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Hope Your “Financial Plan” Is Better Than This

With the deteriorating economy, a collapse in real estate prices and the impending retirement of tens of millions of “baby boomers,” we may be reading more about people like Timothy J. Bowers in the future.

Bowers, who turns 63 in a few weeks, is an out-of-work former deliveryman for a drug wholesaler. He’ll be eligible to collect Social Security payments in three more years, but he needs a financial plan to tide him over until then.

And what’s that plan, you might ask? In Bowers’ case, it’s prison. Yes, prison.

To help make ends meet until he begins collecting Social Security, Bowers needed to find a way to obtain free food, shelter and clothing. He decided prison would suffice, so he walked to a bank and handed a teller a note demanding cash. The teller gave him US$80 and alerted police with a silent alarm.

Bowers calmly walked over to a bank guard, handed him the envelope, and told him he would wait for police to arrive. Which they did shortly thereafter, taking Bowers into custody. 

Last week, Bowers pled guilty to robbery, and asked the judge at his hearing to impose a three-year prison sentence. The judge told him: "It’s unfortunate you feel this is the only way to deal with the situation."

That’s an understatement if I ever heard one. And while Bowers’ story is no doubt extreme, his experience underscores the importance of having a financial plan to securely fund your retirement.

That means saving significant sums of money, and not counting on Social Security or Medicare. Both of these government giveaways are technically bankrupt, it’s likely benefits will be paid with an increasing number of restrictions, means testing, etc. Nor is it likely that the benefits will keep up with inflation. And of course, your benefits will be paid in US dollars, a currency which over the next 20-30 years is very likely to depreciate significantly against other major currencies.

I can’t tell you how much you need to save. But it should be enough to pay out a secure income—perhaps 75% of what you need to live on while you’re working—until you’re at least 90-95 years old, perhaps a little more or less depending on your health. And a portion of it should be held offshore—outside the USA and outside the US dollar.

If you’re wondering how to approach offshore investing, The Sovereign Society will be holding an “offshore ABCs” conference in Puerto Vallerta, Mexico from Nov. 8-11, 2006. I’ll be one of the presenters, and I highly recommend you attend. To learn more, click on http://offshoreadvantageacademy.com.

On another note, many clients first get to know us by accessing some of our well-researched courses and reports on important topics that affect you.

Like How to Go Offshore in 2024, for example. It tells the story of John and Kathy, a couple we helped from the heartland of America. You’ll learn how we helped them go offshore and protect their nestegg from ambulance chasers, government fiat and the decline of the US Dollar… and access a whole new world of opportunities not available in the US. Simply click the button below to register for this free program.

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