All Episodes
Previous Next
Nov. 18, 2023 - Stew Peters Show
36:52
Scriptures And Wallstreet: The IRA Scam
| Copy link to current segment

Time Text
Thank you.
Thank you.
Hey, guys.
I hope you are doing well.
We're going to go ahead and get started with today's discussion.
I hope you guys are preparing your turkey for an awesome, blessed Thanksgiving.
I know I'm going to Orlando.
I have some condos I own out there.
And I'm inviting a lot of my family over for...
For Turkey.
But it's not about the turkey, right?
It's about having that time with the family.
So I pray that you are having a good time with your family or those that are really close to you that you consider family and that God will be the center of your focus.
That is my prayer.
I am going to be talking about your IRAs.
I feel there's a need for me to...
Kind of clear the air a little bit when it comes to IRAs.
We've had Dave Ramsey come out and say that he recommends an 8% withdrawal rate.
I personally don't like Dave Ramsey.
I think he's full of it.
He is a clown in the financial advisor space.
No financial advisor will ever approve of Dave Ramsey.
Dave Ramsey is a real estate investor and a debt counselor.
He's amazing.
He has some of the best, best programs when it comes to your debt and managing debt.
But when it comes to investments and retirement, that is not his forte.
And I don't know why the community thinks that he is this massive planner.
But he makes his millions through his book sales and also selling leads.
Like when you call and the financial peace at your church, like he sells that information out to the community.
And those advisors are not walking the line that you think you would want to walk the line, in my opinion.
So just be careful of that.
I wanted to just really talk about IRAs.
Like, IRAs, people don't understand them.
What are they?
Some of the scams behind IRAs, what you really need to look for.
And as you guys know, I'm just here to tell you the truth and honestly just to be a steward of information for you.
So some of the IRA dangers that people don't know about is, in my opinion, at the end of the day, you really don't own.
You really don't own your 401k.
You don't own a lot of these retirement accounts.
What you got to understand is that they're written by the federal government.
They make rules and they have plan administrators.
So when you have a 401k, you're actually a participant and not an account owner.
When you're an IRA owner, you're an account owner, but you must be subject to the IRS rules.
The IRS deems Deems and looks at your money as their money.
You've never paid taxes on a traditional IRA. You've been given a tax credit on those traditional IRA monies.
You've been given a tax credit on your 401ks.
And so when you go pull it out, it is at unknown rates.
It is ordinary income.
Well, look at all these bills that were printed out during COVID. Let me pull them up.
There's no way I'm going to memorize them or even write them down.
They disgust me.
So, bear with me.
I'm pulling up my phone.
I know I have it somewhere here on my phone.
I mean, it is just atrocious.
Like, how much in billions of dollars?
So, Connor, if you can show this image with the legislated and active to combat coronavirus pandemic.
You are taxed on money when you receive it, when you spend it, and even when you die.
As your hard-earned dollar works its way through the economy, it loses about 30% of its value every time it changes hands.
And where does it go?
Well, we left $80 billion of the weapons in Afghanistan.
I mean, the Pentagon can't account for trillions of dollars of spending over the last 20 years.
I mean, for Lord's sake, we spent $10 million on a gender studies program in Pakistan.
250 years ago, we fought the Revolutionary War over a 2.5% tax hike in a breakfast beverage, in tea.
Now look at us.
$968 billion.
I actually like that.
Economic stimulus payments.
So all that weed that you smelt when you went to the malls or the stoplight, and there's people there that shouldn't have been there shopping at Louis Vuitton and Tiffany and Coach and...
And Gucci and all these name brand stores.
All of a sudden, you saw these weights and long, long lines of these very expensive retail stores.
That's because they got stimulus money.
And they weren't kicking them out.
And this is what stupid-faced Biden wanted.
He wanted to create literally a no-work policy.
It's okay if you can't work.
We're going to pay your bills.
Economic stimulus payments.
So that's what that was.
It brought the laziness out of America.
$860 billion.
$764 billion on expanded unemployment compensation.
So when the lazy ass Americans ran out of money because they're buying things they shouldn't be buying, they gave them another $764 billion.
If that wasn't enough, we had public health and related spending $657 billion.
We had tax incentives.
$566 billion.
Another $512 billion when it comes to direct aid to governments.
Of course, the government's got to get paid on their own money.
And $282 billion for educational support.
Because we want to send people back to school and this educational support Of CCP-like and socialist-friendly teachers into our Christian universities and all the Department of Education teachers have sensitivity, literally, to socialism.
Let them live in Cuba or where my dad's from Nicaragua.
Heck, even go to Venezuela and see how that's working out for them.
But many Americans that are woke want socialism.
They think that capitalism is the devil.
They think that capitalism destroys America.
I don't know what's dumber.
The pro-LGBT community that's promoting Hamas?
Or the idiotic Bernie fans that think that socialism is the way.
And then they argue, oh, well, there's socialism in America.
Look at the fire department.
Look at the welfare program.
That's not socialism, guys.
That is governmental aid programs to help people that are in need.
They still have the ability to have capitalism working for them.
So, that argument is dead and mute.
And unfortunately, we have an administration that believes in socialism that is socialism-friendly.
And because they're socialism-friendly, the whole endgame is to track, trace, and control you through big pharma.
Through COVID jabs and financial inoculations and bank bailouts and media.
It is disgusting.
Track, trace, and control you.
Even in technology, the technology is so advanced.
You can just think about something.
Through the proprietary technology of Facebook and all these algorithms that you have, just think of something in your head.
And your phone will have a Facebook ad or Google ad or Instagram ad on what you were thinking.
You ever look at your phone and be like, man, I literally was just thinking about that.
Yeah, they have frequencies where they can track your brain frequencies and sell that information to vendors for millions of dollars.
We don't even need to talk about the Apple Pro Vision.
I think it's called Pro Vision from Apple.
It is going to collect your thoughts.
You literally wear these ski-goggle-looking, ugly apparatus around your eyes.
All you got to do is look this way, look that way, look all around, and windows will pop up.
Your thoughts will actually pull up Google searches and all these other things.
That is coming.
But the conversation is about IRAs.
I don't like...
I mean, look.
So, many of my clients have IRAs.
They come to Cortez Wealth because they have IRAs, they have problems in IRAs.
What I really, really want to talk about is...
What are the death traps with IRAs?
And why is it so scammed?
Don't you feel like you get scammed when it comes to your IRA? You have a job.
You put in $7,000 or in 2024 it will be $7,000.
You put $7,000 as your contribution.
You get a tax deduction.
Not a reduction.
There's a difference.
You get a tax deduction and it is temporarily.
It's just for that year.
But what you're doing is you're creating this massive tax bomb.
Because when you pull it out, 59.5 or now 73 is the RMD rule there.
You literally have to pay ordinary income taxes.
And if you don't pull it by the age of your withdrawal age...
At 73, they're going to penalize you 50%.
The penalties don't stop there.
Excuse me, I've got to get a swig here.
The penalties don't stop there.
And so most people are scared of the 401ks, and they're very emotional about the 401ks, as you should, because this is employer-sponsored.
And you are building your retirement.
You're building your nest egg.
When you have red money, when you have the stock market, unfortunately 401Ks are very limited on their mutual funds.
So you have these mutual funds that are completely woke.
And if you call our office, we can scan the mutual funds and we can actually give you advice on your 401k through 401khelpusa.com.
You can click on it.
The link will be on it below.
If you want advice on your 401k, you don't have to leave your employer.
We simply just want to give you advice for a nominal fee yearly.
And you will be able to get in and out of those funds.
And we will scan for the most...
Or least woke funds out there, right?
Because you're limited to 20, 30, 40 mutual funds.
And pretty much all of them are going to be against your values.
You can thank the administration for enacting ESG and trying to promote ESG in your 401k.
That's the whole all be all.
Like we are literally funding things we do not believe in.
So...
Maybe you got scammed by buying a gold IRA or a silver IRA. I think you got scammed.
There's really no benefit to have precious metals IRA. I know that goes against many of what you guys think, but I'm not here to cater to your feelings.
I'm here to tell you the truth.
And the fact of the matter is, is that when you have a red money commodity, a commodity that's traded by the Chicago Board of Exchange, that is traded By the big banks.
I mean, I could show you videos.
I could show you pictures of investment banks that are spoofing.
That literally spoof.
What spoofing means is they create this fake...
This fake...
Orders, right?
These sell limits, these buy limits.
They sell these orders and they put them at the top of the resistance or support levels for the traders out there.
And they create this fake momentum and they never actually fill them.
And it's actually illegal.
And JP Morgan literally got caught with this two months ago and they sent two of their top traders to federal prison.
You can see this article here.
Now, you have your whole retirement with gold and silver thinking that when the market goes down, your gold and silver is going to go up.
Okay, let's say you're right.
The market tanks and your gold and silver goes from $2,000 to $6,000 in two to three years.
Okay, Nasera-Gesera happens.
Okay, great.
Yay!
You were so prepared.
You did a great job.
Who owns your IRA? How much taxes are you going to pay on your IRA? Okay.
And more importantly, how much of the IRA do you own?
Because we bought precious metals, right?
In the IRA. Where's my little button?
Right?
Huge mistake here.
The mistake is you don't own it.
The government controls the taxation on the IRAs.
And we haven't even talked about Social Security now.
I'm going to get there.
But here's the problem with IRAs.
When we have a national deficit of unfunded liabilities that are freaking disgusting, like I don't even mathematically understand it in my head.
I don't even want to try to pronounce the number.
But here's a U.S. debt clock.
Just go to usdebtclock.org.
Look at the ongoing debt our country has.
You guys know this.
They keep on printing and printing and printing and printing and printing.
And so what happens is inflation goes through the roof.
Our dollar weakens because they keep on printing and printing.
And this is the whole scare.
This is the whole scare that is led by the Jewish mob.
They understand exactly how conservatives think that you have to buy gold and silver and precious metals because that is the trap, man.
And then you're in the IRA, which they're double trapping you.
They're double financial inoculating you.
The big banks understand how we tick.
Our phone, who we talk to, they understand how to manipulate what we are interested in.
Our computers, our artificial intelligence that is rocking our world right now, they understand every single step we do it before we even do it.
They know Mondays and Thursdays, I go play ice hockey in the middle of the night.
When I get in my truck, my GPS is already screaming to me, hey, it's a nine-minute drive to your destination.
Thursday goes, nine-minute drive to your destination.
Sunday morning at 7 a.m., 15-minute drive to your destination at church.
It already knows what you're doing.
So you mix this in with IRAs and the government trying to track, trace, and control.
You just get ready, guys.
You need to be proactive with your banks.
This is coming to your banks.
The banks are freezing up.
The military is having problems with the banking system.
There's deposits that are missing right now.
Even treasuries are getting muted, but for crying out loud.
Man, 2024 is going to be another dangerous year.
It's going to be a dangerous year.
It's an election year.
You've got potential fraud coming in with the election.
You've got market manipulations.
You've got gold and silver being suppressed.
You have banks' failures.
You have interest rates that are blowing through the roof.
And just a little smidge of good news of quote-unquote inflation is cooling off.
The market skyrockets.
It's the dumbest thing, man.
It's completely ass-backwards.
So, if you've been scammed with a gold or precious metals IRA, give us a call.
We want to help you.
We have a system where we can literally guarantee your principal.
We can put you in an insurance contract that you actually will get a bonus, like 10% bonus.
We even have some of that 15% bonus if you're looking for income.
Whatever your situation is, we can help alleviate that costly pain it took you to buy it because most of these knucklehead gold dealers or even IRA companies are charging you 15-20% to get into these products that are not prudent for you.
And they're basing it off of your fears.
They're basing it off the way you think.
And they're making a killing.
So be very, very careful with that.
Um, so IRAs are written by the government.
There's something called ERISA, E-R-I-S-A, I believe it stands for Employee, um, Employee, actually let me look it up for a botch it, Retirement Income, Employee Retirement Income Securities Act.
So let me, uh, Let me just double check it real quick.
Employee Retirement Income Security Act.
Okay, so yeah.
Of 1974.
Anyways, it's the Department of the Department of Labor.
And basically, you are handing over the keys.
Handing over the keys to them, and they make the rules on your retirement.
They tell you when and how you're going to retire.
And if you don't, you're going to pay a 50% penalty if you don't retire and pull the money out.
So, back when FDR was around, he died.
And before he died, Congress got together.
When FDR actually came out, he really said that he wanted...
He wanted Social Security to be tax-free.
Well, FDR died and the government was like, well, we can't have this welfare program and not have the ability to pay For Social Security, we need a way to pay for it.
And so what they did is when he died, they got together, Congress, and they created the Department.
I'm sorry, they created the Social Security Department administration.
And they created rules and earnings tests and regulation and age brackets.
And they said, this is terrible, man, but...
They base it off of ordinary income.
So you've heard of earnings tests, you've heard of when should I retire, And for those of you that are around 50, 60 years old, even if you're 30, 40 years old, listen up.
Stop what you're doing.
If you're watching this on the phone, write it down.
I'm going to fly through this.
But if you need more information, just give us a call.
Book an appointment with us.
813-448-3446 or go to CortezWM.com.
Everything I say on this podcast should be for educational information and purposes only.
This is not investment advice.
You guys know the drill.
If you want investment advice, give us a call or visit us at CortezWM.com.
You can download more information on AmericaFirstRetirementPlan.com, where we are restarting our webinars, talking more specifically about the America First retirement planning process on how we want to get you out of these corrupt IRAs and get you in an account that you actually own that is free from the taxation and the inoculations of the government where they cannot, from a jurisdiction, tax you on this money because it's based on your own account ownership.
So give us a call if you're interested in that.
If you have half a million dollars, this is perfect for you in retirement.
If you have less, we still can work with you.
We just have to have different strategies and buckets for you.
Before I get into that, let me give you the updates for 2024.
2024, $7,000 contribution limit for 2024.
Those numbers just came out.
If you have an IRA, I'm talking about IRAs, by the way.
IRAs, $8,000 if you are catch-up, meaning if you're 50 or older, you can contribute $8,000.
If you have a 401k, you can contribute up to $23,000 in your 401k.
If you have a SEP IRA, you can contribute all the way up to $68,000.
So, as you build these government-owned retirement accounts...
You are actually going to be taxed at ordinary income.
What is ordinary income?
Well, ordinary income is the same as if you're working a job.
So if you're working a job and you're taking Social Security, there's something called an earnings test.
Now, you may want to write this down.
The earnings test is where the scam really happens.
So, you're 63 years old.
Your full retirement age is based on your age.
So, all you got to do is do an internet search of what is my FRA, and it'll show you the calendar.
The FRA calendar, you just look it up.
It's on ssa.gov.
But you got to find out your full retirement age.
And once you do have your full retirement age, that is when you can retire.
With no penalty.
Alright, so there's two problems with Social Security that you need to know.
Two loopholes, or two hurdles, I would say.
Not loopholes, but hurdles.
The first one is, you can't make over...
22,320 in 2024, so those of you that are 67, 68 or younger, you're probably not full retirement age, you cannot make over $22,320.
If you make over that amount...
They will penalize you for every $2 you make.
They're taking one back.
It is a 50% penalty any amount over $22, $320.
The sick part and disgusting in the financial inoculation is that your IRAs that you saved your whole life in, your 401ks, your SEP IRAs, your 457s, everything but a Roth is taxed as ordinary income.
Now, you guys know the government also writes the Roth 401k and the Roth IRAs.
Who's to say that it won't count towards calculation of Social Security?
We are bleeding, hemorrhaging.
Our debt is through the freaking roof.
I've already showed you just a small snippet of the billions of dollars we wasted during this scandemic or plandemic.
We're in some trouble, man, when it comes to IRAs.
We're in some troubles when it comes to Social Security.
This is why they keep on saying that Social Security is going to run out.
But IRAs and Social Security go hand in hand.
The only way they can afford Social Security is because everybody's invested so heavily in their 401k and the IRAs that when you pull it out, it's being taxed to hell in a handbasket.
And they're spending money based on your retirement.
Mic drop, dude.
Like, that's the bottom line.
They're spending money based on your retirement savings.
I want you to marinate on that.
How does that make you feel?
They're spending money on your savings.
Your future savings Your projections These unfunded liabilities that are through the roof in the trillions They're spending money because they are planning a takeover of your retirement.
Unless you contact our office.
Unless you are proactive and actually get an America First retirement planning.
That's why I invented this whole solution.
We want to give you back your IRA. It is a financial chemotherapy process.
Yes, we fund a high level, high growth cash value life policy.
Yes, we fund things that are unorthodox to Wall Street because it's not a part of Wall Street.
We fund things that the government has no access to, nor do they have jurisdiction.
Why is O.J. Simpson still filthy rich?
He has some really darn good advisors that understood this.
The guy's been in and out of jail, and he lives better than most.
He's been sued like gazillions of dollars, right?
And they can't even touch him.
Imagine having something like that working for you.
You see, this is why I invented the American First Timer plan.
This is why I'm banned on Google.
This is why they don't want me speaking at these national conventions about this.
This is why I am like David fighting Goliath.
Because they don't want some Christian advisor, Spanish kid, talking about how to save your retirement from the Luciferian government.
Oh, he's a white supremacist.
Oh, he's a right-winger.
Say what you want to say, man.
I've been doing this from the bottom of my heart for the past 15 years.
I've learned the mistakes for retirees as a retirement planner.
I'm just very passionate about letting you know, hey man, there's some things you can do right now to protect your retirement.
All you got to do is give us a call.
Let's just have a conversation.
That's all it is.
And this is why I invented the America First retirement planning process.
There's a tax strategy inside of that process.
There's also a PIA strategy in the America First retirement planning process.
The private insured accounts, for those of you that are afraid of the banks collapse, the FedNow program, like if you have house money in your 401k, Oh, I'm sorry, in the bank.
The bank could literally just walk away with it, and you are a creditor of the bank.
It is not a safe place to be in these regional banks right now.
It is not safe at all, guys.
So, visit AmericanFirstTimerPlan.com.
Book an appointment with us.
Let us get you a solution.
Like, we literally, what we're doing is we're carving out a portion of your IRA. We're paying the taxes one year.
We're borrowing from the financial institution to pay the taxes on years, two years, three years, four years, five, within a five-year conversion ratio.
You have all your money tax-free growing and you can borrow against it, loan against it.
You never have to worry about the banks raiding your accounts.
It's 7702 friendly.
This is part of the tax code that you can loan to yourself.
You are essentially your own bank and you have the ability to borrow against and even if there is a loan, it goes right back to your own account, private insured account.
I could talk all day about this, but I want to do that.
I just want to let you know that the IRAs are dangerous and you better, before you retire, before you hit Social Security, you better have a plan on how to take the money out because the earnings test is a hurdle.
I said there was two hurdles.
The first one is an earnings test.
Before full retirement age of 67, 68, depending on who you are, There's $22,320.
Many of you, it's $66 in a few months.
So if you go over $22,320, you'll be penalized 50%.
Now, if you are a full retirement age at that age and you're waiting to collect, then you can't make over $59,520.
There is a 33% penalty for any amounts over that $59,520.
It's not as bad.
So you can work and collect While you're FRA, you can work and collect as long as you're under $59,520.
You can work and collect, but you better be FRA because if you work and collect pre-FRA, you will be paying 50% of your money back.
Also, the money that you pull from your 401Ks, your IRAs, your 457s, your SEP IRAs, your simple IRAs, All that is ordinary income.
Ordinary income.
You are being taxed, man.
You are being penalized.
That is a mouthful.
I know I probably spoke a lot there, and some of this might be a shock to you.
But we have strategies.
We have solutions.
I'm never going to tell you a problem that I don't have a solution for.
I'm not this fear-mongering guy.
That's not me.
But I can go on and on, guys, about this.
Social Security is going up 3.2% next year.
This year it was 5.5%.
What is 3.2% going to do with Social Security?
If you're on a fixed income, your money went up 3.2% when inflation is up.
They say inflation is 8% or 9%, but we know gas and food is up over 25%.
I mean, this is what they do, guys.
So there's ways they manipulate to keep inflation.
They kick the can down the road.
They tell you when you're going to retire.
They make money off of your money.
They give you a little peanut and say, yes, there's your COLO, your cost of living adjustment.
It has nothing to do with the true cost of inflation.
It doesn't even keep up with inflation.
They do this so they can track trades and control you.
Eventually, everybody on Social Security is going to be so manipulated that they're the ones that are going to be subject to the CBDCs.
They're the ones that are going to be in the FedNow program where when they start implementing the FedNow digital dollar Going to your local bank.
All those banks that have registered for the FedNow program, get ready, man.
That's what they want to do.
They want to digitize, hyper-digitize, track, trace, and control you, chip you to death.
They already vaccinated half of America.
Not us, because we're the smart ones, because we watch scriptures on Wall Street, and we pray to God, and He gives us discernment.
It is more powerful than ever that we've got to get on our knees and just thank the Lord for His goodness.
We've got to thank the Lord that, hey, we didn't fall or we didn't succumb to this vaccine.
We didn't succumb to what is about to happen.
Because Christ is our Redeemer.
He is a light unto our feet, light unto our path.
He gives us what we need.
He gives us that daily bread.
He gives us that discernment.
One of my favorite songs is called Oh Praise the Name.
So good.
And I was practicing for church the other day.
And my wife walks in on me practicing.
And I'm going to end with this video.
I don't have a scripture today.
I just have a song.
And I was in a t-shirt and some shorts.
I wasn't expecting it.
But I was really getting down on this song.
I was really feeling it.
And my green screen was up.
So I look dumb.
I usually have this green screen down, but...
Yeah, anyways.
I'm out of here, guys.
I hope you're able to learn about the problems of the scams in the IRAs and the Social Security, but...
Give us a call.
Let's talk about your retirement.
For those of you that are clients that have actual IRAs, if you have over a quarter million dollars in your IRAs, we can talk about a conversion.
But if you don't have over $250,000 in your IRA, the taxation is not going to be that terrible where it requires this massive conversion.
Don't do a Roth conversion.
I know there's a...
A rush to a Roth conversion.
You want to do an IRA conversion to a tax-free bucket that is not owned by the government.
We have the tools to fix this.
Before I let you go and show this video, look at my beautiful Natalia.
She's just learning to spin and I love my beautiful blondie.
Check her out.
Hi guys!
Today I'm going to teach you how to spin.
So all you have to do is do this.
Woah!
You gotta show me that again.
Alright, that sounds good.
But, do I just spin like that and move forward?
Yeah.
Do you start with your right foot or your left foot?
I think you start with this one.
Okay.
Do it again so I can see.
I'm gonna pay attention to your feet.
Whoa!
That was really good!
Okay, good job, good job.
So that was her.
She's just learning how to spin.
And anyways, do not forget to check out our sponsors, right?
CortezWM.com.
To book an appointment, you can go to AmericaFirstRetirementPlan.com.
If you have a 401k, you need help with your 401k, 401khelpusa.com.
Also, if you are not liking the beef that is out there, go to SwitchmoreProductsUSA.com.
Over 500 different products.
I love them all.
I've tried most of them from the shampoos, deodorants, detergents, to air fresheners, to the household cleaners, to the men's fragrances, to the bar soaps.
Pretty amazing stuff.
Wrinkle releasers.
All these products, they have harmful chemicals that we normally buy, except when you buy it from this online Patriot store.
Shipped right to your door in two days.
Give them a visit at SwitchMyProductsUSA.com.
Anyways, guys, I am out of here.
This was me practicing one of my favorite songs with the green screen up in my office in my studio.
God bless you guys.
See you soon.
Bye-bye.
I'm so scared to be interested in you.
▲
Export Selection