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How Will Retirees Fare This Year?

MusingsMore Boomers are working at least part-time, so fewer Americans of retirement age depend solely on Social Security for their income. Still, retirees are more than a little concerned about how a new political regime in Washington could affect their financial future.

While not all prognosticators take the risk of being very specific, this article by Charlene Oldham appearing on NextAvenue.org does an excellent job of counting off fifteen distinct ways retirement could change this year. Among them are:

  1. Interest and mortgage rates could go up
  2. Some mutual fund risks could increase
  3. Tax cuts are likely
  4. Health care costs will rise
  5. Inflation is more likely
  6. The future of Social Security is less clear.

This would be a good time to review all of your investments (particularly retirement accounts), sources of income, and expenses. It is an especially good time to consult with your financial advisor, or get an advisor to assist you.

Oldham's article is important reading for every Boomer, so check it out here.

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