U.S. Government to cut entitlement and retirement programs

U.S. Government spends too much on entitlement programs

Paulson wants bipartisan action .S. Treasury Secretary Henry Paulson used his first public speech since taking over for John Snow to show he understands the state of the economy, acknowledging that the government is spending too much on entitlement programs and that the wage gap is growing.

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Client Impact:

When planning for retirement consider an overall reduction in government retirement program benefits, plus increased taxes. "Entitlement programs" include: Medicare, Medicaid, Social Security. As more baby boomers begin to drwa on their Medicare and Social Security retirement benefits, states and federal goverment agencies will feel the pinch. The increasing costs will result in tightening measures.

What should you do?

• Update your retirement plan with your Tax Pros advisor.
• Increase your savings for retirment to cover Social Security payments.
• Review and confirm all sources of retirement income (work pensions, 401K, government)
• Obtain Long Term Care Insurance as early as possible.
• Learn about IAB Health Benefits for preventative care (doctor visits, check-ups, dentist, eye care). One membership covers your entire family, household.

Call Tax Pros for more information 718-875-0556.