The 'Upsizing' Revolution

Walker, Lewis J.
September 2004
Journal of Financial Planning;Sep2004, Vol. 17 Issue 9, p24
Academic Journal
This article maintains that the coming collision between the old and young, healthy and unhealthy, and taxpayers and benefit recipients in the U.S. is an opportunity for financial planners seeking to upsize their value proposition. At the Financial Planning Association's Retreat 2004 in Colorado Springs, Colorado in May 2004, James Grady Cash, a certified financial planner, highlighted how much longevity, medical trends, and boomer demographics will transform the U.S. He sees a clash between activists and voting-block seniors demanding more and health and drug benefits and younger taxpayers and business owners resisting higher tax burdens. According to the author, elder care issues and creative approaches are becoming more important to aging planners themselves, and for those with older clients. He believes that elder care planning and service opportunities will be a vital element of financial planners' focus for decades to come. The author sees the future as the full retirement age under Social Security is pushed out and as U.S. states move to recover Medicaid benefits from estates. According to the author, the U.S. government knows how much financial planners have contributed to Social Security and Medicare.


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