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By Paula Dorion-Gray, CFP®
Previously published by The Northwest Herald
In a speech to the National Press earlier this year, Federal Reserve Chairman Ben Bernacke stated that “the two most important driving forces for the federal budget are the aging of the U.S. population and rapidly rising health care costs”. The three largest entitlement programs (Medicare, Medicaid and Social Security) are all creating problems for the federal and state budgets, just as baby boomers are racing into retirement at the rate of 10,000 per day!
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