What protection does your state offer you on your 401(k)?
Or that 403(b)? OR IRA?
If you don’t know the answer, let us give it to you right here, right now.
Meaning, your soon-to-be-taxed-into-poverty retirement plan can be subject to litigation. Forget about ANY legalities retirement accounts may or may not have, FOCUS on the amount of money you’ll burn hiring an attorney to actually DEFEND any frivolous lawsuit. Where will THAT money come from?
Yup. You guessed it. A loan from your retirement plan. And it will continue until that account is DRAINED. Taxation will now bankrupt you. See, the gains you made then borrowed? THOSE are taxable. Whether or not you even have them anymore. Your silent partner Uncle Sam is getting his share, make no mistake about it.
So now look at where you are. No more money in your retirement account AND taxes due on the money the account made that you no longer have!
And, you’re 61 years old. Retirement has just vanished…
What are the thoughts taking up all your waking and sleeping (or loss of sleeping) hours? Vacations? Retirement? Spending money on grandchildren? Gone. Never. And long gone.
You’ll be working until the day you can’t or die.
All because you bought into the government sponsored retirement programs.
You just saw the very real possibility of your future.
Approximately 40,000 law students graduate each year. That’s potentially 40,000 more frivolous lawsuits looking to be filed with no more reason than to rack up billable hours.
Will you be broke or rich?