An estimated 7 million Americans will reach the age of 65 by the start of 2013, and many will no doubt be thinking about retiring. But even if falling off the "fiscal cliff' is avoided, some financial experts are warning anyone thinking about trading in their paycheck for a retirement fund next year.
"It's kind of a perfect storm in 2013 when you think about it," said Jason Wheeler, CEO of Pathfinder Wealth Consulting.
"With questions about taxes, spending cuts, the markets, health care-and then put those together with the number of seniors wanting to retire or will lose their jobs-the year could be a rough one when it comes to retirement," he said.
Topping Wheeler's worry list seniors are taxes. "The magnitude of what a retiree will pay on their investments could really hurt their finances," he said. "And right now we don't know what that will be." Read more >>