USA retirement accounts are a trap, so are the tax retirement accounts of many other countries. Your money is highly visible and accessible to deficit gushing governments. I stopped contributing to my account about two years ago. I believe that what is happening in Europe will happen in the USA. I think that the federal government will offer a government annuity (a new promise for a broken Social Security promise). Don’t be fooled. Save your money and start your own business with the capital. Run a successful business that serves clients needs and you will have a comfortable retirement.
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A friend wrote the following today.
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…So a while back I was explaining why I’m less excited about “tax sheltered retirement plants” Reasons were:
– Creatures of the tax code, advantage can evaporate at the stroke of a pen
– Users typically left with lackluster choices for investments (usually a smattering of expensive, mediocre funds, in US markets, of course)
– You can’t get your money out if you really need it, in most cases, until 60+
I also invoked the worst-case prospect, that the government just seizes it from you to make up deficits. Argentina did this fairly recently. Seems we have some more examples:
Chasing “tax advantaged savings” doesn’t look so hot when it’s easy pickings for thieves.
Corroborating link for Hungary:
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Be seeing you!
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