Anyone who lives in America and has a pulse is well aware of the fact that the most pressing issue on the political front is the national debt. As a way to punt the matter down the road a bit, during the debates surrounding the raising of the debt ceiling a few months ago, a compromise was reached. It involved the appointment of a bipartisan Congressional group that is being dubbed the “super-committee.” These individuals have been charged with formulating a plan to shave $1.5 trillion from the federal deficit over the next decade.
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Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

A high percentage of people who reach the typical retirement age rely heavily on Social Security. According to the Social Security Administration, one-third of recipients say that Social Security comprises at least 90% of their income, and over 60% state that Social Security is their primary source of income. This is not especially good news when you consider the fact that the average Social Security payout is around $1175 a month at the present time, and there have been no increases in the last two years and counting.
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Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

People in the elder law community are talking about the fact that many individuals who are approaching retirement age are simply not prepared. About a fourth of baby boomers who recently responded to an AP-LifeGoesStrong.com poll have no retirement savings at all, and over 60% of them expect Social Security to be their primary source of retirement income. This is a rather “imperfect storm” when you consider the fact that the federal budget deficit has many of us – even a few serious legislators in Washington – finally realizing that it is likely we will have to trim entitlement programs for senior citizens.
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Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

Over recent months the issue of the federal budget deficit has been one of the most hotly debated topics on Capitol Hill. Social Security, Medicare, and Medicaid expenditures accounted for 43% of the annual federal budget in FY 2010, and the number of people who will be eligible for these programs are expected to increase dramatically over the coming years. So those who are concerned about the deficit suggest that we can’t make any headway without cutting these programs.

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Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

Only a generation ago, many people could look forward to a secure retirement, as long as they devoted much of their working life to a reliable and stable company. For our grandparents, retirement meant a check in the mail every month, and often included health insurance coverage for the rest of their lives.
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Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

Planning for retirement can be stressful, and it is only natural that you worry that you are making the wrong decisions, or that your plan won’t work the way you hope it will. Those that don’t have a lot of money do have reason to worry when it comes to retirement, but if you create a step-by-step plan to follow, it can seem a lot less stressful.
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Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

You can plan carefully for retirement throughout all of your adult life, and have it all ruined by making one simple mistake. The closer you get to retirement, the more severe the consequences can be for making mistakes in your retirement plan. If you are nearing retirement, you must plan carefully and make sure that you do not make any of the most common retirement planning mistakes.
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Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

A lot of people don’t realize that Medicare offers only limited coverage when it comes to nursing home stays, and in most cases there is no coverage at all unless the patient was admitted to the hospital for at least three days prior to being admitted to a nursing facility. What this means is that a number of seniors must pay out of pocket if they must enter a nursing home in order to receive rehab services.
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Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

Though saving for retirement is probably one of the most important goals in life, it is also one of the most neglected. Surprisingly, many people don’t even begin to think of retirement until they reach their 40s or 50s. This trend is troubling considering how many seniors retire in poverty today.
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Parman & Easterday are members of the American Academy of Estate Planning Attorneys.

People who are planning for their retirement years face certain challenges, not the least of which is the fact that nobody can see into the future. You have no way of knowing exactly how long you will live; how well your health will hold up; what the future of senior entitlement programs will look like; and how the economy will play out in the years to come. The key is to stay informed and use common sense to prepare to the best of your ability.  The best way to do this is to stay apprised of all the options that are available to you. Read more…

Parman & Easterday are members of the American Academy of Estate Planning Attorneys.