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War On Success: Here’s Why America Is Doomed by Mike Maloney

I receive updates from a number of business and financial experts who are watching what is going on in our country and the world related to finances, employment and retirement. Mike Maloney just post this latest video blog today which really helps to give us a clear perspective on how our government regulators are killing the free enterprise system.

“This is the war on success that our government is waging. They are almost trying to make the economy worse by putting companies out of business. To Quote Jim Clifton of Gallup:

“Our leadership keeps thinking that the answer to economic growth and ultimately job creation is more innovation, and we continue to invest billions in it. But an innovation is worthless until an entrepreneur creates a business model for it and turns that innovative idea in something customers will buy.”

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Is Retirement An American Fable?

Happy Retired CoupleFor over 80 years businesses have helped to plant the concept of retirement into the American Dream. The idea of relaxed and carefree retirement after 40 to 50 years of working has spun off thousands of businesses and organizations all created around the concept of planning for the future, a future that is wonderful for those who have prepared for it. For those who have not prepared or could not prepare, it is a different story.

Let us look at the foundation of this concept of retirement and see if it is still workable in our current economic environment of the world today. You can decide for yourself if Retirement is an American Fable.

A Brief History on Retirement

Age 65 Retirement – The German Precedent

Germany became the first nation in the world to adopt an old-age social insurance program in 1889, designed by Germany’s Chancellor, Otto von Bismarck. The idea was first put forward, at Bismarck’s behest, in 1881 by Germany’s Emperor, William the First, in a ground-breaking letter to the German Parliament. William wrote: “. . . those who are disabled from work by age and invalidity have a well-grounded claim to care from the state.”

One persistent myth about the German program is that it adopted age 65 as the standard retirement age because that was Bismarck’s age. In fact, Germany initially set age 70 as the retirement age (and Bismarck himself was 74 at the time) and it was not until 27 years later (in 1916) that the age was lowered to 65. By that time, Bismarck had been dead for 18 years.

The Origins of the Retirement Age in Social Security

By the time America moved to social insurance in 1935 the German system was using age 65 as its retirement age. But this was not the major influence on the Committee on Economic Security (CES) when it proposed age 65 as the retirement age under Social Security. This decision was not based on any philosophical principle or European precedent. It was, in fact, primarily pragmatic, and stemmed from two sources. One was a general observation about prevailing retirement ages in the few private pension systems in existence at the time and, more importantly, the 30 state old-age pension systems then in operation. Roughly half of the state pension systems used age 65 as the retirement age and half used age 70. The new federal Railroad Retirement System passed by Congress earlier in 1934, also used age 65 as its retirement age. Taking all this into account, the CES planners made a rough judgment that age 65 was probably more reasonable than age 70. This judgment was then confirmed by the actuarial studies. The studies showed that using age 65 produced a manageable system that could easily be made self-sustaining with only modest levels of payroll taxation. So these two factors, a kind of pragmatic judgment about prevailing retirement standards and the favorable actuarial outcome of using age 65, combined to be the real basis on which age 65 was chosen as the age for retirement under Social Security. With all due respect to Chancellor Bismarck, he had nothing to do with it.
[Source the US SSA: http://www.ssa.gov/history/age65.html ]

How Social Security is the Biggest Pyramid Scheme of All Time

This American Fable of retirement was built on the concept that future workers will support future retirees with social security taxes. This just does not meet with demographic realities. When the social security system was first established in 1935, there were about 20 workers paying an annual tax of $30 to support each retiree. But by 2011, when the first baby boomer turned 65, there were about two workers per retiree, paying an annual tax of up to $15,000 each.

life expectancy

[Source the US SSA: http://www.ssa.gov ]

 

 

 

 

 

 

 

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The Swiss Central Bank Helps to Run Up Gold Prices

Investors pile into gold after Swiss bank move“Gold prices jumped more than 2 percent after earlier hitting a 4-month high on Thursday as European shares and the dollar turned lower after a shock move by Switzerland to abandon its three-year cap on the franc sent Europe’s shares and bond yields tumbling.

“Gold is gaining from a risk-off situation because nobody expected the Swiss central bank not to keep that cap, and this has created potential big losses in many places and is obviously triggering some flight to safety,” Saxo Bank senior manager Ole Hansen said.”

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Discover How To Get Free Gold!

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The Participation Age Business Format

Author and Speaker Chuck Blakeman believes that there are better formats for businesses today than the old model that has carried over from 100 years ago during the industrial revolution. He has found hundreds of companies already using what he calls the Participation Age approach to running a business. In this model there are no bosses (managers), no set work hours, vacations as needed, no HR departments and lots of freedom for adults to do what they know they can and should do.

Retirement as it has been pushed on the US public for the past 60 to 70 years is not something required of those who work in a Participation Age business when they turn 65. If they want to continue and be productive they can. Listen to this video and see if this concept stirs you to want to be part of a business that operates with these principles.

 

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Gold climbs to 3-week high as investors seek safety

Gold Prices Go Higher

 

 

 

 

 

 

 

“Gold hit three-week highs on Tuesday as sliding oil prices knocked stock markets and concerns simmered over Greece’s future in the euro zone, prompting investors to seek out bullion as a safe store of value.

“European shares resumed their sell-off after Monday’s slump, with energy stocks declining as oil prices fell 3 percent to new 5-1/2 year lows.

“That prompted investors to buy assets perceived as offering safety, such as U.S. and German government bonds, the Japanese yen and gold, offsetting the negative impact on the metal of a stronger dollar.”

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Study says older workers = fewer entrepreneurs


“A new study that’s likely to draw the ire of some takes things a step further. A multi-university organization, the National Bureau of Economic Research, reported that having too many older workers in a society slows its rate of entrepreneurship. In addition to finding that older workers, on average, tend to be less innovative, the study also reported that they block younger workers from acquiring new skills and opportunities.”

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Golden Rule – Why Beijing Is Buying

A sales representative poses behind a 24K gold dragon, December 6, 2011. “If China were to convert a relatively modest part of its $4 trillion foreign exchange reserves into gold, the country’s currency could take on unexpected strength in today’s international financial system. It would be a gamble, of course, for China to use part of its reserves to buy enough gold bullion to displace the United States from its position as the world’s largest holder of monetary gold. (As of spring 2014, U.S. holdings amounted to $328 billion.)…

“If the dollar or any other fiat currency were universally acceptable at all times, central banks would see no need to hold any gold. The fact that they do indicates that such currencies are not a universal substitute. Of the 30 advanced countries that report to the International Monetary Fund, only four hold no gold as part of their reserve balances.”

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The 5 Most Important Baby Boomer Retirement Problems

http://www.dreamstime.com/stock-photos-retirement-crisis-image37690203“If bigger is better, then the Baby Boomers, some 76 million strong and the largest generation in US history, can consider itself large and in charge. This generation, born from 1946 to 1964, has wielded their influence on just about every aspect of American life and they continue to do so. They have more discretionary income than any other age group and control some 70% of the total net worth of all American households.

“But even with this substantial financial firepower, many Boomers face some serious threats to their financial health as they enter their retirement years. As financial planners at Glassman Wealth Services with a large subset of our clients falling under the umbrella of “baby boomers,” we have found 5 important problems that keep coming up again and again and again.”

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Pre-retirees: Don’t use your home as an ATM

Pre-retirees: Don't use your home as an ATM

“I’ve been helping people save and invest for more than two decades. In that time, I’ve come to understand that one of the best routes to financial independence is to enter into retirement without a mortgage.

“Not only will you require substantially less income to survive, you’ll also be subjecting yourself to significantly less stress.

“But if this is all true, why do so many people reach retirement age and still carry a huge mortgage?”

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