Comments on: The govt. wants your 401(k) plan

By: Willard R Brumbaugh, LUTCF

Willard R Brumbaugh, LUTCF — Sun, 13 Aug 2017 00:15:24 +0000

Thank you, Uncle Rick.

Two books written by Pamela Yellen explain the same concept as Nelson Nash, but with a super-charged variation. This is described in “The Bank On Yourself Revolution.

It also describes what I have been explaining for years before I had heard of her.

You may be interested in a report that I have linked to my website: http://www.brumbaughinsuranceannuityagency.com. As of today August 12, 2017, there are a few fixes I need to make. On page 44, the name should have been Ted Benna.

By: Uncle Rick

Uncle Rick — Mon, 14 Oct 2013 18:09:16 +0000

In reply to Non Partisan Patriot.

Non Partison,

Willard is right. Please note that he said “those who fully understand life insurance products”. Read “Becoming Your Own Banker” for details. It’s not what most people expect.

By: Uncle Rick

Uncle Rick — Mon, 14 Oct 2013 18:07:42 +0000

Doesn’t anyone — especially SkippingDog — see that these discussions are missing the most basic, crucial points?

If I work and earn money, whose money is it? Mine, of course. Does any person have the legitimate, natural right — call it ‘power’ — to take any portion of my money from me by force? Certainly not; that’s theft.

So, can any such person delegate or hire another to take my money? No, that’s still theft.

So, can the state take my money by force, for ‘the common good’, without committing theft? Not really, in most cases. All the state’s powers are delegated to it by the people. Since the people (notionally the total of all persons) do not have that power, they cannot delegate it to the state.

That doesn’t mean that all taxes are a form of theft; we need the state for certain tasks and we therefore need to fund it accordingly. But the need of the state for funds does not legitimize all means of acquiring them nor all sources from which they may be acquired.

These matters must be addressed and settled without violating fundamental principles before proceeding, yet no effort has ever been made to do this. We all seem to assume that the state (most people erroneously say ‘government’) has essentially unlimited authority to take from us whatsoever the agents of the state choose to take, and the only thing to be settled is what the people will tolerate.

I doubt that one person in ten thousand can state, in a simple declarative sentence, the fundamental principle of taxation in a free republic.

By: Non Partisan Patriot

Non Partisan Patriot — Mon, 07 Oct 2013 19:37:41 +0000

Willard, what you protect from the federal government in life insurance policies, you pay to the insurance companies.

By: Willard R. Brumbaugh,LUTCF

Willard R. Brumbaugh,LUTCF — Wed, 15 May 2013 13:00:33 +0000

This may appear to be self-serving, but a viable alternative as a ‘safe harbor’ from Federal confiscation is properly designed life insurance. It is well-demonstrated by those who fully understand life insurance products that these can net out a higher after-tax yield than Qualified Plans.

By: Ridge Runner

Ridge Runner — Mon, 08 Apr 2013 00:36:44 +0000

I’m considering dumping out my 401k. Screw those pirates. I stopped putting money in my 401k and use the funds to purchase rare coins. Not for gold and silver value but for antiquity value. I refuse to give them anymore of my money.

By: Sean Morham

Sean Morham — Sat, 01 Dec 2012 17:55:40 +0000

I can see California going after no state income tax on 401k contributions, at least on the private sector employees. It is a great idea, just transfer the money to Calpers and Calstrs. I should be a representative in Sacramento.
Gotta grab what you can.

By: matt

matt — Sat, 01 Dec 2012 15:37:14 +0000

They don’t have to outright confiscate the money! They just have to wait for a market crash and then “save retirement” by forcing us to buy “safe” heavily watered-down treasury bonds. This will allow the government to kick the can for another 4 or so years. It will look like you still own something in your account…but you don’t.

By: SkippingDog

SkippingDog — Sat, 01 Dec 2012 10:21:37 +0000

Nobody is trying to take your 457 or my 401, SeeSaw. The only thing even being discussed now is either reducing or eliminating the tax deduction we get for our contributions. Unless you’re working, you’re not making any 457 contributions and are paying taxes on the distributions you receive anyway.

I’m perfectly willing to pay taxes on the contributions I’m making to my 401k, and understand that the only taxes I’ll owe later will be those on the accrued interest I receive with my distributions when they eventually start.

By: SeeSaw

SeeSaw — Sat, 01 Dec 2012 06:07:54 +0000

You should be ashamed to print such junk. I have a 457(b) that has been feeding me every month for the last five years. It is there until I have drawn it all out–I pay taxes on the amount I receive every year. The government is not going to lay a hand on it!