Your Retirement Account The US Government To Decide How Much You Get
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Your Retirement Account The US Government To Decide How Much You Get



Welcome to the new US. Socialism always has the same predictable process. Once the government ...

Welcome to the new US. Socialism always has the same predictable process. Once the government
collectivizes a sector then the politicos and bureaucrats get to work on “improving the system”. In a
private enterprise, that’d mean offering more to your customers for a cheaper price. In government, it
is always the opposite, finding ways to reduce benefits for their “customers”.



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Your Retirement Account The US Government To Decide How Much You Get Your Retirement Account The US Government To Decide How Much You Get Document Transcript

  • Your Retirement Account The US GovernmentTo Decide How Much You GetJeff Berwickdollarvigilante.comApril 9, 2013 Welcome to the new US. Socialism always has the same predictable process. Once the governmentcollectivizes a sector then the politicos and bureaucrats get to work on “improving the system”. In aprivate enterprise, that’d mean offering more to your customers for a cheaper price. In government, itis always the opposite, finding ways to reduce benefits for their “customers”.This is why Obamacare is and will be a disaster to anyone interested in having quality medical care andchoice in the US. Once the government uses its force to gain a monopoly on a sector like medical carethen all of a sudden it now becomes everyone else’s business what you do with your own body. Yousmoke? You should be stopped! Don’t wear a seatbelt? You should be fined. Why? Because we areall paying for each other’s medical care and so it now becomes everyone else’s business what you dowith your health because it could potentially cost them more money.The same has been happening since the US government has had a multi-decade long monopoly onretirement savings (IRAs). Since they get to make the rules they get to decide just how much is enoughfor your retirement and that is exactly what will be happening next week when President Obama willbe releasing his budget plan which will limit how much a wealthy individual can keep in those tax-reducing IRA plans and other retirement accounts.According to a senior administration official, wealthy taxpayers can currently “accumulate manymillions of dollars in these accounts, substantially more than is needed to fund reasonable levels ofretirement saving“…and of course in the communist administration’s eyes, that’s a real shame. Thejob of government is of course to “level the playing field” by stealing from and putting up obstacles forthose with “too much.”
  • What is the “reasonable amount” that he thinks is enough? The numbers being bandied about seem toindicate $3 million. Sounds like quite a bit, right? Well, let’s look further at the proposal.“The budget would limit an individual’s total balance across tax-preferred accounts to an amountsufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million in2013.”So, according to them, $205,000 per year is sufficient and people should not be allowed to have morethan that in retirement savings. But, remember, disbursements from an IRA are taxable, so that$205,000, if you lived in any number of states where total income taxes are over 50%, very quicklybrings that number down to around $100,000 after theft… or tax as they call it. Of course, that is justthe beginning of other payments to the state. Your average person with a $3 million IRA probably livesin at least a $1 million house. If that person lived in New Jersey where property tax averages 1.89% ofproperty value, then you can take another $19,000 off of the remaining $100,000 for property taxpayments to rent his own home.Of course, there will be numerous – countless really – other taxes paid over the course of theyear… gasoline tax, cigarette taxes, alcohol taxes and numerous others. But, even withoutincluding those we are already below $7,000/month.But here is the real kicker. If that person did take the $205,000/year annuity, their retirement fundswould only last them fourteen years. Of course, some may state that they could and should be earninga return during that time which will extend it.But your average person who owns mostly 2% paying dividend stocks or 2% paying Treasuries isactually losing nearly 10% per year to monetary inflation. The US central bank’s current rate of moneyprinting - which does and will turn into price increases – is over 10%. If they are losing 8% per yearon that $3 million then it will only be ten years before that $3 million is actually only worth $1.3million in real dollars.That $205,000 per annum, at today’s monetary inflation rate, also will only be equivalent to $90,000 inten years time. After all the taxes to be paid that person would be likely eating cat food just to survive.These are the wonders of the American Dream today. It is turning into a nightmare. They have you
  • coming and going from all sides. And then, if you manageto survive all the taxes and inflation, whatever remainingmoney you have left will be mostly gut ted by the death tax. Yes, there is a tax to die in the land of the free. And don’ttry to commit suicide either. That’s illegal.Next ConfiscationThis, of course, is the warm up for big confiscation ofretirement account money later on… a topic that has alreadybeen discussed openly in Congress. I can’t understand whyanyone would put their money in a retirement vehicle undergovernment control. That’s like putting your child in a cagefull of lions for safekeeping.A much better option would be a self-directed IRA like theone we offer here at TDV. Also, did you know that you canbuy real estate with your IRA? A good option would be realestate in another nation-state since the US governmentwould have a very hard time confiscating that. You couldinvest in an income-producing condo in beautiful Acapulco,for example…or you could buy investment property in ourburgeoning liberty-minded community at Galt’s Gulch,Chile.You could also invest in precious metals in a self-directed IRA and get a significant amount of theminto jurisdictions that are much less likely to collapse in the coming years (for more on doing that, see Getting Your Gold Out Of Dodge – free to TDV subscribers). And it wouldn’t hurt to take some of those savings and invest in a foreign passport in a place that doesn’t view your assets as their own. The central planners in the US and most Western governments have and will decide how much is “enough” for you to have and if you manage to still have significant assets after that, they’ll continue to whittle them away via taxation and inflation. It’s all easily predictable as this is where things always go once things are socialized or collectivized. As Winston Churchill said, “The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.” We don’t suggest you wait much longer before removing yourself and your assets from a system set on ensuring the equal sharing of misery.
  • Jim Rogers: “I Suspect They’ll Take ThePension Plans Next”Tekoa Da Silvabullmarketthinking.comApril 9, 2013I was able to reconnect for an interview with legendary Quantum Fund manager and commoditiesbull, Jim Rogers. This was an especially groundbreaking interview, as Jim shared thoughts on whatgovernments around the world will be taking next, and what he’s do ing right now to protect hispersonal bank accounts following the Cyprus collapse.Speaking towards the frightening implications of the Cyprus banking collapse, Jim said that, “It’s beencondoned [now] by the IMF, the European union, and everybody else in sight; that a government inneed, can take assets. We all knew they could tax us…but this is the first time that I’m aware of, thatthey’ve gone in and taken bank accounts. They took gold from people in the U.S. in the 1930′s…butI’ve never heard of them taking bank accounts. [Now] they’re doing it. So be careful [because], nowthey can take your bank account under this precedent.“When asked if bank account confiscation will be going worldwide, Jim said, ”Well, it’s now in theirbag of tricks, but yes, they can do anything they want too now. I for one am worried and I’m takingpreparations. Who knows if I’m right or not, but I’d rather be safe than sorry as all of those people whohad money in Cyprus have learned. They thought they had a normal bank account…but now it’s been[taken] with the sanctions of many governments and institutions.”Jim also urged that, “If people have money in any account, anywhere in the world…cut it down tounder the guaranteed amount. They might take that too someday when things get desperate, because theprecedent has been set, but that’s where I would start if I had money in the bank anywhere in theworld.”With respect to which assets governments will likely be coming for next, Jim said, ”401k plans, IRA’s,and pensions plans which the government knows about [may be next]…They’re rationale would be,‘Well most people haven’t been doing well in their IRAs and pension plans for the past several years,so we’re going to help you. We’re going to take your pension plan and give you government bonds sothat you have a guaranteed return.”Jim further added that, ”That’s how they’ll rationalize taking our money. They know where all thepension plans are because we have to report it, so they’re easily accessible by governments. They knowwhere they are, what they are, and they’ll be able to snatch them away. Who knows what they’ll do, butthey’ll certainly find some way to take our money when things get worse, they always have.”As a final chilling comment to end the interview, Jim noted that, “Anything they know about—theymight easily take.”Read More: