Tax Guru-Ker$tetter Letter
Wednesday, July 24, 2002
Let Us Control Our Own Retirement
It is good to see that so many people want more control over their future retirement funding rather than trusting our rulers in DC. According to this recent Cato Institute Zogby poll, 68 percent of likely voters support allowing workers to invest a portion of their Social Security taxes in personal retirement accounts.
You can download the actual study in pdf. I noticed that it no longer includes the comparison between how many people believe in UFOs and the likelihood of actually receiving any SS benefits.
While this skepticism over the SS program is a good sign, I fear that too many people will take that as a sign that they don't have to do anything on their own because our rulers will fix everything for them. Nothing could be further from the truth. In a best case scenario, our rulers are only discussing the possibility of allowing a small portion of the SS taxes to be diverted to privately controlled accounts. The major portion of the tax will still have to be sent to the SS Ponzi scheme. Also, any change in the current system is still several years away.
In the meantime, people who don't take steps on their own to reduce the amount of SS taxes they are paying will just continue to flush thousands of dollars down that toilet every year. There are several ways to legally reduce or eliminate the requirement to pay in SS taxes. The easiest way continues to be by using a corporation.