As you are probably aware, traditional financial planning tells you of three sources from which you could generate passive income when you could no longer generate active income for yourself: 1) a pension or defined benefit plan, 2) social security and 3) a defined contribution plan (a 401(k), 403(b) or IRA).
Since the late 1970s, Wall Street and the banking industry lobbied the government for the institution of defined contribution plans or qualified plans at the expense of defined benefit plans or pensions. Employers immediately embraced qualified plans instead of pensions since the risks and responsibilities of the plans were transferred from them(with pensions) to the employees (with qualified plans). Congress essentially gave Wall Street and the banking industry a captive audience. Pensions have practically disappeared as a source of income at retirement.
The financial health of the social security fund is in question and by many accounts, it is expected to be exhausted by 2034.
We have discussed in previous blogs the numerous pitfalls of qualified plans. So, where do all of these leave us? Well, if we are willing to consider a paradigm shift and think outside the box, the Infinite Banking Concept allows us to:
Make contributions that are not limited in size by the government.
Make contributions that grow tax-free at a rate of 5% a year or higher.
Obtain a tax-free retirement income.
Have guaranteed access to financing with no questions asked.
Have cash values guaranteed to always increase (no down years) while being independent of the stock market.
Leave a legacy to our loved ones.
Obtain asset protection in most states.
Always have cash available for investment opportunities.
If you would like to learn how you can grow a substantial amount of cash that you have access to at any time without penalties, is unrelated to the stock market, and will generate income that is not included in your tax return, visit our website at http://InfiniteBankingSimplified.com or feel free to email us your questions at ContactUs@InfiniteBankingSimplified.com or call us toll-free at 1-844-443-8422.