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Monday, October 22, 2012

Danger ahead (excerpt)

What Seniors Should Know About the Fiscal Cliff

Oct 21, 2012 - 8:48 AM by Sheryl Nance-Nash

On January 1, if Congress hasn't gotten its act together, the talk of the “fiscal cliff” becomes reality. It won't be pretty as federal spending falls and federal taxes rise. The impact will be gigantic – enough to send the country back intro recession so the thinking goes among many economists.
“The looming fiscal cliff would strain already-tight government revenues. In the long-run, this means that federal, state and local governments will need to find more ways to fund themselves. We all know what that means: increasing taxes and reducing benefits that will place a larger financial burden on working families, and particularly on retirees and those nearing retirement,” says Mitch Adel, a lawyer specializing in elder law and financial planner with Cooper Adel & Associates.
(posted by Ken)