Personal Finance Issues and the US Election
Politics aside, there are some major personal finance issues that are going to affect how folks plan and pay for things like retirement, job loss, unemployment, and of course financial freedom.
Universal Health Care
To me perhaps the most significant of all issues is that of Universal Health Care. I think most would agree that our current system is broken. However, most of us who can afford health insurance or have group insurance through their employer are able to manage ok. The problem really begins to manifest itself with chronic and/or "pre-existing" illnesses, unemployment, self-employment and/or age.
Everyone under the age of 65 is at risk of becoming "uninsurable", losing coverage, or being unable to afford health insurance with a single event. This affects anyone's ability to put in place financial plans and goals with this issue looming over them.
Social Security Reform
Another broken system that impacts every one of us. Of course, no electable politician will touch this career ending issue. How can anyone put retirement plans in place if we don't know if the country's retirement system will be around?
The only answer here is to assume it won't be. That means we all have to save a lot more for a lot longer to secure our retirement.
Ok I’m done on the soapbox. I don't care who wins, I just hope our elected government will address these issues so the rest of us can get our financial houses in order :-).
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