5 Retirement Plan Traps & How to Avoid Them

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retirement plan traps

Median retirement savings for American workers are about $50,000, according to a recent Transamerica study — an amount the average retiree household will spend in less than one year. Financial security expert and two-time New York Times best-selling author Pamela Yellen discusses five wealth-killing traps of conventional retirement plans and how to avoid them. 

Solutions for Americans’ Shockingly Low Retirement Savings

Pamela just published her new book titled “Rescue Your Retirement: Five Wealth-Killing Traps of 401(k)s, IRAs and Roth Plans — and How to Avoid Them.”  In the book, she outlines five traps:

1. Conventional retirement plans are totally unpredictable, so people have no idea what they’ll actually end up with for retirement.

2. These plans give people little or no control over their money.

3. Money in them is “in prison,” giving people little or no access. 

4. The ultimate tax consequences are frightening. “If you make $70,000 per year or more, the IRS has slapped a giant target on your back,” Pamela says.

5. Fees and expenses of 401(k)s, IRAs, and Roth plans erode retirement funds by 25 to 50 percent.

“You can take back control of your finances and your retirement security by simply avoiding these five wealth-killing traps of conventional retirement plans,” Pamela says.

As a consultant to more than 40,000 financial advisors over more than 20 years, Pamela investigated more than 450 financial products and strategies. Her research led her to a little-known method that prudent, fiscally savvy Americans have used to secure their savings in every period of boom or bust for over 160 years. This specialized savings strategy is covered in her New York Times best-selling book, “The Bank On Yourself Revolution: Fire Your Banker, Bypass Wall Street and Take Control of Your Own Financial Future,” and her new book.

Pamela feels strongly that Americans’ dreams of a secure retirement could turn into retirement nightmares, and knowledge is power, so for a limited time, she is offering complimentary free copies of her new book. These are available for a small shipping and handling fee at www.FreeRetirementPlanRescueBook.com

About the Author: Pamela Yellen is founder of Bank On Yourself, a financial investigator and the author of two New York Times best-selling books, including “The Bank On Yourself Revolution: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future.” Pamela investigated more than 450 financial strategies seeking an alternative to the risk and volatility of stocks and other investments, which led her to a time-tested, predictable method of growing wealth now used by more than 500,000 Americans. Her new book is “Rescue Your Retirement: Five Wealth-Killing Traps of 401(k)s, IRAs and Roth Plans — and How to Avoid Them.” Visit www.FreeRetirementPlanRescueBook.com.