The latest ad from Teeka Tiwari for the Palm Beach Letter is pushing the idea that you can somehow collect some incredible monthly income with an “off the books” retirement income source… here’s how it’s introduced:
“Now, For the First Time Ever, a Former Wall Street Hedge Fund Manager Reveals How You Can Unlock the Secret ‘Backdoor’ Into…
“Washington’s Private Pension Plan
“And collect up to $11,334 per month thanks to this “off-the-books” retirement income source that pays retired congressmen and government insiders millions each year…
“They’ve been praying you’d never find out about this…”
This digs into a rich source of discontent among folks who feel like they haven’t gotten a “fair shake” in life, who are angry that, as Tiwari puts it, “everybody knows our public officials rig the system in their favor.”
And he says there’s a special way that they “rig the system” that you can benefit from.
“… less than 1% of people realize how Washington D.C. has rigged retirement—and left you out in the cold….
“… it’s called an Application for Immediate Retirement—also known as SF 2801.
“This document grants D.C. insiders access to a lucrative Social Security alternative…
“A private pension system which almost no one has heard of, because it’s only open to members of the U.S. Government.
“I call it:
“The ‘Immediate Retirement Fund.'”
And he says of this “Immediate Retirement Fund” …
“… within 30 days, it can give you immediate access to all the income you’ll ever need for retirement, without working another day in your life….
“Recipients of this fund receive a huge benefit up to $11,334, every month… guaranteed.”
That’s all a reference to both Congressional/Presidential pensions and, further into the ad, public sector retirement pensions — like the pensions that local VA nurses or postal employees or government office workers earn. Some of these are Federal, some are state-based, and they’re all employment-based annuities.
You, obviously, can’t get one of those if haven’t served in Congress or worked as a government employee… and if you’re retired from a state job in New Jersey or Illinois or some other state that’s more bankrupt than the rest, you’re probably worried about the pension benefits you earned actually being paid.
Or maybe you’ve already got a pension from some private source — they’re rarer now and have been phased out at most companies, but there are still lots of retirees or near-retirees who depend on corporate pension plans for their future income.
A pension plan is just a defined benefit retirement plan — you sign up or are signed up by virtue of your employment, and your employer promises to pay you a certain amount of money each month or each year after you retire. Usually the amount is based on how many years you work, and what your average salary level is as you near retirement, and money is usually taken out of your paycheck to help cover the cost of that perpetual future income stream — as opposed to the “defined contribution” 401(k) plan that is far more popular among employers now because it puts the risk back on the employee to manage their future income.
This is not “free money,” it’s the retirement that was promised to those workers — you can argue about whether it’s justified or not (particularly the Congressional pensions, which have often been egregious), or whether it feels fair, but they played by the rules and, on average, they sacrificed salary (which is often higher in private sector employment) in order to get better benefits (like a pension) and a more stable work environment.
That’s a deal that many of us probably thought about at some point in our lives — do I take the risk of a harder job, or a more competitive job? Or do I take the stability of the government job with a pension? Do I stick with this job that I hate, with terrible coworkers, so that I don’t lose this pension? I’ve had a couple jobs where a pension was an option for me, but I opted out in order to get the “you can take it with you” 401(k) contribution instead, because I knew I wouldn’t be in that job for the 30 years that would make the pension worthwhile. Nothing is free, and people who have pensions are not, for the most part, scamming anybody — you can argue about the Congressional pensions for disgraced and jailed politicians or those who quietly voted in higher payouts for themselves and tried to keep it quiet, of course, but those are just the attention-getting crazy ones.
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I’ve gotten off track a bit, though — why does Teeka Tiwari go on for so long in talking about these crazy “Immediate Retirement Fund” pension plans that sound so appealing? Because he’s got a secret deal to give you, just as soon as you pay for his Palm Beach Letter subscription. That’s what “free” means in this world, by the way — pay to subscribe to my newsletter, and then you get a “free” report.
So what’s the deal here? Another taste of the pitch:
“The ‘Immediate Retirement Fund’ is like Social Security… only on steroids.
“But there’s a problem. Because of a clause in this same document, you are FORBIDDEN from ever taking part in the government’s official program. By law.
“However… where there’s a law, there’s a loophole.
“I have just completed an investigation. And I’ve found a completely legal ‘backdoor’ into the ‘Immediate Retirement Fund.’
“And believe it or not, once you know what it is and how it works, you too can collect up to $11,334 in extra income every month.”
This is a good time to remind you, dear listeners, of one of the rules of investment newsletter teasers: If it’s in quotes, that means “I’m lying.”
So odds are pretty good that it’s not an “Immediate Retirement Fund” … and there isn’t a “backdoor.”
What other details do we get about this “backdoor?”
“Start now, and your first ‘Immediate Retirement payout’ could be deposited in your bank account within days. And the money will continue to arrive every month…
“For the rest of your life.
“And it won’t affect your Social Security benefits. You won’t lose a dime.
“Quite simply, ‘Immediate Retirement payouts’ come from a special source in the private sector. Meaning this extra income is ON TOP of any benefits you currently receive.”
Sounds perfect, right? How do we get these payouts? Where does this money come from? It sounds like it’s free! Wooohooo! My retirement is saved, all I needed was this $99 Palm Beach subscription!
Oops, sorry, got ahead of myself there. More hints about what this “immediate retirement payout” is?
“You scroll through a special website. You fill out a form with your basic information. And you click a few buttons.
“That’s it.
“Instantly, you’ll be presented with a full run down of every ‘Immediate Retirement Fund’ available… including how much it will pay you every month, down to the penny.”
That’s it? It’s like a dream come true, how do I sign up for these funds? Where does the money come from?
“Take one ‘Immediate Retirement Fund’ headquartered in Philadelphia. It’s been in business since 1905.
“And starting next month, and every month after that, it could pay you $3,701.15.
“In fact, it wants to pay you.
“Its business depends on it.
“Understand, these particular funds are in a simple business… the business of acquiring valuable income-producing assets. And then dispersing that income to people like you.
“The first ‘Immediate Retirement Fund’ you can apply for, as you’ll see in The Black Book, is an absolute treasure trove.
“It’s owned 21 major radio stations and television channels… broadcasting Carolina Panthers games, hugely popular Nascar races, and ACC college basketball to living rooms across the country.”
Ah… OK, I’m a little less excited now.
Maybe it’s not really just a free pile of money that I can get because I’m friendly with Teeka Tiwari?
Yes, I’m afraid it’s true… this is not magic. That “Immediate Retirement Fund” headquartered in Philadelphia is Lincoln Financial… an insurance company.
And “Immediate Retirement Funds” are, as you may have surmised, annuities.
Not that there’s anything wrong with that, but if you scroll through the ad I don’t think you’ll find mention of the fact that you have to “buy in” to get an annuity… just like you have to work for the government to earn a government pension.
So yes, though you can get your share of these “immediate retirement funds” … it’ll cost you. I assume that what Tiwari is referring to here are probably fixed deferred annuities, which are a reasonable way of making your future income more secure in exchange for an up front payment.
There are a gazillion different kinds of annuities, some of which are sketchy and terrible and all of which are very hard to compare apples-to-apples, so it’s a sector of the financial services world that is very sales-driven: Most people buy annuities from insurance agents and financial planners, and those folks are paid commissions. That’s not evil, everyone deserves to be paid for their work, but it’s not always terribly transparent, either, so it behooves individuals to learn a lot before they jump in and commit their money.
At its heart, these kinds of income annuities are a way to take your lump sum of money, sometimes from a retirement account like a 401(k), and turn it into income. Some people use these to make sure they have a base level of income from the day they retire until forever, some use it as “longevity insurance” in case you beat the odds and live well into your 90s or 100s.
So, for example, if you’re 65 years old and have $100,000 to pay for an annuity, you could probably get about $800 a month in income in perpetuity starting at age 70… or $500 a month if you want the income to start right away (that would be a “Single Premium Immediate Annuity”). Or, if you’re just preparing for the possibility that you’ll live a lot longer, and you want to have some income secured, you can get a promised $3,500 a month in income starting at age 85. There are lots of variables, including whether or not you want a “cash refund” for your heirs if you don’t live long enough to earn back that $100,000… or if you want the income for life to include both your life and the life of your spouse, for example (both of those would reduce the monthly income, of course).
What scares people about immediate or deferred fixed annuities like this is that you give up the money, so you lose control and have to count on the insurance company to be financially stable enough to keep paying you (like Lincoln Financial, New York Life, MassMutual, etc., a lot of these companies have certainly stood the test of time), though there are also state guarantee funds that back up these annuities to some degree (I don’t know how much confidence that should provide, I’ve never researched them).
And there are also plenty of other things to think about even if you do have enough capital to commit to this kind of an insurance/annuity investment — including inflation protection (which is expensive), and how it fits in with your other retirement savings or assets. I pulled those example amounts from ImmediateAnnuities.com, which will give a basic esetimated quote without any personal information, but I’m sure there are lots of others. Vanguard and TIAA-CREF both sell annuities, too, and both provide pretty good education information, and I’ve also spent some time exploring the offerings of a new startup called Blueprint Income, which facilitates deferred annuities that you can buy in smaller monthly bites (they call this a “personal pension,” and it has some appeal for younger folks who can’t imagine accumulating $100,000, but might put in $100 a month to supplement their retirement income).
The simplest annuities, and the easiest to compare across companies, are those “SPIA” lump-sump payments that buy you immediate and perpetual lifetime income… though the actual income level you’re quoted each day will probably fluctuate some based on prevailing interest rates (insurance companies use lots of investments to backstop their commitments, but the bulk of their money is usually in corporate bonds… so when interest rates are higher, thei models let them promise higher future income payments in exchange for that lump sum payment you make.
But there is plenty of variation across providers, still, so be prepared to talk to a couple agents (services like immediateannuities.com are, really, just agents too, and there are probably a few agents you might trust in your home town if you prefer to research it in person).
What all of them have in common, of course, is that you put up the lump sum in order to get that promised monthly income. There’s no magic, it’s just a combination of insurance and investment income, managed by insurance companies, that turns your capital into guaranteed income. It’s a great thing if that’s what you need, and that guarantee can remove a lot of cash-flow worry for those who are retired or near retirement, but the ads are, of course, quite disingenuous because you’re not “signing up” for income… you’re buying income.
And the ad also hints at some of the other “secrets” for generating income that are in their “Big Black Book of Income Secrets” … including the “770 Accounts” that were the core of Palm Beach’s marketing push when they first launched about five years ago (we covered those 770 accounts several times, including this article — that’s just a reference to high-cash-value whole life insurance policies, often called “bank on yourself” policies).
As with pensions or immediate or deferred annuities, there’s no free lunch — yes, you can let your money compound tax-free in a life insurance plan, and even borrow money from it, and it should earn more than a bank account… but it’s still an insurance plan, you’re still paying for it and it’s your money that’s being put to work, not some magical source of free money.
And it refers to another secret, “Instant Cash On Demand” deals that Tiwari calls “I.C.O.D. Transactions’ … and that’s just a reference to selling put options for income.
Which, yes, does also lead to income — you promise to buy a stock if it falls through a certain price, and you’re paid for that promise… though you also have to have the cash in your account (or the borrowing power, at least) to back up that promise. You’re earning money by taking the risk off of someone else’s plate, so in that way it’s kind of like you’re selling stock insurance… which is great, unless there happens to be a hurricane in the market.
Using the example they allude to of Apple (AAPL) shares, you could collect “ICOD” money immediately by selling a put option on AAPL — for example (they don’t get into specifics), you could sell the AAPL June $160 puts for $4 a share, and that would commit you to buying AAPL shares at $160 whenever the buyer of that put wants to sell them to you, anytime up to the expiration of the put contract on June 15. These go in 100-share increments, so for each option contract you’re actually collecting $400, and your broker will make sure that you have $16,000 available in either cash or margin in your account to make good on that promise. If the stock falls below $160, you’ll have the shares “put” to you and the $16,000 taken out of your account, and you’ll own 100 shares of AAPL that you paid $160 or and which are worth whatever the market says they’re worth that day. If the shares never dip below $160, the puts won’t be exercised and you’ll just have earned that $400.
Put selling is getting a little more lucrative now that risk has returned to the market — that “volatility” number you always hear referenced in the financial press is really just based on how much investors are willing to pay for downside protection… so when the VIX is high, that means investors are willing to pay more for put options, which means you can earn more by selling put options.
But, of course, that only happens when everyone is worried about stocks going down — which probably means you’ll be worried about it, too, so maybe you’ll be too worried to take the other side of that trade — it takes a certain amount of contrariness to make money selling options without driving yourself crazy, partly because these are generally trades that have both a high probability of success but also a very skewed up/down dollar number. If Apple falls to $120 in the next month or two for some crazy reason, for example, then you’re out $4,000 just because you were trying to shave $400 in income out of the market… the “wins” tend to be steady, but one big “loss” can sometimes wipe out a year or two worth of “income.”
So… I’m afraid that’s it. I regret to inform you that there remains no free lunch, no magical check in the mail that you can just “sign up” to receive, and no supernatural way to sneak in the “backdoor” and suddenly earn yourself a Congressional pension.
If you’ve got savings, you can turn it into income by buying an annuity of some sort — that’s what many retirees do, and it’s nice to have enough savings that you can allocate some of it to a “guaranteed” income stream that supplements Social Security or your other retirement savings, but it still takes money to start, and research and careful thinking to make sure you don’t commit those savings to something you don’t want or need.
That’s about all the wisdom I have for you on annuities, though I’m sure a great many of you have researched that topic much more deeply… and we’ve got quite a few financial planners in the group here, so there are probably plenty of you who’ve recommended (or rejected) annuities for different folks in different situations. If you’ve got any thoughts to share on these “Immediate Retirement Funds” and “Private Pension Plans” being pitched by Palm Beach Letter, well, feel free to chime in in with a comment below… thanks for reading!
the way to sell newsletters (except for me and you) is by appealing to greed and assuming that your potential readers are stupid. A sucker is born every minute.
all best
Well, Travis is not in your category. He is way up there…..No comparison.
and fear! With the excellent write up above, it is clear that unless you are a born mathematician at ease with statistical tools, you will only extract a fear factor from such ” future income protection plans”….and fall in these poison wells gleefully.
Mahalo, Travis! I got tired of paying for Palm Beach subscriptions, especially after Mark Ford dropped out of the picture.
Although, I DO like Teeka Tiwari and his takes on bitcoin and digital currencies, but still, not enough to pay to know.
Teeka is full of it. His crypto knowledge is basic. Nothing that a you can’t figure out for yourself, with a little bit of effort. He has no “Secrets”.
I beg to differ! About two years ago I started to look into cryptocurrencies. If found Teeka’s analyses of various coins well researched, and not at all the typical hysteria I was reading elsewhere. I invested $44,500 in his recommendations, and cashed out entirely one year later in January of this year. I am now sitting on $3,200,00 in profits, facing the enviable problem of trying to figure out a way to offset all those capitol gains. There were many twists, turns and curve balls along the way, but his steady reassurance kept me invested until I felt the time was right to sell. So, I’ve got no skin in the game now, and no agenda. I just appreciate what he did for me and my family.
You only made $3200 profits on an $44500 investment? These guys charge $2000 to $3000 fee per year,what’s the point?
You should have made a multiple or is it $3,2 million of profits?
Crypto’s went up like mad but now all the thin air gets out,I guess there is more upside to come but when will the bottom be reached ? These markets are obviously artificially manipulated as well as the stockmarkets are.
You can’t offset your capital gains taxes if you took your profits as an US citizen your a tax slave even if you would leave the country for that matter .
I’m quite sure that “tag” left off a zero, meaning their profit was $3.2 million, NOT $3,200!
I’m going off topic, but what is cryto stock that dines is pumping? His track record is pretty good, so I’m curious. Just not curious enough to subscribe to his letter. After all Nick’s metal picks are similar if not the same to dines.
Sorry, KBrock is correct; I left off a “0”. The profit was $3,200,000.00. I am a US citizen, and there are methods of off setting gain. For example, with the new tax law, purchase of capitol equipment can be written off at 100% in the first year, so I am looking at starting an equipment leasing LLC with the profits.
Are you sure those gains are taxable? Before you pay visit Losthorizons.com
Bravo, there’s a success story, notably to have the sense to get out with such an incredible profit. I’m following Teeka and of course the market has plummeted, he’s predicting a second crypto boom in May. Let us see.
But this thread is not about alternative crypto currencies it is about life time incomes that must be funded with your money that he never makes clear. It is not free and no one will pay for it for you. If you find a program like that we would all like to know and take part in it! Thanks to Travis I have saved so much money because Travis and the rest of you folks figure out, “the fine print” that is never mentioned in these skillfully worded presentations that rake in millions through subscription fees! Right?
Sittng on profits? Did he also tell you the secret back door about how the Treasury Depart has the right to crawl through your “gains” and come after you for not declaring gains each year?
At this point Capital Gains are the least of your problems with taxes.
If you invested $44,500 one year ago in cryptos and got out in Jan 2018 and only came away with $3200 in profits, then you got HORRIBLE advice. You should have easily gotten a 1000% increase during that time.
??? –Did you read “tag’s” correction, stating, as most suspected, the omission of a zero…making it $3.2 million?
That would correctly fit the run-up prior to the big pullback.
This sounds great if you have money to do so. What about us poor folks that have to rob from peter to do this. My worry is if it sounds to good to be true then it isn’t
I agree, totally! I have not heard of a way to gain extra income if you have simple small funds after working hard your whole life. After all, without God I would be living on the streets.
For those whom had not traded or attended any trade school, true you can learn on your own. Yet, the basic strategies work in crypto, just need to know what strategy & exits. It is helpful to sort out which one might work & ones that won’t. I was approach by a fellow marketing classmate. Not knowing the crypto he was offering, I pass. I have not heard from him in 6 months.
My word, stay to the top 3, select a strategy just like in Forex & stay to the rules.
As for strategies, stay with the main stream group like moving averages, Stochastic, RSI, MACD and candlesticks. The difference it is intraday trading hourly for trend, 30 minute for dip buy & 15 minute exit charts due to volatility & world events. Watch how crypto flows against gold, the US dollar, British Pound & the Yen.
Me trade crypto? Not yet because I am very heavy in back testing that can be done TOS. When I finish back testing to my satisfaction, then the time has arrived.
Key: Go slow, use low % risk management like less than 1% building up and stay to the plan.
People lose more getting excited, jump in & no exit plan because of blind faith the trade won’t go against them.
The Market Gods will do what they want, you need to learn to ride the wave like a surfing pros.
Did Teeka guide you himself or did you have to figure it out from his published information? Thank you.
Awesome work Travis – thanks for addressing this
Dear Travis, Thanks again for your dissection. Your comment how words in quotes are lies. Because you mentioned Blueprint Income, I went to the site and did a diagnostic. It appears to be a ‘robo’ version for annuities. I have no complaints. Blueprint Income states that it does not collect fees (e.g., recurring, transactional, etc.) from the annuity contributor. As you emphasized, nothing is free. So how does Blueprint Income make money from its service? Thanks again.
Yes, they get a commission from the insurance company like other annuity sellers… though I think they say it’s a much smaller commission (I could be wrong on that).
You’re too kind Travis, the Palm Beach Letter is being devious & dishonest just like many of these market letters have been. I didn’t know that the founder of PBL left,
but Mark Ford has his own thoughts & some were also dishonest IMHO.
Our government is going broke paying out the average of about $1300/month in regular Social Security. So how can everyone get an additional $11,000? Imagine if millions of people could do this? Who would pay for it? This is why this is total BS. I have looked into this many years ago as this scam has been around a long time. This is the same guy, I believe, who wants you get into cryptos and make a gazzilion percent. Thanks for the revisit.
Factually, every almost yearly COL increase is absorbed via Medicare rate increases. Last year entire 3%, this year over 50%…
Then there is this policy…
The illegal unconstitutional financial awards given to 80% of illegal Somalis etc. by leftist judges who tie disability to a fake religion. If a US citizen who’s never worked becomes disabled, they receive $740/month as part of a federal welfare TIED TO SOCIAL SECURITY!!!!
From day 1 stepping foot on American soil, most illegal Somalis and illegal Syrians are awarded a minimum of 5 YEARS US DISABILITY because no US employer can guarantee they don’t employ “apostates” whom muslims say they cannot work with. So, if an illegal mother and father with six children applies, ALL 8 family members receive $740 EACH. $5,920/MONTH TIED TO THE SSI/SSD system.
That “most illegal Somalis and illegal Syrians are awarded a minimum of 5 years US Disability” is a ridiculous statement. Illegal immigrants do not get access to the Social Security Disability system. You have to be a qualified alien. Refugees and those who have been granted asylum or special immigration status for a variety of reasons are not “illegal.”
Your trying to change someone’s mind with facts… a hopeless task.
Thank you Travis. That comment was evidence of the sharp division in this country and disagreement over what are facts and what are not. We seem to always need enemy isms, it was anarchism, then communism, then terrorism tied to Muslims.
Ah, but Travis, therein lies the rub. While technically correct, methinks you miss the point of the aforementioned leftist judges stacking the deck to grotesque proportions by granting refugee and asylum status carte blanche to, essentially, all comers in order to not appear to be Islamophobic. I call that rank cowardice, not judicial prudence, and We The People will be paying for it for a long time to come — hopefully, only in monetary terms.
Such as the Hmong
Well its nice to know that the SS I was finally approved for, is the same amount given to foreigners who simply come here a fill out an application. It took me four years to receive $740 in SSI. Even though I am 59 and worked from age 14 thru 33, then I stopped working when I had my second child and my husband supported us with his salary, I was NOT eligible for Social Security Disability, just for SSI. It took FOUR years for our government to decide whether or not I could work again. Nevermind that I only have ONE leg, and get around via wheelchair, they sent me back and forth to their doctors over and over again. Trust me, if anyone would give me a job I would love to work! Being productive and meeting people is a pipe dream for me. I live in isolation and lonliness. As for the SSI, yes I was awarded $740, but only receive $531.25 a month. Why? My ex-husband is still alive so they deduct $218.75 a month from my check. Does it matter that I am the daughter of a Naval officer who fought three wars for this country? Hell no. I am no better than someone who came here from Somalia last week. I feel much better now.
It’s like the freedom CHECK MONEY scam. Nobody is giving away free $. If u are looking for extra,$ there is enough slip & real fall from real business to collect from incompetent employee clean ups & cracked parking lots & chipped walking areas to last a lifetime. The only problem the pain u will have when u practice your slip & Fall & the actual slip & Fall & oh yes hours & Hours of therapy for 6 days a week for about 2 yrs.. but very lucrative if u can catch 3 slips & falls in one day for the yr that is the only way to get extra c$. Thousands of people do this is called your yr is paid for & the rest collected settlement. Good luck sheep
In Los Angeles, some cyclist riding on the sidewalk, hits a bump created by tree roots & collected a few cool millions from the city. That is irresponsibility all the way around.
Don’t know which case to which you’re referring. Every example in this latest LA Times article on the subject refers to bike accidents on streets, not sidewalk, and most in bike lanes.
http://www.latimes.com/local/lanow/la-me-ln-bike-payouts-20180203-htmlstory.html#
The city government, like most, is full of people who show up for work and don’t care. Multi-million dollar settlements or court awards are due to serious injuries, like the guy who became quadriplegic or another with serious head injuries. Are they irresponsible for riding on city streets, in marked bike lanes?
Travis, although you state there is no magic in setting up an annuity (immediate in my case as I am retired professor), in reality it can become very complicated and time consuming to get it correct if you are dealing with TIAA/CREF. In November 2017 I applied to convert my 403b IRA to an immediate annuity in order to avoid the increasing annual RMD payments. All the funds had been transferred to the TIAA Traditional account in advance so it should have been easy to do. The time frame to start the annuity was January 1, 2018 with the principle based on the amount ($$) in all eight (8) accounts (I was employed at 5 five different universities) as of December 31, 2017. It is now April 2018 and I am still dealing with TIAA to get the amount (monthly and annual) correct. All 4 monthly payments (through April) have been incorrect (gross incorrect, amount deducted for Federal and state tax incorrect). Have spent nearly 20 hours on the phone with 4 different representatives, and on and on it goes. No wonder TIAA has recently had several class-action law suits filled against them. Caveat Emptor
Good report of analysis, thanks for excellent research.
Keep up the good job.
Thanks
Well our Gov. Thieves could easily pay an additional 11 , 15 20 K a year or just double everyone’s current Social Security – Why Not it’s all smoke and mirrors done on a computer
Throw out all the illegals getting benefits , the cheaters , the dead social security bennies being claimed by others. We give hundreds and hundreds of billions in Foreign Aid every year – we Spend Trillions every year on the total Bogus ” War on Terror ”
Give the Hard Working , Patriotic , Law Abiding Citizens , God Fearing Citizens- A Fricken Reward
Travis, thank you for your article, “WHAT’S “WASHINGTON’S PRIVATE PENSION PLAN” BEING TEASED BY PALM BEACH?”! I listened to Tiwari’s pitch and your article points to it and breaks down what it really means. I suspected annuities and whole life insurance policies by what Tiwari was saying in his cryptic salesmanship. I own three SPIAs and one deferred annuity. I use the three as retirement vehicles. I used them to retire at age 51. I have a federal government retirement (FERS) and an Age 60 Retirement Annuity from the military (retired from the Air Guard/Air Force), both of which I can tap when I turn 60, and the deferred annuity can be tapped into after 59 1/2. So, the three annuities do provide me an income from which I can live fairly comfortably. I DID WORK for every penny of the money which I used to purchase the annities. None of the money was gained through any kind of specious manner. Thank you for saving me $49+ for investing in knowledge I already have — info that is packaged to sound like some new idea. Thanks again for reminding me of the old adage, “If it sounds too good to be true, it probably is.”
I subscribe to Palm Beach Letter and confess to profit from few recommendations I followed. I may not renew the subscription as Teeka Tiwari has skidded in the murky world of Bitcoin and digital currencies. Neither these currencies are backed by most government, identifiable assets nor provide recurring income.
IRS USA has now classified the digital currencies as property and not as currencies. Capital gain from digital currencies are taxable. This ruling has adversely affected the lives of many small guys.
As my dad told me growing up, be happy to pay taxes, it means you had a good year. I’m more than happy to pay on my crypto gains.
I am so disappointed! I’m 86, have no money aside from a small Social Security monthly income, and am too old to get insurance. I had such hopes when I saw Teeka’s web site – what a scam!
My feelings exactly
Me too, but maybe not quite a disappointed as you. I have spent the last three months listening to webinars, reading everything I could get my hands on about investing, and initially ordering “financial research “ publications. After realizing that most of these were just a continuation of hype and upsells, I cancelled all of them for a full refund.
I find some of these so-called gurus inherently dishonest and that disappoints me.
I am 74 years old, confined to a wheelchair after an amputation. My Social Security benefit is small, HUD subsidized housing is all I can afford.
I am very glad I found Travis a while back, he has kept me from making some bad mistakes. Now I just have to make a ton of money in stocks or cryptos so I will be able to afford Assisted Living down the road. The other option is a Nursing Home which scares the living daylights out of me!!!!!!!!
Travis
Thank you so very much for this excellent article.
I am so disappointed – I am 86, and have no savings, thus no funds to buy into this Private Pension Plan. I don’t need or want any kind of insurance or annuity plan.
If it sounds too good to be true….
After all the “reveals” I shouldn’t be shocked at how shameless Palm Beach, et. al , has become. I expect bombast, but this is a new low!
Like have said in other posts its fraud and I don’t know how they stay out of jail…
Thanks, Travis yours is the best description of what annuity real is , & how much you really need to pay vs what you get back. No free lunch.
If the promotors make anything sound TOO GOOD TO BE TRUE, then it is most likely false
Teeka got me into Nvidia at $34.95 in May of 2016. It’s now worth $214.25. Teeka got me into Ethereum for less than $12 per token in May of 2016. It’s now worth about $400 per token. He got me into Neo token for less than $1 per coin in May of 2017. It’s now worth about $48 per token. In all 3 cases, I’ve sold a small amount to recover my initial investment and kept the rest. But I’m such a “sucker” for paying Teeka $99. I wish I would have listened to all the negative posts on this website, instead.
Congratulations. Those are fantastic gains. What are his recent suggested investments?
Did you make the successful investments from reading the newsletter only or did you have other guidance?