Terry Corbell
Instead of productive public policies to create jobs, Seattle Biz Coach Terry Corbell says the federal government is pushing an increasingly nerve-wracking idea – a lifetime income with annuities.
“The Obama Administration appears to be taking an elitist approach regarding your retirement plan – bureaucrats ostensibly think they know better than you regarding your retirement planning and money,” says Seattle management consultant Terry Corbell. “Yes, the federal government is considering proposals to convert your 401 (k) and IRA accounts to annuity-type plans.”
In general, he writes (http://bizcoachinfo.com), annuities would seem attractive because they guarantee funds until a retiree passes away.
“The thought is they’re a hedge against retirees running out of savings,” he explains. “And some people seem to think that annuities are a viable option for senior citizens because of their losses in the stock market.”
However, Mr. Corbell points out annuities are often unfeasible as insurance for many consumers because they come with expensive fees and they don’t yield a sustainable retirement income in later years.
“A lot of money is in retirement plans: $3.6 trillion,” he adds. “Hence, the alleged government interest in retirement security for citizens with perhaps a furtive motive.”
He recalls a questionable approach 17 years ago.
“In 1993, Democrats were looking into ways to get control of retirement funds,” Mr. Corbell explains. “During the Clinton Administration, there was a proposal to levy a 15 percent tax on retirement plans to share wealth with low-income citizens.”
He says the redistribution of wealth idea died with the 1994 voter revolution that swept Democrats out of office.
For the full analysis: http://www.bizcoachinfo.com/
As The New York Times referred to him in "Been There... Done That... Here's How", Mr. Corbell has more than 30 years experience as a profit professional and business-performance consultant.
He has provided confidential full-service business solutions for Northwest companies ranging from technology to professional service firms, and for the public sector since 1992.
In finance, especially timely in this economic downturn, he provides a nine-point financial turnaround program, on a pay-for-performance basis, for a small retainer and just one percent of the net-profit increase.
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