Seniors - make sure to set aside a few dollars for your kids!

When our seniors die (I am over 55 so I guess I qualify) we sometimes leave some money to our children and grandchildren. If you have no money but lot’s of debt then this debt is not passed on to your heirs. Your heirs get all the upside and no downside.

But alas that is not the way it works with the public debt we are leaving our children and grandchildren. According to Usdebtclock the total federal unfunded liabilities (debt, unfunded Social Security and Medicare promises) total $113 trillion dollars (and increases every day). For you in California, New York and other spendthrift states this does not count the unfunded liabilities of your states.

We now have approximately 65 million retirees. So I therefore urge every retiree in America to set aside $1.74 million ($113 trillion divided by 65 million retirees) to your heirs to specifically be used to pay off their share of the national IOUs. Do your part.