8. You Cannot have Guaranteed Income from a Non-Guaranteed Account The word “RISK” should never be associated with your retirement account! Neither should words like mutual funds, commodities, stocks, variable annuities, variable life insurance, precious metals or any other financial vehicle that can cause you to lose money! Definition of RISK – you can lose it all! How is it possible to have a guaranteed income from a non-guaranteed account? IT’S NOT! Back when your parents or grandparents worked for a company, they looked forward to retiring with a guaranteed pension. Those days are gone! The word PENSION is never even mentioned in today’s qualified plans. WHY? Could there be a conflict of interest? Most definitely! The Ideal Custodian should have the Following Benefits: (Very Important to your family!) • The stretch IRA is dead. • Are Per Stirpes beneficiary provisions permitted? Is there a divorce provision? • Are multiple beneficiaries and account splitting permitted? • Is there a provision – Disclaimers will not be accepted?
• Will a Trust be accepted as a beneficiary? • Will your power of attorney be accepted? • Is there a simultaneous death provision?
• Can non-spousal beneficiaries transfer funds? • Guarantee the principal and all accrued earnings? • Have guaranteed minimum rate of return? • Administer the distribution to all of your beneficiaries at no cost for their lifetime?
59
Made with FlippingBook. PDF to flipbook with ease