Tax Guru-Ker$tetter Letter

Thursday, September 12, 2002

Living Long Enough

This recent announcement that the average life expectancy in this country is 76.9 years shows that we have definitely made great progress in dealing with medical conditions. It also clarifies what a scam the Social Security system is for younger people. According to this, somebody retiring in 2030 would have to live to 110 just to get his own money back from the system. Maybe medical technology will allow people to make it that far; but not likely.

The only fair thing to do would be to make the participation in the Social Security system completely voluntary. However, as I have to repeated ad nauseam, don't hold your breath waiting for that to happen. If you want to protect your own retirement assets, and avoid flushing more money down the Social Security commode, there are steps that can be done on your own. While there is no one size fits all, I have found that the most effective way for most people, especially the self employed, is to utilize a corporation.

KMK
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 9/12/2002 08:16:00 PM Send this post: