In eight years it is projected to be increased to be over $57.2 trillion. (Source: U.S. Treasury; see usdebtclock.org) If our Founding Fathers could see this today, they would be shouting: “Get back to the basics!” The truth is unavoidable: our government will require massive new sums of money to sustain its programs. I am thankful that President Trump was able to keep the current tax structure in place for many years to come. The Retirement Trap Today, roughly 83% of the American workforce has their retirement savings tied up in government-sponsored plans such as 401(k)s,
403(b)s, or IRAs—all managed by Wall Street. Here’s what most people don’t realize:
Over a lifetime, workers may pay as much in fees to silent managers as they will in taxes. These accounts offer little to no liquidity when you might need money the most. By joining, workers have unknowingly entered the government’s tax trap, where the rules—and tax rates—are set and controlled in Washington, D.C. On top of that, America’s unfunded pension liability exceeds $22.5 trillion. That means state and corporate pension plans are already short
billions they have promised to pay out. The Illusion of “Tax Savings”
Employers and accountants have been convinced that qualified plans are a tax savings tool. But in reality, they are not. These plans only postpone and compound the tax bill—along with the calculation of your tax bracket, which will almost certainly be higher in the future. The Government’s Eyes on Your Money There is an estimated $19+ trillion sitting in retirement accounts across America. Do you think Washington hasn’t noticed? Search online for: “Federal Government Eyes Confiscating Individual Retirement Accounts and 401(k)s” You’ll see the truth: Washington views your savings as a convenient pool of money to tap into when their spending addiction
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