The Wealth Without Wall Street Podcast

BYOB Book Review Part 13 | The Retirement Trap!

Aug 15, 2023

The hosts discuss the drawbacks of traditional retirement planning, including little money left to save. They explore the retirement trap, critique flaws in retirement systems, and emphasize income generation through value creation. They address concerns about taxing whole life insurance and potential pitfalls of self-directed IRAs. Joining the IBC inner circle provides access to valuable information and emphasizes taking control of your own money. The dangers of government-sponsored schemes like pension plans and IRAs are discussed, along with the negative effects of retirement on longevity.

38:33

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Quick takeaways

Retirement is a man-made concept that contradicts the principle of serving others, and its origins can be traced back to the socialist movement in Germany.

Tax-deferred retirement strategies like 401(k)s and IRAs may not result in greater wealth accumulation due to the potential for manipulation, taxation, and limited control over government-controlled money.

Deep dives

Retirement Trap: The Flaws of Traditional Retirement

In this podcast episode, the speaker discusses the flaws of traditional retirement planning. Retirement is viewed as a man-made concept that goes against the principle of serving others. The origins of retirement can be traced back to the socialist movement in Germany, which aimed to remove older individuals from the workforce. The speaker highlights how retirement can lead to negative consequences, including a decline in health and increased mortality rates. Additionally, the speaker examines the dangers of relying on government-sponsored programs like Social Security, which are not based on charitable acts but forced contributions. The podcast emphasizes the importance of avoiding government-controlled systems and highlights the significance of financial independence.

Introduction

3min

The Retirement Trap: Understanding the Origins and Flaws

17min

National Debt, Infinite Banking, and Concerns about Taxing Whole Life Insurance

3min

The Potential Flaw with Self-Directed IRAs and Building Rental Portfolios

4min

Join the IBC Inner Circle and Take Control of Your Money

2min

The Dangers of Government-Sponsored Schemes

11min

Saving for retirement can be a challenging task. It is difficult enough for some people to cover their living expenses, and there's little to no money left to put aside for retirement. For others, the challenges include figuring out how much to save and where to put the money so it earns high interest. Hence, many have resorted to traditional retirement plans like 401(k)s and IRAs. But is this really the path to enjoying life after you stop working, or have you fallen for the retirement trap? What options do you have?

In response to the requests to bring back the BYOB series, Russ and Joey continue their book review, and today they discuss a topic that every working person should pay attention to–the retirement trap!

This episode is Part 13 of an 18-Part Series.

Top 3 Things You’ll Learn:

What is retirement, and why is it the opposite of what we really want?
How some financial and tax advisors leave some of the most important information out of their calculations
What others have been doing to avoid the retirement trap

About R. Nelson Nash:

R. Nelson Nash (1931 - 2019) wrote the book Becoming Your Own Banker that unfolded The Infinite Banking Concept (IBC). He came up with the idea of IBC in the early 1980s when he was struggling with high-interest rates on commercial bank loans. Today, many people continue to benefit from using IBC as a tool to achieve financial freedom.

Join the Inner Circle Live: August 25-27, 2023

https://go.wealthwithoutwallstreet.com/innercirclelive-2

Promo Code: PODCAST

Free Financial Strategy Call:

https://www.wealthwithoutwallstreet.com/freecall

Becoming Your Own Banker by R. Nelson Nash:

https://www.wealthwithoutwallstreet.com/ibcbook

Nelson Nash Institute:

https://infinitebanking.org/

The Pension Idea - A 1950 classic by Paul Poirot:

https://infinitebanking.org/product/the-pension-idea-copy/

The Infinite Banking Concept Explained by a CFP: