Obama step closer to seizing retirement accounts

WND ^ | 28 Jan 14 | Jerome R. Corsi

[SkyPilot]

When you hear,

[Ghost of SVR4]

I’m sorry to hear that man. I know when I am an interviewer, if the candidate is H1B it is NO SALE for me. I always give American’s preference (in defiance of HR). I share some of your plight as well as I drained a couple smaller retirement funds just keeping the mortgage paid, the bellies at least somewhat full and the lights on. It’s rough out here while the whitehut and the talking heads lie to me everyday telling us how great the economy is.

[null and void]

OTOH, my 3-D printer arrives next month. Let me know if you need any parts printed...

[PatriotGirl827]

bookmark for later

[Vaduz]

Looks like Obama may cause a run on the banks and huge stock sell offs.

[moovova]

If Obama flips an executive order switch and institutes a mandatory surrender & conversion of personal retirement accounts to a MyRA type of account...it would not surprise me to see a temporary lockdown on bank safety deposit boxes.

Got to give the gubment auditors time to go thru the lockboxes to ferret out any cash or metals the ungrateful rabble have been trying to hide from confiscation.

[Fedupwithit]

When you hear, “Hello, I’m from the federal government and I want to help you manage your retirement savings,” the best advice is to run away, as fast as you can.

This is the problem. Don't run anywhere. This is when it's time to fight...with force if necessary (and pretty damn well likely).

[Fedupwithit]

The only way it doesn't happen is if we (the conservative backbone of this country) make the 2014 elections the bloodbath that it should be, for Dems and RINOs alike.

If this happens, then every decison made by the remaining survivors make them think that much harder..

[CodeToad]

The worst way to pass money is whole life. The best way is a family blind trust.

[UnRuley1]

Whole life is permanent insurance. It is also where you can store wealth. We are using it for our Bank on yourself plan. It builds cash value that we can borrow from ourselves and repay with interest back into the plan to continue to build the cash value. The key is to repay the loan with interest, this supercharges the accumulation of cash. The IRS has limitations on how much you can put into one of these plans (modified endowment), the way around it is to borrow and repay with interest in addition to yearly premiums.
The goal is to build it up so at retirement, we will have a TAX FREE source of income, by borrowing our own money from the plan. At death, the loan is repaid by the insurance which is always the same or greater than the cash value. Anything remaining will go to the beneficiary. Again, you have to do your research on these. There is a place for term AND whole life if you know what you are doing.

[UnRuley1]

You have to do your research on whole life policies. I use mine to accumulate cash which I can borrow and repay with interest to build up the cash value. And later at retirement I can borrow the money as a TAX FREE source of income. At death, the loan is repaid by the insurance and any money left, goes to my beneficiary. (say I borrowed $800,000 of $1,000,000 cash value, the $200,000 left of insurance benefit goes to my beneficiary)
YES YOU CAN USE IT TO PASS MONEY ON TAX FREE!! DO more research!! Look up Pamela Yellen "BANK on YOURSELF".

[Cletus.D.Yokel]

Your keyboard...->...God’s ears.

[UnRuley1]

I am fairly amazed at the knee-jerk negative reaction to whole life insurance. It has uses you probably never knew about. I spent a year doing research, reading, reading and more reading. I learned so much and THEN I found a qualified agent who knows EXACTLY how to structure the contract. This is one of the unknown ways the very wealthy use to protect their wealth. I am not wealthy, but why should I not be able to use the same method they do to keep what I have earned?

[UnRuley1]

A good plan includes MULTIPLE ways to store wealth and pass on wealth, trusts included. I am guessing most people NEED to live off their savings in retirement. Your first need is yourself, not your children (heirs). Having a TAX FREE stream of income is invaluable during retirement. Don’t automatically dismiss a vehicle that can do that for you.

[CodeToad]

Whole life is a ripoff. Those in finance and investing know this.

[tomkat]

All these thieving bastards have families, and they can't stay indoors forever.

If they think it won't come to that, they're fools.

[CodeToad]

Do you personally know a single “very wealthy” person that uses whole life? I know sales creeps that say such things but no one takes them seriously.

[morphing libertarian]

My wife has three wealthy clients who have investment grade indexed-universal life. Here broker has a couple of dozen accounts and others in the company have some. Does that count?

[CodeToad]

Not really. Define wealthy. Older people were conned into this whole life scam decades back, so if that is who you are referring to I’ll just let history be an example of stupid decisions by the older generations.

There are far better, safer, and higher yielding investment vehicles without all the risk that whole life presents. I highly doubt you’ll be seeing the likes of Bill Gate with a whole life account, much less anyone with common sense.

In these days of the Internet and the ability to research, buy, and compare investment strategies, no one buys whole life. I’ve worked with private equity and insurance firms and they like to scam the elderly out of massive management fees using the whole life scam. They don’t tell their ignorant clients about the other options they have.

Whole life sales are dwindling. As the elderly die and leave some money behind the younger generations never buy back into whole life ripoffs.

[morphing libertarian]

There are various types of policies. Wealthy: having more than 10 million in assets and income sufficient to live in high end house without working.

There are various types of universal life. This is one type. I can see you are unaware of some of the features, but since you called my wife a scammer, figure it out on your own.

[UnRuley1]

Rip-off for whom? Be specific. It is working quite well for me. I have both forms, Term and whole life, they serve completely different functions for me. Whole life for me is not used as life insurance but as a vehicle to store and grow money and as a source of TAX FREE income in retirement.
BTW, the type of contracts used in the Bank on Yourself program are low commission for the salesman. Selling this type of policy is not for the typical insurance salesman and does not attract the "sleazy" type.