Greenspan Social Security Plans Could Worsen American Retirement Crisis

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Alan Greenspan announced Wednesday that the US Congress should cut worker retirement benefits to avert a fiscal crisis. His plans may have the opposite impact according to a leading retirement planning expert.

Alan Greenspan has proposed retirement benefit reductions to avert a fiscal crisis in America's Social Security system. America's retirement system, already drowning in debt and operating with record deficits, is the primary funding source for many retirees. According to retirement planning expert and CPA Jim Trippon, "Greenspan's cure may be worse than the disease."

Trippon, who recently completed a multi-year study of American retiree's, states "Our research found that "21% of people who retired in the past five years have been forced back into the workplace because of inadequate finances." Trippon offers information on his study and a free subscription to his on-line newsletter at his website

Trippon believes, "The idea of cutting benefits to a group already in financial crisis makes no sense when there are better alternatives such as reversing the recent millionaire tax cuts which contributed heavily to our new deficits." Trippon points out that "just last year Congress cut tax rates on the dividends millionaires receive by 60%." He predicts "Social Security benefit reductions will continue to be a red-hot issue throughout this years election cycle."

It is well documented that most Americans reach retirement age with little in savings to fall back on. This is why any cut in future Social Security benefits could prove devastating. Trippon found that in spite of the fact that most Americans reach retirement with limited financial resources, about 3% of the population retires as self-made millionaires.

Trippon, the author of the bestselling book "How Millionaires Stay Rich Forever" spent three years interviewing hundreds of retired millionaires and documenting their secrets to avoiding what Trippon calls the "American Retirement Nightmare."

Jim Trippon is available for interviews. For booking information contact Sarah Choi at 713-661-3806 or Trippon at 713-661-1040.

Publication Data: How Millionaires Stay Rich Forever: Retirement Planning Secrets of Millionaires and How They Can Work For You by Jim Trippon, CPA; Published by Bretton Woods Press LLC and distributed by Midpoint Trade Books; February 2004; 254 pages; $21.95; 6 x 9 Hard Cover - Cloth; ISBN: 0-9723389-1-8

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