Facing The Fiscal Cliff

Facing The Fiscal Cliff

As Published in the Shore 2012 Edition of NJ Lifestyle

Since we are in an election year, you would think our politicians would spend time trying to solve our nation’s monumental fiscal problems: A national debt of $15.6 trillion and a 2011 federal budget deficit of $1.5 trillion. Instead, most political journalists and insiders believe that nothing will be done until after the elections in November. What is so troubling about this is that only leaves about 6-7 weeks to address what Federal Reserve Chairman Bernanke referred to as the “Fiscal Cliff”. There are four events that will happen automatically on December 31, 2012 if Congress fails to act:

  1. End of the Bush-era tax cuts
  2. End of the 2% social security payroll tax holiday
  3. End of the extended unemployment benefits package
  4. Automatic spending and budget cuts that are a result of the Budget Control Act Bush Era Tax Cuts

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Why Baby Boomers’ Retirement will be much different from their Parents’ Retirement

Why Baby Boomers’ Retirement will be much different from their Parents’ Retirement

As Published in the Spring 2012 Edition of NJ Lifestyle

  1. Much Longer Retirement: Due to the increase in longevity, today’s retirees that retire in their 60’s may be retired for 30 years, whereas their parents’ life expectancy at age 60 was fifteen years or less. Being retired potentially twice as long as their parents’ means Boomers need more money saved.
  2. Savings Instead of Pensions: Although the Boomers’ parents had a much lower per capita income, many had corporate pensions. Boomers were the first generation to demand higher salaries and the freedom to change employers and, for that flexibility, saw their pensions phased out for 401(k)s. Many Boomers don’t have enough saved in their retirement savings plans and do not have the corporate pension to fund their basic needs.
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2011: The Year in Review

2011: The Year in Review

As Published in the Winter 2012 Edition of NJ Lifestyle

The Year 2011 was a historic year in many respects:

  • Protest, social unrest and change in Northern Africa and the Middle East
  • The death of Osama Bin Laden and the end of the Iraq War
  • The elevated risks of the on-going sovereign debt crisis in Europe
  • Removal of the Unites States AAA credit rating by Standard & Poor’s
  • US Congress gridlock, including the debt ceiling debacle
  • Occupy Wall Street movement

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