Musings And A Cry In The Dark: Is Anyone Out There?
Oh what an incredibly interesting and totally boring month all at the same time. Thank goodness our gifted politicians reached a deal to keep the government running at the last second. Not for the reasons you think.....I swear if I had to listen to one more story about the government shutdown I would have been sick! I have almost reached a point where I want to throw my hands in the air and yell "Who Cares!"
But then I come back down to reality, take a look around me and wonder what, if anything, is all of this likely to do to my clients and my family.
Lately I have had trouble writing anything worth sending out. Usually I sit down at the keyboard and it just spills out of me. If anything I run out of room to write, not things to say. For days now I have been staring at the screen knowing I need to write something but just not finding the strength and the courage to do it.
Here's the question(s). Is anyone out there? Is anyone reading this? Does it matter to you? Are you going to do anything about your situation based upon the things I have been saying?
Let me just give you a little snippet of what I am thinking about that should matter.
For years I have been writing about changes I see coming to IRA's and retirement plans that will have a significant impact on your future.
The president's proposed budget has some pretty striking provisions that will dramatically effect your retirement such as limiting the amount of money you can save or how much income you will be allowed to take in retirement.
Sen. Harkin's proposal promoting "USA", a, "Universal, Secure and Adaptable", privately run retirement system for older Americans. (Trust me- it's anything but privately run.) He is retiring in 2014 and wants to push for adoption prior to his departure. It has some interesting things like it should be universal and automatic, a shared responsibility between you, employers and the government, a pooled and professionally managed approach to managing YOUR money, (translate Retirement Plan Czar), a lifetime benefit or payment stream.
The Consumer Financial Protection Bureau and Richard Corday's seeking of a legal opinion that would give them authority over how your IRA or Pension Plan is invested.
The president wants to limit how much you can withdraw from an IRA or retirement plan. A limitation that by it's nature would control how much you are able to accumulate or save. If interest rates and or investment returns go up then the amount you are allowed to accumulate would decline. And heaven forbid you do a good job of investing your account and making it grow too much, for surely you will be penalized.
Sen. Harkin's proposoal makes me laugh and scares the heck out of me all at once. It makes me laugh because they call it privately run. That's like saying the Affordable Care Act is privately run. Can you imagine the government having to create another website capable of handling every single working American so they can be enrolled in a universal retirement plan system? How well do you think that is going to interface with employers when it comes time for mandatory contributions! Who gets the job as the new retirement plan Czar? They want to invest it all in treasuries anyway, it's the only way to do the job with the "least risk and in the most cost effective way" in their eyes. Besides they want to pay the money out over your designated lifetime, which is a fancy way of saying a lifetime annuity that will be funded with treasuries. (Download here: USA Proposal)
The CFPB was created under the Dodd Frank act and has very little accountability or oversight. Seriously, this agency should really, really scare you. Check out our company Facebook page if you want to know more about them and their mission. Ostensibly they want control over your retirement plan for your own good. They know how to manage it better than you do. (Once again this is just another shill for the purchase of treasuries.)
These are just a few of the proposals you should be watching. There are others on the table that are equally frightening. Want a copy? Just let me know.
"Liberate Your IRA"
Feel free to contact me if you would like to learn more about how you can move your IRA or pension plan offshore. You can do some amazing things like investing in your own Gold Offshore Secret Weapon, just like Batman with a self-directed IRA or pension plan through Sovereign International Pension Services.