, 6 reasons your 401(k) is a SCAM

Hi ,

I'm going to make a very bold statement that's sure to get me some nasty blowback. But as a financial investigator who's exposed the truth about the conventional financial wisdom, I'm used to that, so here goes...

401(k)s are a scam. Want proof?

Here Are Six Reasons Why 401(k)s Are a Scam...

Reason #1: The Tax-Deferral Scam

In our immediate-gratification society, deferring your taxes by funding your 401(k) sounds so good.

But let me ask you a question: Can you tell me what your tax rate will be 20 or 30 years from now?

I didn't think so, but I'm willing to bet you believe tax rates can only go up over the long term. Given our country's skyrocketing debt, aging demographics and a Congress that can't seem to stop spending like drunken sailors, how could taxes go anywhere but UP?

Oops! That destroys the whole "tax-deferral" argument.

Reason #2: The "Free Money" Scam

Who doesn't love getting "free money" in the form of the 401(k) employer match? Do you really believe your employer is giving you something for nothing? (If you believe that, I've got a Rolex watch I'll sell you for $10.)

The Center for Retirement Research did a study based on tax data and found that for every dollar an employer contributes to your 401(k) match, they pay 90 to 99 cents less salary on average. Whoa! Doesn't sound like such a good deal now, does it?

Plus, you don't even get all of the employer match during the first 4-6 years you work for the company – you need to be "vested" first.

But according to the Bureau of Labor Statistics, the average time a person stays on the job is only 4.1 years, and less than 3 years for younger people.

And during the pandemic, many companies suspended their 401(k) match altogether. Why? Because they can!

Oops! There goes the employer match "carrot."

Reason #3: Fees that Devour Your Hard-Earned Money

In spite of the rules passed a few years ago requiring better 401(k) fee disclosure, surveys show most participants still have NO clue how much they're actually paying.

But according to Brightscope, participants in small plans pay between 1.5% and 2% in fees annually, and participants in large plans pay nearly 1% per year. If those fees sound like "small change" to you, then here's a wake-up call: Fees of only 1% per year can slash the value of your savings by 28% over the next 35 years, according to the Department of Labor.

Poof! There goes nearly one-third or more of your hard-earned dollars. I can assure you somebody is getting rich on this, but it's not you!

Reason #4: Funding a 401(k) is Like Putting Your Money in Prison

It's like a trade with the devil: Give me all your savings in return for tax-deferral (a scam as we've seen) and an employer match (another scam), and I'll keep it under lock and key for you until you're 59.5 years old.

You have to beg for permission to use your own money! There are all kinds of restrictions and penalties for accessing your own money.

Reason #5: The Myth of Market Returns

You're told that over the long term, you can do well in the stock market. But over the last 30 years, the typical asset allocation investor had essentially no growth, after taking inflation into account. And fixed income investors actually lost ground even before factoring in inflation. (Source: DALBAR study)

Yet Wall Street has brainwashed us into believing we have to risk our money in order to get any kind of decent returns. And so we continue to blindly fund our 401(k)s like lemmings following each other off a cliff.

My investigation into more than 450 different financial products and strategies revealed you don't have to risk your money to get a decent return. And you can reach your financial goals and dreams without taking any unnecessary risk.

Request a free Bank On Yourself Analysis here, if you haven't already, to find out how you could benefit from a custom-tailored plan:

Reason #6: After Decades of Being Lab Rats in the Great 401(k) Experiment, Most Pre-Retirees Still Don't Have Even Close to Enough Saved

Even the "father" of the 401(k), Ted Benna, has called it an "out of control monster" that should be blown up. (He says he now puts most of his own money into Bank On Yourself-type plans.)

How much more evidence do we need that 401(k)s are not the solution they're touted to be? The more accurate name for a 401(k) is a "hope and pray plan."

So are there any good alternatives to the 401(k)? The answer is YES, but of course you won't hear about it from Wall Street.

Here Are 8 Reasons Bank On Yourself Makes an Excellent Alternative to Conventional Retirement Plans...

1. Guaranteed, predictable growth and retirement income – with no luck, skill, or guesswork required.

2. No volatility. Your policy doesn't go backward when the markets tumble. Your principal and growth are locked in. It's not subject to market risks.

3. You're in control. You have control of your money without government penalties or restrictions on how much income you can take or when you can take it.

4. Tax advantages. You can access your principal and growth with no taxes due, under current tax law. This avoids nasty tax surprises down the road.

5. Liquidity. Your cash value can easily and immediately be tapped for any purpose at all, and your policy can continue growing as though you never touched a dime of it.

6. Fees don't compound against you. Studies show that the fees in traditional retirement plans can consume as much as one-third to one-half of your savings over time. With a Bank On Yourself policy, all fees have already been deducted from the bottom-line numbers and results you'll get.

You can easily find out what your bottom-line numbers and results could be BEFORE you decide whether to add the Bank On Yourself method to your financial plan. Just request your free Analysis, if you haven't already.

Take the first step to a lifetime of financial security right now, while you're thinking of it:

7. Income tax-free legacy. The Bank On Yourself strategy includes a death benefit that is likely to be many times larger than the total amount you've paid into your policy. This passes to your loved ones and/or favorite charities income tax-free and without going through probate. If you die prematurely, the death benefit allows your retirement savings strategy to finish funding itself. That won't happen with traditional retirement plans.

8. Peace of mind. Perhaps the best reason of all: You'll know the minimum guaranteed value of your policy on the day you plan to tap into it – and at every point along the way!

So request your free Analysis here now.

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