At many of our educational events we will start our presentation showing an update of our U.S. National Debt. One of our attendees had said, “Watching that debt clock is a great way to ruin a perfectly good day.” We all got a chuckle out of that.
But the reality is our national debt is a very serious concern. In the future our government will likely be in a position where they will have to tax more and do less in order to confront this problem. Medicare and Social Security represent the two largest budgeted items for our Country. If you are preparing for retirement, then I’d strongly encourage you to make sure you have a backup plan in place should either one of these entitlement programs need reform or should taxes increase.
