Life Proofed - Protecting Your Health Wealth, and Legacy
A series of articles that explore all the things that you can do now to better withstand the uncertainties of our futures. Beyond the necessary basics of an Estate Plan and the supporting documents, what else can we do to make our Senior years as pleasant as possible?
Life Proofed Principle #1: Your Today Self needs to look out for your Future Self.
Here is Why
Demographics, (dry topic - yawn), predict a real crisis around aging in our future. The Silver Tsunami is coming, and I have not seen that the U.S. is doing anything to get ready for it. By 2040 there will be less than three workers for every retired person. We fund Medicare and Social Security “as we go.” The money we have all paid in for years and years was not set aside; it was spent elsewhere. At a ratio of 3:1, worker;retiree, general tax revenue will be needed to pay for Medicare and Social Security. I hope these obligations are honored. We paid into the program. It is not welfare. I do expect that payments and services will be reduced to save money. While Social Security payments may not be what you are relying on to pay your bills in the future, most of us are relying on Medicare to pay most of our medical costs.
Beyond the reduction of our social safety net programs, just the sheer numbers of older people will swamp our systems. In the future there very may be a shortage of services and a shortage of people to help safeguard the senior population. While I hope I am wrong, it seems wise to plan that your Future Self will be on your own. You need to put together a comprehensive plan today that safeguards your health, wealth and legacy.