Thursday, June 16, 2011

Still Think Your 401k Is Safe?

Read this article and decide for yourself. Our country is broke! It's only time before the government nationalizes 401k's.

According to Time Magazine:

“The market turmoil has some politicians on Capitol Hill eyeing the end of the 401(k) as we know it. Under [the new] plan, all workers would… be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.”

Our government created 401k retirement accounts to attempt to solve a problem they created: excessive taxation. 401k's provide an immediate tax deduction. Unfortunately, they create a very large future income tax which most everyone fails to grasp.

What's even scarier is that Uncle Sam can take this 401k money anytime it wants. Just like it's doing now by dipping into federal worker pension funds after reaching the United States' $14.3 trillion debt ceiling on Monday.

Are you ready to get started with a private non-qualified retirement plan yet?

For a free Bank on Yourself analysis, call (800)208-6141.

John Montoya
JLM Wealth Strategies, Inc.
(925) 386-6639 Office
Authorized Advisor-Bank on Yourself®
CA Life#0C42222

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