Is it far-fetched to wonder if the government could take control of your retirement savings in 401(k)s and IRAs?
Or is that just a paranoid conspiracy theory?
The fact of the matter is that it’s not far-fetched, or a conspiracy theory. The groundwork has already been laid.
And the government already gave banks the green light to seize your bank accounts.
Read on for the facts – and I urge you NOT to discount the importance and urgency of this issue affecting your hard-earned savings…
The Government Has BIG Plans for Your Retirement Savings
An article in American Thinker titled “The Feds Want Your Retirement Accounts” revealed that, “Quietly, behind the scenes, the groundwork is being laid for federal government confiscation of tax-deferred retirement accounts. Slowly the cat is being let out of the bag.”
And Bloomberg reported that,
The U.S. Consumer Financial Protection Bureau is weighing whether it should take a role in helping Americans manage the $19.4 trillion they’ve put into retirement savings.”
For the last 18 months, the Treasury Department has been testing the “myRA” program – which Obama created through executive order – no Congressional approval needed.
The myRA, which stands for “My Retirement Account” supposedly “guarantees a decent return with no risk of loss.”
And the only investment allowed in this account is a low-yielding Treasury security.
Of course, the Treasury wants to get more people signed up for this program, because it means more funds flowing right back into the U.S. Treasury to help the government meet its voracious borrowing needs. How convenient…
The Obama administration has also floated budget proposals that would limit how much you can accumulate in IRA’s, 401(k)s and other qualified plans. The government’s rationale: “Some individuals are able to accumulate… more than is needed to fund reasonable levels of retirement saving.”
So Now the Government Is Even Trying to Tell Us How Much Money Is “Too Much”!
Why are government-approved retirement plans such an attractive target for government control and ownership? For the same reason notorious hold-up man Willie Sutton gave when he was asked why he robbed banks:
That’s where the money is.”
Because the government created these plans, they know where your money is and how much you have there. And nobody knows what the next administration has planned for us.
Banks ALREADY Have the Authority to Seize the Money in Your Accounts
Few people I’ve talked to are aware that the 2010 Dodd Frank Act ensured that financial institutions will not be bailed out by taxpayer dollars in the next crisis. Instead, they will be “bailed in” by shareholders and anyone unlucky enough to have deposits in those banks.
The bottom line is that the next time your bank fails, you become a shareholder, NOT a depositor – and your deposited money will be used to save the bank. Your money won’t be insured by the FDIC then, either.
So How Can You Protect Yourself and Your Hard-Earned Savings?
The solution is to keep very little money in the banks – only enough to pay for current expenses.
All excess cash flow should be swept into an alternate savings vehicle that gives you safety, privacy and control of the money you put in it.
Carefully weigh how much money you’re willing to put into government-controlled retirement accounts (IRAs, 401(k)s, 403(b)s, etc.).
Because once you put your money into those plans, the government controls it, not you!
And the government can – and does – change the rules and restrictions anytime they want. And you have no recourse.
There’s no telling what politicians may be scared or intimidated into doing in the next financial crisis.
10 Reasons a Bank On Yourself Plan is the BEST Place to Store Your Money
The Bank On Yourself method relies on a super-charged variation of an asset that’s never had a losing year in more than 160 years: Dividend-paying whole life insurance.
Here are 10 reasons a Bank On Yourself plan is the best place to warehouse your money:
- Life insurance policies are private “unilateral” contracts. That means the company can’t change the rules unless you agree to it. That’s the law.
- With a Bank On Yourself plan, you have privacy. Your plan and its growth are generally not reported to the IRS or the government.
You have “first right of refusal” to the cash value in your plan – the company can invest it only if you choose not to exercise your right to use it. (This video reveals how you can bypass banks and become your own source of financing.)
Did you know the typical family could increase their lifetime wealth by $500,000 or more simply by running major purchases through a Bank On Yourself plan, than by financing, leasing, or even directly paying cash for them?
Find out how much your wealth could increase – without taking on more risk – when you request your free, no-obligation Analysis.REQUEST YOUR
- You can’t be turned down when you want to access your cash value, and you don’t have to apply or qualify for it.
- You can pay it back on your schedule – not someone else’s – with no fear of collection calls, late fees or any of that nonsense.
- If your policy is from one of a handful that offers this feature, you’ll receive the same guaranteed annual cash value increase and dividends as though you’d never borrowed a dime from your policy.
- Both your principal and growth can be accessed with no taxes due, under current tax law.
- You’ll get growth that beats the interest you can earn in a savings or money market account or CD by a country mile.
- And you’ll – finally – be able to know the minimum guaranteed value of your retirement savings on the day you plan to tap into them, and at any point along the way.
- You’re in control of the money in a Bank On Yourself plan – not the government, not Wall Street, not the banks, and not an employer!
Discover How You Can Benefit from a Custom-Tailored Bank On Yourself Plan…
No two Bank On Yourself policies are alike – yours would be custom tailored to your unique situation and your financial goals and dreams.
You’ll know your bottom-line guaranteed numbers and results before you decide if it makes sense to add the Bank On Yourself method to your financial plan.
Just request your FREE Analysis and Recommendations now.REQUEST YOUR
The biggest regret people say they have about Bank On Yourself is that they didn’t start sooner. I’d like to make sure that’s a regret you don’t have. Take the first step today here.
You continue write worthy articles that I appreciate and support. May you never give up in your quest to teach the value
of tax-advantaged accumulation in permanent client centered life insurance.