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Business/Finance
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Title: Forensic Accountant Warns: "Shut your bank account, usse this instead"
Source: [None]
URL Source: [None]
Published: Oct 11, 2015
Author: Tim Mittelstaedt
Post Date: 2015-10-11 09:24:04 by BTP Holdings
Keywords: None
Views: 204
Comments: 4

Former forensic accountant at America’s third-largest banking group, Tom Dyson has just written a new book that your banker is praying you’ll never read...

It’s called: The 702(j) Retirement Plan: How to Fund Your Own Worry-Free, 100% Tax-Free Retirement.

And it details the findings from a 12-month investigation into President Ronald Reagan’s secret alternative "retirement income plan"... A strategy that’s unconnected to the government, yet may pay you almost two times more than Social Security... And unlike Social Security, it will never run out of money...

This book is not available on Amazon. You can’t buy it on eBay. And you’ll never see it in bookstores.

However, Tom has agreed to send a free preview copy to anyone with a U.S. mailing address who would like to read it.

And if you’re one of the first 1,000 people to respond today, Tom won’t charge you a penny for the book.

Here’s why you want to claim your free copy today...

•On page 32, you’ll discover how you can use the same sneaky tricks the banks use to earn invisible, tax-free income (that the IRS can’t see or touch!)

•On page 10, you’ll learn the safest place to store your cash in America today—not a bank, not a safe. Out of reach of the government, creditors, even a divorce suit

•On page 8, you’ll discover why Vice President Joe Biden, presidential candidate Hillary Clinton, Senator John McCain, and at least 54 other elected officials have secretly shifted a portion of their wealth out of traditional banks and into this "702(j) Retirement Income Plan"... without telling the American public why we should do the same

•On pages 108-115, you’ll read about the little-known IRS-approved method that may allow you to collect an extra $4,098 per month on top of any other income you may currently receive, starting right now, and continuing into your retirement.

And that’s only the beginning of what you’ll see in this book!

Simply click here now, and be one of the first 1,000 to claim your free copy of The 702(j) Retirement Plan. (This book is not available anywhere else. Limited supply available.)

if.inboxfirst.com/ga/clic...926-b0a7f64c41-9f84039d64

Good investing,

Tim Mittelstaedt

Editorial Director, Palm Beach Research Group

Post Comment   Private Reply   Ignore Thread  

#1. To: BTP Holdings (#0)

from csmonitor -

In fact, it isn’t a retirement account at all; it’s a life insurance policy. The name, like IRA or 401(k), comes from a section of the Internal Revenue Code — in this case section 7702, a portion that regulates life insurance contracts. The intention, it seems, is to put a tax-code name on a permanent life insurance policy in an effort to associate it with retirement plans. Understand permanent life insurance

Permanent life insurance policies are designed to provide coverage for the rest of your life, and also contain a cash value component. Part of your premiums go to this account. Over time, the cash value account builds up, and you can borrow against it.

A 702 is sold as a permanent life insurance policy that you overfund by paying higher than normal premiums, more than is necessary to keep it in force. You then borrow from the policy’s cash value during retirement, paying no taxes because such loans are tax-free. That’s why those who sell 7702s tout them as a way toward a tax-free retirement: The loans generally do not need to be paid back while the policyholder is alive. They’re repaid out of the death benefit after the policyholder dies. Evaluate the risks

But taxes shouldn’t be your only consideration when retirement planning. “It’s important to evaluate this or any retirement savings option in the context of your overall situation, rather than just fixate on the potential tax savings,” says Roger Wohlner, an independent financial advisor and blogger.

“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken

Lod  posted on  2015-10-11   11:19:17 ET  Reply   Trace   Private Reply  

But taxes shouldn’t be your only consideration when retirement planning. “It’s important to evaluate this or any retirement savings option in the context of your overall situation, rather than just fixate on the potential tax savings,” says Roger Wohlner, an independent financial advisor and blogger.

You're right about this, Lod. It is not a good deal.

First, I have to get rid of my payee. She has already screwed me over big time by paying taxes that have already been paid by "Assignment of Account". She claims that "account" is fictitious. It is not, everyone has one, and your Social Security Number is a part of it.

And now, she has paid my (unlawful) Federal income taxes. How do I know they are "unlawful"? I was a member of Sav-A-Patriot Fellowship 10 years ago when I lived in Lebanon and drove a truck for IWX out of Springfield. There IS NO LAW that says you owe the personal income tax. But, the IRS uses intimidation, coercion, liens and other threats to collect those monies.

I used to have money in my pocket, and even some cash stashed at home. Now, I am virtually broke. ;)

"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke

BTP Holdings  posted on  2015-10-11   11:57:59 ET  Reply   Trace   Private Reply  

This "702 or 7702" stuff comes around from time to time; if it's just over-paying for a whole life policy, it's one of the worst financial ideas of all.

Good luck with sorting things out with your payee.

“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken

Lod  posted on  2015-10-11   12:04:25 ET  Reply   Trace   Private Reply  

Good luck with sorting things out with your payee.

Thanks, I'll need it. ;)

"When bad men combine, the good must associate; else they will fall, one by one." Edmund Burke

BTP Holdings  posted on  2015-10-11   12:08:20 ET  Reply   Trace   Private Reply  

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