Personal Pensions

In this episode we talk about the original Mailbox Money. We go all the way back to 1850 when American Express established the first private pension plan in the United States.

In 1978 Ted Benna discovered a small paragraph “k” in IRS code “401” which allowed employers a tax break for allowing their workers to save a little extra money to supplement their defined benefit plan. What Bennas discovery set off has resulted in a $6 trillion dollar misunderstanding that Benna now calls “a fluke.”

401(k) plans are not retirement plans, but the good news is that pensions are still available and when used correctly can be tremendously powerful for your very own Freedom Day plan.

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