yjg

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