Houston, TX (PRWEB) February 3, 2005
President BushÂs recent proposal to privatize Social Security, a major focus of his State of the Union address, has caused an uproar around the nation. With the media in a frenzy and clashing opinions in the air, concerned citizens trying to find impartial information on the issue are having difficulties. ÂAnyone whoÂs trying to research whatÂs going on in Social Security is not getting all the facts,Â says financial planning expert, Jim Trippon, CPA, ÂItÂs important to have unbiased and sound information, but unfortunately most of the stuff out there is slanted.Â
According to Trippon, a former senior Price Waterhouse CPA, the current Social Security system is not sufficient enough to support future retiring Americans. There are three choices to fix the problem:
Â Cut benefits
Â Increase taxes
Â Improve the rate of return
ÂOur system needs to be changed in order to survive,Â says Trippon, ÂI donÂt think itÂs a good idea to raise taxes on younger Americans and removing benefits isnÂt the solution either. WeÂre left with improving the rate of return.Â
Trippon believes the answer is this: citizens should be allowed to privatize their retirement funds using only Treasury Inflation-Protected Securities (TIPS). With TIPS, citizens can invest their money in five, 10 or 20 year terms. Owners receive interest payments every six months and the bonds are protected from inflation, meaning the worth of their retirement investment ultimately cannot be depleted in value.
ÂThis is, in my opinion, the safest investment anyone can have in their future,Â says Trippon, ÂIt has nothing to do with South American-style privatization and it will put an end to this media freak show Bush has caused.Â
Trippon, who recently completed an extensive study of American retirees, found that 21 percent of those who have retired in the past five years have been forced to return to the workforce due to insufficient finances. He has documented these findings in his bestselling book, ÂHow Millionaires Stay Rich Forever: Retirement Planning Secrets of Millionaires and How They Can Work For YouÂ.
Jim Trippon is available for media interviews. To schedule an interview or broadcast appearance with Jim Trippon, contact Amal Zaid at 713-661-3806 or reach Trippon directly 24/7 at 713-498-8849.
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Publication Data: How Millionaires Stay Rich Forever: Retirement Planning Secrets of Millionaires and How They Can Work For You Â by Jim Trippon, CPA; Published by Bretton Woods Press LLC and distributed by Midpoint Trade Books; February 2004; 254 pages; 21.95; 6x9 Hard Cover; ISBN: 0-9723389-1-8