Jason Noble appeared on ABC Lowcountry Live with host Tom Crawford to discuss the disastrous retirement future predicted by some of the nation’s top experts in the movie, The Baby Boomer Dilemma.
(Watch the movie preview at 3:32.)
Pensions, Social Security and Medicare Are In Financial Trouble
Around 21% of Americans are estimated to have some kind of pension. For them, it’s important to realize when they are planning to retire that pensions may be in serious trouble even at some large, major companies. While pensions are a concern for just under one quarter of workers in the U.S., when it comes to retirement security, the other two retirement programs which will affect the vast majority of American retirees are Social Security and Medicare.
The Congressional Budget Office announced in February of this year that without any action taken by Congress, by 2032, Social Security reserves will be depleted and taxes are expected to only be enough to pay 76% of scheduled benefits. A cut of almost 30% is huge, and even those currently receiving checks will experience cuts unless something is done—such as raising the cap, raising the retirement age or some other method of making sure that Social Security will be fully funded in the future.
Likewise, Medicare—which most American retirees rely on for health care insurance—is in peril. In April, Medicare’s Board of Trustees projected that Medicare will run out of money by 2031.
The Baby Boomer Dilemma movie was made to highlight these all-too-real concerns, and Jason Noble will be screening the film in the Charleston area at the Regal Palmetto Grand theater in Mount Pleasant. Details will be forthcoming—be sure to call us 843.743.2926 if you are interested in attending. In the video above, you can watch a movie preview at 3:32.
What Can Be Done
Jason Noble says retirement planning is key. “Get out in front of it so you can make better informed retirement decisions and lay some solid plans for your personal situation.” Jason points out that growing your money when you’re working is a completely different thing than distributing that money, or creating a reliable retirement income stream from your savings when you’re retired and no longer receiving a paycheck. Running out of money and depleting your nest egg is a potential retirement headwind.
Jason counsels everyone to work with a financial advisor as soon as possible to make sure you have a workable plan in place for your desired retirement lifestyle. But it’s important to find the right advisor. For instance, he points out that he is a CFP® (CERTIFIED FINANCIAL PLANNER™) as well as holding his RICP® (Retirement Income Certified Professional), and he believes finding and working with a financial fiduciary who specializes in retirement and has the right training and designations just makes sense.
If you would like to attend the screening of the movie, The Baby Boomer Dilemma, at the Regal Palmetto Grand theater in Mount Pleasant, South Carolina, please call our office at 843.743.2926. Dates to be announced soon. If you would like to discuss or review your specific retirement plan, Jason Noble, CFP®, RICP® would welcome the chance to meet with you. Please schedule a time here.
- https://smartasset.com/retirement/average-retirement-savings-are-you-normal
- https://thehill.com/business/3860243-social-security-set-to-run-short-of-funds-one-year-earlier-than-expected/
- https://money.com/medicare-running-out-of-money-2031/
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