Philadelphia, PA (PRWEB) May 30, 2008
Many retirees are caught in 'money traps' and don't even know it, needlessly costing thousands of dollars each year.
Most people are startled to find that there are now more Americans over age 65 than there are teenagers1 and that the fastest growing age segment in the United States is age 85 and older2. With this rapid "graying of America", it should be no surprise that the senior population controls the vast majority of wealth in this country, yet the looming question remains whether or not they will be able to effectively preserve this wealth for their spouses, heirs and future generations. The good news is that the median net worth of persons age 65 and older has increased by 70% between 1984 and 19993 while the poverty rate for these seniors has been cut by over two-thirds4. However, the bad news is that for a couple turning age 65, there is a 75% chance that one of them will need long term care - and 50% of all couples are impoverished within 6-months after one spouse is admitted to a nursing home (70% of single people admitted to a nursing home go broke within 3-months)5. Therefore it is no wonder that both wealth accumulation and wealth preservation have become so important.
When questioned about retirement and financial preparedness, most seniors readily admit that they are lacking many vital estate planning and retirement planning documents. Statistics show that fully 83% of people age 50 and older do not have even the most basic combination of legal documents such as a written will, a durable power of attorney and a living trust6. The numbers are even more dramatic when including a living will or patient advocacy to the basic combination of legal documents.
In commenting on these shocking demographics, Jeff Bush, Financial Advisor and Event Sponsor said, "The only consistently successful way for seniors to guard income, protect assets, and maintain or accumulate a financial legacy that they can eventually pass on to the heirs, is to implement simple yet proven financial solutions. It is this overwhelming need for us to share valuable financial information that has spurred me to sponsor this Free Consumer Awareness Event."
The event titled, "9 Little- Known Money-Traps that Routinely Cost Many Retirees Thousands" will take place on Tuesday, August 12, 2008 at Cin Cin Restaurant at 7838 Germantown Pike, Chestnut Hill at 10:15 a.m. This meeting will conclude promptly at 12:00 p.m. when a lunch will be served. Tickets to this brand new meeting are free, but seating is limited. You can get your free tickets to this meeting by calling 1-800-436-1627 Ext. 72413 for a 24-hour, free recorded message. Simply record your name and address and your free tickets will be mailed to you. Sorry, but due to limited seating, ticket requests will be limited to no more than 4 tickets per caller. This meeting will fill-up quickly, call right away. You're almost guaranteed to discover that you're stuck in one of these 'money traps' but don't know it.
Special bonus: A free Retired Taxpayer & Investor Awareness Guide titled, "How Many Retirees Can Easily Save Money Under President Bush's 2001 & 2003 Tax Relief Acts." (Limit 1 guide per household - a $58 value). Again, call the 24-hour automated reservation line at 1-800-436-1627 Ext. 72413 for your free tickets. Act today! We fill-up quickly.
1 Source: U.S. Census Bureau.
2 Source: AARP A Profile of Older Americans, 1999.
3 Source: Federal Interagency Forum on Aging-Related Statistics - Older Americans 2000.
4 Source: Federal Interagency Forum on Aging-Related Statistics - Older Americans 2000.
5 Source: Wall Street Journal, 6/2000.
6 Source: AARP Survey of Legal Documents Among the 50+ Population, December 1999.
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