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Papers Baby Boomers Turning 60 (MSNBC News) "The generation that vowed to stay forever young is coming up on a major milestone. But for the 3.4 million Americans who were born in 1946, retirement is a distant prospect, and life still holds plenty of promise and surprises." 11-05 Boomers Unprepared for Retirement (CBS News) "Financial planners strongly suggest having at least 70 percent of your current income saved up for every retirement year you think you'll have." "It's a lot of saving, but a recent study by the U.S. Census Bureau showed that about 41 percent of workers between the ages of 25 and 64 had any kind of retirement account. And half of those who did had balances of less than $33,000." 10-03 Budget Deficit and the Aging Population (USA Today) "When deficits started taking off 20 years ago, the retirement of the baby boom generation was just a distant worry. Now, as the nation faces years of red ink, including at least a $400 billion shortfall in 2003 alone, the graying population is a fast-approaching reality that will put unprecedented strains on Medicare, Social Security and the economy starting around 2010." "While recent advances in productivity are expected to help the nation cope with the bulge in retirees, the reduced workforce, possible slowing of immigration and huge new fiscal burdens mean that, unlike the 1990s, the nation could have a tougher time growing out of new budget problems, economists say." "At the same time, by locking in years of deficits, lawmakers and the White House are reducing national savings and putting upward pressure on interest rates. That could limit their flexibility to increase taxes, issue bonds or take other steps to reform the massive health and retirement programs — while forcing deeper benefit cuts." 2-04 Estate Planning, Retirement, and Insurance (Northwestern Mutual) Provides dozens of articles discussing issues. 9-01 GAO: Tax Expenditures Creating a Financial Disaster (MSNBC News) "Tax breaks cause nearly $730 billion in revenue losses every year, the GAO said in a report released Friday." "To put that number in perspective, $730 billion is just slightly less than what the federal government spent in 2004 on all military outlays and on the Medicare health insurance program for the elderly combined." "In Washington lingo, these tax breaks are called 'tax expenditures.' They 'grant special tax relief for certain kinds of behavior by taxpayers or for taxpayers in special circumstances,' according to the new GAO report released Friday." "Walker does not have the hurricanes primarily in mind. He’s thinking of the fiscal crisis that will hit the nation during the next 30 years unless Congress changes course." “ 'We are on an imprudent and unsustainable fiscal path,' he told reporters Friday. 'We were already deeply in the hole before Katrina hit…. We face a large and unprecedented demographic tidal wave, the retirement of the Baby Boom generation. Unlike most tidal waves, the waters of this tidal wave will never recede. It is a permanent change in the demographic landscape of this country, with profound economic, fiscal, budgetary and workforce implications. Unlike natural tidal waves, evacuation is not an option.' ” 9-05 Money Styles (iVillage.com) "Planning for retirement can be a serious source of conflict if you and your mate don't see eye to eye. In my professional practice I work with couples who are in conflict over finances. Every couple has its own situation and dynamic, but three situations come up time and time again. See whether your husband is most like Phil, Fred or George -- and how you can work with him to get your retirement spending on track." 11-05 Retirement Bargains (US News.com) "You've earned it: a great place to settle down after years of hard work. And it can be affordable, too. U.S. News has consulted the retirement experts and discovered 10 low-cost gems that are worth a closer look." 06-07 Retirement and Elder Care Law (Nolo.com - Legal Encyclopedia) Provides basic information for persons who are not legal professionals and is organized by topic. 7-02 Seeing Where You Are With 401(K)'s (US News) "Have you ever wondered how your 401(k) nest egg compares with those of coworkers or neighbors your age? Here's a sneak peek into what Americans have stashed away in their 401(k)'s and how they've invested their money, by age group." 08-07 Seniors Banding Together for Support (US News) "Cambridge at Home, which began operations October 1, is one of a new breed of retirement communities that allow people to continue living in their own homes as they receive organized support. These types of communities are in their infancy, so their long-term success remains uncertain. But for seniors who are reasonably healthy, they promise a way to delay or perhaps avoid the need to move in with family or to a facility offering round-the-clock care." 11-07

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