Wealth accumulation is an important component of a financial plan; however, the size of your 401k account, stock portfolio or defined benefit plan, the balance of your accounts can overshadow what is most important - The income they can provide. As you prepare for the sale of your business or retirement, the question you should be asking is, "what will my income be and will I be able to preserve my lifestyle? "You can retire or sell your business with your lifestyle intact. Don't settle for inaccurate and incomplete information from Financial Entertainers. There is a better way!
In this episode, we discuss the conspiracy theory that says the government is coming after our retirement accounts. Backers of this idea suggest that when President Obama introduced the MyRA plan in his state of the union address in 2014, he was setting the stage for the complete nationalization of the retirement system.
Is is possible that the US government could seek to take over the trillions of dollars in the retirement system someday? Maybe but not likely. Rather than see this as a conspiracy, we see it as a good sign. The first step to fixing a problem is admiting that one has a problem. We have a retirement income crisis in America and the MyRA is a good first step in admiting there is a disasterous retirement income problem.
Like the common advice offered by Wall Street and contemporary financial advisors, the President's plan falls short. President Obama's plan fails to address the retirement income problem. His plan calls for more savings with no mention of how people will turn those savings into lifestyle cash flow.