Pre-Boomer Musings

Those of us born between 1930 and 1945, now dubbed New Seniors, are part of a generation that grew up learning about and believing in the founding principles of the United States.  The American dream was there for us to experience provided we used our talents and worked hard.  Life was good. 

Image by Francisco Diez via Flickr

We were responsible citizens and tried to pass this philosophy on to our children.  With work behind us, we looked forward to using what we saved along with benefits from our jobs to enjoy the later years.  Now, in retirement, there is a growing uneasiness among those in the pre-boomer generation.  This will soon be a concern for the baby boomers as they start turning 65 next year.  This spreading “dis-ease” is creating unnecessary stress could result in many of us going to an early grave.

Least we forget Social Security benefits are frozen for the next two years or more.  Medicare faces $500 Billion in cuts.  Medicare Advantage plans will be taxed.  Medicaid is no longer accepted by many doctors, even Medicare has become unwelcomed.  To make matters worse, the addition to the insurance roles of 32 million people, half of whom are on Medicare, means longer waiting periods to see caregivers and receive treatment in the years ahead.  Short term, supplemental medical and individual prescription insurance costs continue to rise.

Health care is an important cost element in the household budgets of most New Seniors.  On top of this we lost a significant portion of the savings we earned over our working careers thanks to the drop in the value of securities and the low rates of interest in various bank instruments (money market accounts and certificates of deposits).  Although stocks have recovered, their levels are 30 percent less than were they were just a couple of years ago.  And, the house you depended on as a sound retirement investment is worth far less on the market, and can’t be sold in some areas of the country.

Inflation may be under control, but taxes are increasing.  Besides talk of a Value Added Tax (VAT or national sales tax), state and local taxes are expected to rise because they need revenue, and unlike the federal government, these entities can’t print money.  Energy taxes are looming on the horizon while utilities are looking to bump up their rates.  The chances of outliving our money increases with every new money-making idea the politicians conjure up.  And if we do make it to the end of live with something left over, the death tax is being raised to keep our kids from getting much of an inheritance.

Don’t get caught in the political crossfire.  Get into action.  Contact the office of your local representative (federal, state and city) and ask them to tell you about their position on each of the above mentioned concerns.  If they don’t seem willing to go to work for you, let them know you won’t be voting for anyone who is unsympathetic to the needs of New Seniors.  Then find the candidates who view the issues (at least most of them) the way you do, and vote for them.  

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