Many years ago, companies offered pension plans. Then, somehow it was decided that it was better for us to have our own “personal” 401(k) and IRA pension funds.
And for years we were told to set just aside 10% of our salary for retirement, let the banks and Wall Street manage our funds, and watch it grow!
Unfortunately, most of us didn’t seem to become as wealthy as we thought. What happened?
The media told us that this was all due to the fact that –
- The stock market crashed
But the media failed to tell us that there were many more additional reasons why our wealth has disappeared in the last few years.
Frankly, we have been robbed!
According to Salon magazine
- Those with greatest wealth have received over 90% of the new wealth in the last few years, while thanks to new tax regulations they have been paying less and less. On the other hand, the middle class is short about $7 trillion in retirement funds.
- The average amount of money saved for retirement is only about $6,500 for those between 50 to 64 years old.
- Over 93% of us have had zero wealth growth in the last few years.
- Corporate tax subsidies are twice the cost of pensions.
- Banks have taken 40% of every 401(k) plan in charges.
- Trillions of dollars in tax are avoided yearly by wealthy individuals and corporations – over double the cost of Social Security alone.
- Corporations (and governments) right and left have failed to pay pensions as promised.
So we can wring our hands, vote the rascals out, and write to our congressmen and women. But the system will not be changed for years – if ever. There is something we can do NOW.
I suggest that you take control of your pension and figure out how you can start your own retirement business and forget about letting the banks manage your money.
(see my other article on title “Investing in the Stock Market is a Scam” too.
Check out this link for more ideas. Hundreds of Retirement Business Ideas.
For more information check out my books