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Missed Fortune – Don’t Follow the Crowd

Posted on | February 13, 2011

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Ignore Conventional Wisdom

Poll results released last September showed that, for the fourth straight year, the majority of those surveyed have little or no trust in the mass media to report the news truthfully, accurately and fairly.

In 1968, Walter Cronkite proclaimed that the Vietnam War was unwinnable and it destroyed Lyndon Johnson’s presidency.

It’s hard to imagine anything that CBS anchor Katie Couric might say that would make any difference to anything these days.

Many American voters feel so estranged from the views of the mainstream media that they deliberately vote against whomever the media producers, editors, reporters and announcers are supporting.

If you continue to follow the crowd, you won’t end up getting what you need.

When it comes to your retirement, if you take the same old advice, I predict you won’t have enough for a secure retirement. You’ll end up paying more in unnecessary income tax.

If what you thought you knew turned out not to be true, when would you want to know? Sooner rather than later, right?

I can show you how you can have so much more by solving your IRA and 401(k) dilemma.

Avoid the Blunders

Many Americans have been following the herd and socking away money in IRAs and 401(k)s for a retirement nest egg. The recent downturn has all but thrown out the egg and the nest.

Eighty-nine percent of Americans put money into qualified plans. The remaining 11 percent use Roths, a step in the right direction but with too many strings attached.

If you’re like many Americans, you may have seen a loss of 30, 40 or even 50 percent in the value of your IRA or 401(k) in 2008. You might not be back to break even yet.

I predict that the worst is yet to come. The government has a permanent tax lien on your IRAs and 401(k)s. The worst drop will be the day you start withdrawing; the government takes a third out of the average American’s pie.

Now is the time to convert your qualified plans into safer, better alternatives that grow tax-free, distribute tax-free and later transfer tax-free.

You need to learn to avoid the blunders that are keeping you from a prosperous retirement. These are blunders such as thinking you’ll be in a lower tax bracket when you retire.

Or thinking that IRAs and 401(k)s are the best ways to save for retirement. Or that postponing tax on qualified plans is saving you tax.

I can teach you the difference between Mr. Taxed to the Max and Mrs. I’va Lot More. Two things are certain: sooner or later, taxes will be going up and dollars will be worth less.

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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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