| It's that time of the year again when most people's | | | | Yourself plan will pass on to your loved ones or |
| thoughts are focused on one of our least favorite | | | | favorite charities income-tax free, under current tax |
| topics – taxes. | | | | law. That will typically be an amount many times |
| | | | | greater than the current value of your plan. |
| That's why I thought you might appreciate a little relief | | | | |
| – both comic and financial. (Bank On Yourself has | | | | 3. Bank On Yourself gives parents of college-bound |
| numerous tax advantages I'll explain in a moment.) | | | | children an edge, too: The equity in your plan does |
| | | | | not count against you for the purposes of judging |
| Let's start with the comic relief first – a few | | | | whether you qualify for college financial aid or |
| snippets of advice and wisdom from humorist Dave | | | | scholarships. The same amount of assets in regular |
| Barry: | | | | savings accounts, 529 plans, UGMA accounts, stock |
| | | | | market accounts or real estate could make your |
| Question: Tax day is here. Is it too late to save on | | | | youngster ineligible. |
| our tax returns? If not, what can still be done? | | | | |
| | | | | 4. The income you take from a Bank On Yourself |
| Answer: The key is to avoid common taxpayer | | | | plan is not considered "ordinary income," and thus does |
| mistakes, such as letting the IRS know how much | | | | not count against your Social Security and overall |
| money you made, what your name is, or where you | | | | taxes. |
| live. | | | | |
| | | | | 5. If you're a business owner or professional, you |
| Question: Some people consider playing lotteries a | | | | may be able to finance business equipment and cars |
| key part of a financial plan. What's your view? | | | | using a Bank On Yourself plan, and get a tax write-off |
| | | | | for the interest and depreciation (consult a Bank On |
| Answer: People who buy Lotto tickets at least have | | | | Yourself Authorized Advisor and professional tax |
| some slim hope of winning, unlike people who, for | | | | advisor first). |
| example, invest in stocks. | | | | |
| | | | | 6. There are also tax write-offs if you use the equity |
| Question: You describe saving for retirement as | | | | in your plan to invest elsewhere. |
| challenging but essential. How can we ensure our | | | | |
| golden years will pass comfortably? | | | | Perhaps You're Wondering if Bank On Yourself Would |
| | | | | Still bean Effective Strategy if the Tax Laws |
| Answer: The key to eliminating retirement uncertainty | | | | Changed? |
| is to plan carefully, save as much as possible, invest | | | | |
| wisely, and then, at age 65, get hit by a bus. | | | | The answer is a resounding "yes." |
| | | | | |
| Of course, Bank On Yourself is a safe and proven | | | | Here's why… |
| 100-year-old method of building your nest egg | | | | |
| predictably, and without the nail biting and sleepless | | | | The beauty of Bank On Yourself is that it stands on its |
| nights of stocks, real estate and other investments. | | | | own. Even if the tax laws were to change and all |
| | | | | the tax benefits I just told you about disappeared, this |
| Beats the heck out of Dave Barry's suggested | | | | strategy would STILL give you MANY other |
| retirement plan, don't you think? (Strange thing – | | | | advantages, including: |
| one person actually DID write me to tell me he thought | | | | |
| his only hope was making sure he died before he ran | | | | 1. Neither your principal nor your gains are lost when |
| out of dough.) | | | | the market crashes. That's why not one of more |
| | | | | than 100,000 people who use Bank On Yourself has |
| It's Been Said There are Only Two Things that | | | | lost a single penny in their plans. In fact, their plans |
| Are Certain in Life: Death and Taxes | | | | have continued to grow – safely and predictably. |
| | | | | |
| But what they DON'T mention is that, according to | | | | 2. You can use Bank On Yourself to recapture |
| Judge Learned Hand (US Court of Appeals): | | | | every penny you pay for your cars, vacations, |
| | | | | business equipment, a college education and other |
| "There are TWO systems of taxation in our country | | | | major purchases! |
| – one for the informed and one for the | | | | |
| UNinformed." | | | | 3. You could recapture tens or even hundreds of |
| | | | | thousands of dollars of interest you would otherwise |
| I'm going to "spill the beans" here, so you can join the | | | | pay to banks and financial institutions over your lifetime. |
| ranks of the informed. (To make my stuffy | | | | |
| attorneys happy, let me remind you I am not an | | | | 4. You could spend or invest your money, and still |
| accountant or CPA. I have, however, done extensive | | | | have it working for you, growing as though you never |
| research into this topic and verified the details with | | | | touched a dime of it. (Note – only a few companies |
| several CPAs.) | | | | offer this benefit and meet all the other qualifications |
| | | | | that make your plan grow fast, while giving you |
| According to current tax laws, there are MANY | | | | flexibility.) |
| advantages to Bank On Yourself that most people | | | | |
| aren't aware of, including: | | | | 5. Your plan grows by a guaranteed amount every |
| | | | | year. This growth is not only guaranteed, it's |
| 1. You get back every penny of capital you put in | | | | exponential, meaning it gets better every year simply |
| – tax-free AND you can also access the growth in | | | | because you stuck with it, rather than jumping from |
| a Bank On Yourself plan with little or no tax | | | | one investment, stock or mutual fund to another. |
| consequences, if you do it correctly. (Caution: Don't | | | | |
| do this without the guidance of a trained, | | | | 6. You could predict the minimum income you can |
| knowledgeable advisor, or you may end up losing | | | | take from your plan in retirement each year, and for |
| these benefits.) | | | | how long you'll be able to take it. |
| | | | | |
| Contrast this with tax-deferred 401(k)s and traditional | | | | 7. You can move closer to your financial goals and |
| "qualified" pension and retirement plans (not including | | | | dreams every year, with no skill, luck or guesswork |
| Roth plans). All of the distributions you take are | | | | required to do so. It's the ultimate financial security |
| taxable. And, if your plan grows as you had hoped, | | | | blanket in both good times and bad. |
| you'll be paying taxes on a MUCH larger number! | | | | |
| | | | | There Are Many Other Advantages and |
| What Direction Do You Think Tax Rates | | | | Benefits of Bank On Yourself I Haven't Mentioned |
| Will Go Over the Long Term? | | | | |
| | | | | Which brings me to an important point. Frustrated by |
| If you answered "down," I've got a Rolex watch I'll sell | | | | all the ignorance and misinformation out there about |
| you for ten bucks. Given our country's staggering | | | | Bank On Yourself, I rolled out a "Challenge." It's very |
| budget deficit, aging demographics, skyrocketing | | | | simple: I will pay $100,000 to the first person to show |
| medical expenses, and the impending bankruptcies of | | | | they use a different financial product or strategy that |
| Social Security and Medicare, most experts are | | | | can match or beat Bank On Yourself. |
| predicting taxes can only go up. | | | | |
| | | | | If you're still skeptical, I encourage you to take the |
| Keep in mind that if you are in the 32% tax bracket, | | | | Challenge and compare your BEST saving or investing |
| you'd need to pull out $147,058 each year from a | | | | strategy against the 18 key advantages and |
| tax-deferred retirement plan, in order to equal $100,000 | | | | guarantees of Bank On Yourself at: |
| you take from a Bank On Yourself plan. | | | | |
| | | | | |
| 2. When you pass on, the beneficiary of your | | | | So, while the conventional wisdom may say the only |
| traditional retirement plan will have to pay income | | | | two things certain in life are death and taxes, Bank On |
| taxes on the money they receive (exception: | | | | Yourself can help you with both. |
| "stretch" IRAs). However, the full value of a Bank On | | | | |