Saturday, April 26, 2014

THINK $1 MILLION IS ENOUGH FOR RETIREMENT? YOU’RE WRONG.

A million dollars…
Wow, seems like a lot of money doesn’t it?
Everybody would love to become a millionaire, retire without a worry and spend the rest of your days on earth having fun….
There’s just one major problem: $1 million dollars is the new middle-class. Do you have it in an IRA? Well, the government might be interested in confiscated it. In a domestic bank account? Well, legislation has been written legalizing a possible future bail-in. Some of the retirement money sitting in your account could be shaven drastically. That’s what has happened in Cyprus. How about a devaluation? That’s what the people of Ukraine are suffering through as I write.
In 1953 the movie “How to Marry a Millionaire” was out in theaters. $1 million back then bought the equivalent of $8.7 million today (based on manipulated government numbers, which means it actually buys much less). $1 million won’t even buy an average apartment in Manhattan today!
Why isn’t $1 million worth that much anymore? Inflation. The Federal Reserve is printing billions of dollars every single month! Ultra low interest rates in bond markets have also contributed.
Unfortunately for US citizens, they will be the victims of a crisis which is only going to get much, much worse. People don’t have the money to start saving in the first place. They’re too busy keeping up with an extravagant and over-inflated lifestyle, taxes, fines and what have you not. On top of that, the United States has chosen a geo-political strategy that has led the rest of the world want off the US dollar. They don’t want to use it anymore. China is buying lots of gold. Russia is threatening to abandon the dollar altogether.
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