Baby boomers who already have not reached this milestone will soon be confronted with a decision. Should I begin receiving Social Security benefits as soon as I am eligible, or should I wait? And how long should I wait? The answer to these questions can have a very material impact on monthly cash flows for the rest of your life.
The approach of the "fiscal cliff," the expiration of a host of tax and spending provisions, has broad implications for virtually every American as chronicled in last week's front-page story in the Chattanooga Times Free Press.
Dec. 31, 2012, looms ominously as the day of reckoning with regard to U.S. tax and spending policy. Dubbed the "fiscal cliff" by Fed Chairman Ben Bernanke, the end of the year marks the expiration of numerous tax rate reductions and the imposition of major across-the-board spending cuts. If no action is taken by Congress and the president, the American economy would sink back into recession by the second half of 2013, suffering a reduction in output of 2 to 4 percentage points of GDP and sending unemployment surging back toward 10 percent.
One of the best retirement saving tools still is not sufficiently understood or employed.
