Last week House Minority Leader John Boehner
suggested, during an interview with the Pittsburgh
Tribune-Review, that the Social Security retirement age should be raised to
70. He is quoted as saying, “We’re all
living a lot longer than anyone ever expected, and I think raising the
retirement age … and eventually getting the retirement age to 70 is a step that
needs to be taken.”
Whether you are a Democrat or a Republican,
this is important news-to-know. Whether Rep. Boehner’s suggestion ever prompts
Congressional action or not, we all should realize that these questions are
being raised, and will surely be debate and considered. What does this mean to
your retirement plan? Your estate plan? Or even your career plan? What about
your business succession plan?
If you are currently involved in, or considering any type of lifetime gifting,
asset transfer, or transfers of control over assets (especially
income-producing assets such as a small business), you should carefully measure
what impact a later retirement age might have on your plans. The truth is, you
may need those assets and/or their income stream longer than you had planned!