After yesterday’s marathon RANT – and Webinar to boot – I am thankful to present a “guest speaker of sorts” for today’s topic. The below article by Ron Holland, though written in March 2011, is an excellent synopsis of the upcoming “confiscation” of U.S. retirement plans I have written of for some time now – perhaps in other nations as well.
The article does not mention everything I have discussed, and I do not agree with all its investment recommendations. For example, while recommending gold bullion, which I whole-heartedly concur with, he also cites Euros, Swiss Francs, foreign annuities, and mining stocks, which all possess their own set of risks, in my view.
However, he completely understands the issue at hand, the upcoming confiscation – or “confiscation” as he calls it – of U.S. retirement assets via “Guaranteed Retirement Annuities,” mandatory investment into “preferred assets” (such as Treasury bonds), heightened fees and taxes (income, withdrawal, and/or death), surreptitious (or not-so-surreptitious) monetary inflation, increased retirement age, and/or reduced account liquidity (increased withdrawal restrictions).
There are few issues I feel as confidently about as the likely confiscation of U.S. retirement assets, such as 401ks, IRAs, 403bs, Keoghs, pension plans, and even Roth IRAs. Such schemes were actively discussed in Congress during Global Meltdown I in late 2008, and are sure to be re-considered upon commencement of the next major crisis, be it – per Holland’s prediction – a U.S. rating downgrade (occurred, with additional downgrades imminent), unforeseen terrorist attack or military event (Iran, anyone?), or renewed economic meltdown (ongoing, with potential “flash points” everywhere).
Last year, at age 40, my wife and I cashed out our IRA plans, paying all required taxes and penalties, and cannot be happier with the decision. Hopefully my ongoing commentary, and the contents of this article, will convince you that such a decision is integral could be integral to your family’s future well-being, potentially a financial “life or death” event.
PROTECT YOURSELF, and do it NOW!