As National Debt Goes Up, Protect Yourself
In the New York Times, Robert Bixby, executive director of the Concord Coalition, a nonpartisan group that advocates lower deficits on government debt, was recently quoted as saying, “The government is on teaser rates. We’re taking out a huge mortgage right now, but we won’t feel the pain until later.”
With a mushrooming national debt-close to $13 trillion by years’ end-and relatively low interest rates on that debt, the government has been behaving like many of its much-maligned citizens. It’s been racking up debt with the attitude that somehow, someday, it’ll figure out how to fix the mess it’s making.
Well, guess who the government will be turning to fix its mess. That’s right, us. The only way the government can generate more revenue to pay down its deficit is to: 1) print more money (which causes inflation), or 2) raise taxes.
It doesn’t take a degree in finance (or a crystal ball, for that matter) to know that the government will likely raise taxes-significantly-in coming years. So it behooves all of us to find tax-advantaged ways to save for retirement so that we can enjoy the fruits of our labors, rather than handing most of our harvest over to Uncle Sam.
Maximum-funded, tax-advantaged insurance contracts are the only savings accumulation vehicles where your money: 1) accumulates tax-free; 2) can be withdrawn tax-free (even before age 59 ? – without penalty); and 3) transfers to your heirs income tax-free when you pass away.
If you’ve already invested your serious money in traditional plans such as 401(k)s or IRAs, it’s possible to implement a strategic roll-out to reposition your money in MFTA insurance contracts. And with the likelihood of soaring taxes in the future, the sooner you do it, the more you can save.
Find out how to protect yourself and your money by contacting me.
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always open to new information (new to me)-will look forward to future posts