Ted Benna says ERISA/PBGC – not the 401k – killed pension plans and that pensions no longer make sense given our current job-hopping demographics. He also says a lot more in this must read interview.
Tag "Child IRA"
“Nothing is more in the best interest of the child. The judicious carrot of spending, when managed properly, actually instills a strong sense of and desire to save and, ironically, not spend.”
“Millennials seek instant gratification. Putting money away today to live off of forty years from now isn’t nearly as sexy as a trip to Thailand with your girlfriends or tickets to the World Series. I’m not saying there’s anything wrong with that, but you’ve got to strike a balance between today and tomorrow.”
“…just in case the politicians fail to act and have to scale back the [Social Security] promise, wouldn’t “middle class millionaire” status be a great gift of financial independence?”
“The SEC systematically failed to enforce for the past two decades, and now the DOL has by necessity forced the issue.”
The Child IRA is not only a great idea, it’s an active strategy being used by professionals right now.
Current or prospective parents and grandparents may be interested in looking into child modeling as a way for their children and grandchildren to generate the earnings necessary to take advantage of The Child IRA.
How $1,000 a year through the end of high school can give a newborn baby at $2.25 million head start to living a comfortable retirement!
Here’s the raw, uncut interview with the straight talking industry giant who was on to “fiduciary” before we even knew what it was.
Would a “Child IRA” be more successful with an associated government matching program?
