The Missed Fortune workshops and educational materials are geared toward helping individuals save for retirement without having to pay large sums in taxes. In his four decades of helping individuals with financial planning and management, Missed Fortune founder Doug Andrew has found a few pitfalls to traditional 401ks and IRAs.
As Andrew states in the Missed Fortune workshops, there are three types of income taxed under the IRS tax code: earned income, passive income, or portfolio income. IRAs and 401ks are classified under one of these three types of income, according to Missed Fortune. Andrew has found that by putting his serious money into funds that don’t fall into one of these taxable categories, he’s been able to net significantly higher returns.
The Missed Fortune founder points out that because his assets aren’t taxed when accessed, if he lives twenty or thirty more years, he’ll be able to make his money go much further. As an example, Missed Fortune’s Doug Andrew says if he withdraws $200,000 to pay bills, he’ll have $200,000, whereas someone who has to pay taxes can pull out that same $200,000 only to be left with $135,000 after taxes are taken out.
According to the Missed Fortune founder, if a retired American is in a 33% tax bracket, he or she has to pull out 50% more from their IRA or 401k to get the same amount as Andrew is getting with his tax-free strategies. This means that he or she will be out of money long before Andrew will. The Missed Fortune workshops emphasize this important message: choose a vehicle that will accumulate your money tax-free, when you access your money you can access it tax-free under section 7702 of the IRS tax code. Additionally, Missed Fortune explains that once an individual dies, that money blossoms as it is eventually transferred, also tax-free under IRS tax code 101(a).
The Missed Fortune founder’s preferred place to accumulate his serious money is a maximum funded insurance contract, which he discusses at length in the Missed Fortune materials. If an individual structures it correctly, the Missed Fortune founder says he or she can earn net internal rates of return averaging 7%-9%. This is something Andrew has done for decades.
Not only does the Missed Fortune founder work to have his money grow tax-free, he wants it to provide tax-free income. Andrew stresses to Missed Fortune clients that his goal is a million-dollar nest egg generating $80,000-$100,000 per year of tax-free income that will last as long as he does. And the Missed Fortune founder says that there is only one vehicle that will do that–and only if it is structured properly–and that is the maximum funded insurance contract. Doug Andrew further details how to structure this type of vehicle in the Missed Fortune workshops and reading materials.
For more information, visit Missed Fortune online at www.missedfortune.com