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Missed Fortune – New Laws Threaten Your Nest Egg

Posted on | October 3, 2010

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Our Debt Keeps Rising

Who should use your retirement money: you, or the federal government?

Banks are failing, and they’re expected to continue failing for some time, according to a Standard & Poor’s report issued last Tuesday.

Consider this: only 36 banks fell in the six years prior to 2008. Then, on Sept. 25, 2008, Washington Mutual became the biggest bank failure on record.

Since then, 279 banks have collapsed. Two went down just last week.

Failures and consolidations could cut the number of banks from 7,932 to 5,000 over the next decade.

The government is the biggest culprit of mismanaging debt. In a year and a half, the Obama Administration increased the National Debt from $11.7 to $13.4 trillion.

If we keep going the way we’re going, it may only take us six to eight years to match a debt that took the last 100 years to accrue.

I have lived through six major recessions since becoming a financial strategist 36 years ago.

I have never seen Congress successfully spend its way out of a recession, but it keeps trying.

Increase Revenues By Lowering Taxes

In the 1980s we proved that lowering taxes actually increases revenue. After the Sept. 11, 2001 terrorist attacks, President George W. Bush lowered taxes that year and in 2003 to get the economy back on track.

When you raise taxes, you shoot yourself in the foot. This Congress doesn’t get that.

It’s estimated that a middle income American will spend 50 to 60 percent of their annual income in taxes within the next 10 to 15 years.

That’s what it will take to handle the deficit spending, healthcare package and everything else that’s been coming out of this administration.

Lawmakers are still debating the fate of the Bush tax cuts. Doing nothing actually amounts to a huge tax hike.

If you tax the rich, you tax the people who create businesses and hire workers. That slows economic growth in a time when we’re trying to crawl out of a steep recession.

While the dust settles, shouldn’t you take a safer course?

Most Americans lost 30 to 40 percent of the value of their IRAs and 401ks in 2008. They don’t have an account value equal to what they had 10 years ago. They’re trying to save for retirement using the same old strategies.

Folks who learned from Missed Fortune teachings didn’t lose a dime in 2008. Their retirement accounts are up 50 percent from four years ago and they’re double what they were a decade ago.

The writing is on the wall. Taxes are going up. The dollar will be worth less. Inflation is around the corner. I can show you how to protect yourself.

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

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