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The Impact of Repealing the Glass-Steagall Act


In the leadup to the “Black Tuesday” Stock Market Crash of 1929, and Banking Collapse of 1933, lax financial regulations created an economic environment where speculation with the everyday American’s money was rampant. Major banks gambled with their customers’ money, and when the bets those banks made proved to be ill-advised, the Great Depression began, and lasted for more than a decade. Between 1933 and 1938, President Franklin Delano Roosevelt (FDR) enacted a series of reforms, regulations, and public works projects known as the New Deal, which pulled the U.S. out of the Great Depression. One specific regulation within the New Deal aimed to prevent a repeat of Black Tuesday was known as the Glass-Steagall Act. 

For 66 years, the Glass-Steagall Act pulled in the reins on the banking industry’s wild financial speculation and protected our economy from major market crashes like in 1929. Many economists credit Glass-Steagall with helping the U.S. economy steadily grow into a world power in the post-WWII era. When Glass-Steagall was mostly repealed in 1999, banks reverted to their old tricks, setting the stage for the two largest financial collapses in 2001 and 2008 since the Great Depression. Never before had our economy experienced two market crashes of that magnitude in such a short period of time. Today’s article will educate you on Glass-Steagall and the impact of its repeal.

What Was the Glass-Steagall Act?

Named for the bill’s sponsors – former Treasury Secretary and founder of the Federal Reserve System Senator Carter Glass and U.S. Representative and Chair of the House Banking and Currency Committee Henry Bascom Steagall – the Glass-Steagall Act separated commercial banking from investment banking. Prior to the passage of Glass-Steagall, banks were free to use their customers’ money to make speculative investments that exposed them to a great deal of risk.

“Some of our bankers have shown themselves [to be] either incompetent or dishonest in their handling of the people’s funds,” said FDR in the first of his famous Fireside Chats, in which he addressed the public through a national radio broadcast.

During the Stock Market Crash of 1929, many major banks started to collapse due to their participation in risky securities trading. More than 600 banks failed every year from 1921 to 1929. When their customers attempted to withdraw their money, those banks did not have enough cash on hand to meet their commitments to their customers. Thus, Glass-Stegall intended to limit commercial banks’ involvement in speculative investing so their customers could be certain their holdings remained liquid. The Act also created a regulatory framework for the financial industry as well as a safety net for bank customers. 

Additionally, Glass-Steagall created both the Federal Open Market Committee (FOMC), which regularly meets to discuss monetary policy like benchmark interest rates, and the Federal Deposit Insurance Corporation (FDIC), which today insures customer bank accounts up to a limit of $250,000 per depositor. The Act also allowed the Federal Reserve to regulate retail banks, which, in conjunction with the creation of the Securities and Exchange Commission in 1934, provided meaningful oversight of the financial industry for the first time in our nation’s history.

Most importantly, Glass-Steagall forced banks to choose between commercial banking and investment banking. No institution operating as a commercial bank would be allowed to derive more than 10% of their income from securities trading. Over time, Congress imposed additional regulations on the financial industry to clarify certain aspects of Glass-Steagall and improve the effectiveness of the bill’s regulatory efforts.

The Repeal of Glass-Steagall

After decades of economic stability, the banking industry and their lobbyists began to push lawmakers to repeal Glass-Steagall, arguing that the bill stifled American economic growth. Critics insisted Glass-Steagall was unnecessarily strict, and that by diversifying their investment activities, commercial banks could engage in stock market speculation freely without putting their customers’ money at risk. But these arguments completely ignored the lessons of the past, because they were rooted in greed rather than a genuine concern for the economic well-being of the American public.

This movement to deregulate banks came to a decisive tipping point when the Financial Modernization Act of 1999 was introduced on the Senate floor, proposing a repeal of most of Glass-Steagall’s protection of investing Americans. Of course, not everyone in Washington was ready to trust the banking industry again. When the Financial Modernization Act of 1999’s repeal of Glass-Steagall was introduced many Senators voiced concern for the vulnerable state the bill would leave the American public.

Senator Byron Dorgan had this to say:

“I think we will in 10 years time look back and say we should not have done that.”

Senator Paul Wellstone echoed his concerns, saying:

“This legislation is an invitation to fraud and abuse.”

Despite these objections, the repeal effort led by Representative James A. Leach finally succeeded in removing many of the most crucial protections offered by Glass-Steagall. With President Bill Clinton’s signature, the Financial Modernization Act of 1999 was signed into law.

While the FDIC and FOMC would remain, banks could now take advantage of numerous loopholes that allowed them to go back to speculating with their customers’ money, and as in 1929, economic catastrophe struck. A series of recessions followed, beginning with the Dot-com Bubble of 2000 and the recession that came after September 11th, 2001. Shortly thereafter, a number of accounting scandals came to light, the most well-known being associated with Enron. These factors combined to cause the S&P 500 to lose 43% of its value between 2000 and 2002.

However, these recessions were nothing compared to the 2008 Financial Crisis, a banking collapse that would have been prevented if not for the gutting of Glass-Steagall. Without those critical regulations in place, commercial banks were free to gamble on securities. Banks invested heavily into the artificially-inflated real estate market after the repeal of Glass-Steagall, and when the mortgage-backed securities bubble collapsed in 2008, billions of dollars in American wealth disappeared in just a few months.

Crash Proof Retirement: Bringing Honesty Back to the Financial Industry

History has proven that the financial industry will do anything within and outside legal boundaries to line their pockets, with no regard for how their actions impact your financial future. Over the last century, large financial institutions and their lobbyists repeatedly took advantage of legal loopholes and lobbied extensively to repeal laws like Glass-Steagall leaving the American consumer vulnerable to all kinds of needless financial risk. 

Crash Proof Retirement is reinstating the protections that Glass-Steagall offered to investing Americans. By recording every financial meeting with their current and prospective clients, and storing those recordings for a minimum of three years, Crash Proof Retirement guarantees a legally binding fiduciary responsibility to put your best interests first.  Unlike the banking industry and the Wall Street advisors they are in cahoots with, every promise made by Crash Proof Retirement’s licensed representatives in a recorded financial meeting, like no market risk or fees, and the potential for double digit interest returns becomes legally binding and must be executed. Recording financial meetings serves as a testament to Crash Proof Retirement’s confidence in the financial education, custom tailored system, and financial peace of mind that they provide to over 5,000 clients. Would Wall Street financial advisors do the same? No, Wall Street firms would never allow their advisors to record their meetings because doing so would make their firms and advisors accountable for the bad financial advice they provide.

If you want to receive a different kind of financial education, one that is focused on your needs and your retirement security, get in touch with Crash Proof Retirement today. They provide a practical financial education free of charge, so you can have all the tools you need to plan for the future without worrying that a stock market crash or banking collapse will force you to delay or cancel your retirement. Call 1-800-722-9728 to schedule a financial checkup where we will review your retirement plan in Ambler, PA and nearby communities. This meeting is provided at no cost or obligation to you, and because the meeting is recorded, you can be certain that Crash Proof Retirement will stand by their word.

Study: 40% of Retirees Plan to Return to the Workforce in 2024

retirees returning to work

In today’s society, a significant amount of retirees are finding themselves living at or below the poverty level. This phenomenon is largely due to several factors that have converged to create a perfect storm for retirees facing financial hardship. They are contending with rampant inflation, rising costs, market volatility, and empty financial promises from their advisors who don’t adequately prepare them for these situations.

A new alarming study conducted by legal services firm Atticus shows that 1 in 5 seniors are currently working despite receiving Social Security benefits, and 40% of retirees plan on returning to the workforce in 2024, and one of the main reasons is receiving bad financial advice from their advisors or firms. Crash Proof Retirement has taken a bold step, becoming the first financial firm in history to record all consumer financial meetings. This makes every statement, all commitments and any guarantees legally binding between Crash Proof Retirement and the investing consumer. This approach has protected thousands of consumers from any misinformation disseminated through financial firms.

Social Security’s Weak 2024 Cost Of Living Adjustment (COLA)

Back in January, we questioned whether the modest 3.2% COLA for Social Security recipients would be enough to account for the extreme rise in consumer prices that began during the COVID-19 pandemic. Based on data from the consumer price index, we determined that a 3.2% increase in benefits – amounting to an average of $55 more dollars per month – was not nearly enough to cover the actual increase of inflation, totalling over $945 per month. The problem for those not earning a working paycheck. Compared to 2023’s 8.7% increase, the 2024 COLA does not accurately reflect the reality of living in retirement after years of high inflation.

Unlike working investors, retirees are no longer earning a working income – they’re on a non working fixed income, such as social security, and don’t have the time or ability to recover from market volatility or crashes. Investors who are still in the workforce have the rest of their working years to recover from market crashes that occur during their working career. Those in or near retirement don’t have that luxury. If a retiree exposes their retirement funds to market risk, they don’t have enough time to recover their losses. 

The Atticus study sheds more light on difficulties faced by American retirees:

  • 62% of seniors were not satisfied with the 3.2% COLA this year
  • Almost 60% of seniors are already struggling financially
  • Single seniors have been hit even harder; 70% of them are struggling financially
  • 40% of retirees and 47% of single retirees plan to return to work this year
  • Only 52% of seniors are confident in Social Security’s ability to provide for their long-term financial needs

The data collected in this study raises serious questions about financial professionals that you should be asking yourself:

1. Why don’t retirees have enough income to afford them a full retirement?

2. Why do so many of them have to go back to work after retiring?

3. Why are they depending on Social Security as their primary or only source of retirement income?

4. Why are so many retirees left unprepared for inflation and other unexpected expenses, despite the obvious prevalence of these issues?

In our opinion, the heart of these issues lies with the motivations of financial advisors who are not held to a full fiduciary responsibility when advising their clients.

Are Retirees Getting the Accurate Financial Advice?

In a perfect world, every financial advisor would always act in the best interest of their clients. In reality, Wall Street does not have a full fiduciary duty that legally binds them to represent their clients’ best interests. In fact according to Dalbar Incorporated, Wall Street is not operationally set up to handle a full fiduciary responsibility to the everyday investor. Professional firms like Crash Proof Retirement have a full fiduciary duty to ensure their clients always come out on top  through legally binding financial recordings, even if it means they have to take a hit to their own income. If traditional financial advisors had nothing to hide and have a full fiduciary duty, why wouldn’t they record all of their financial meetings? Fortunately, Crash Proof Retirement is the only firm known to record all financial meetings.  Wall Street advisors don’t fully educate their clients on safe financial vehicles that provide guaranteed income without market risk or fees. Instead, they recommend risk-based assets to their clients, regardless of their age, because those are the type of investments that help advisors fatten their wallets with up-front and ongoing fees. Wall Street advisors collect those fees even if their clients’ portfolios aren’t giving them the returns they were promised. 

Risk-based assets include stocks, bonds, and mutual funds whose value fluctuates based on the performance of the economy which directly affects the stock market. When these risk-assets lose too much value, the client can be forced to delay their retirement, accept a lower standard of living, or go back into the workforce in their golden years. Wall Street advisors and traditional financial advisors can’t guarantee their clients solutions for challenges like long-term care, which is your greatest financial risk, as well as taxes, inflation, and market volatility.

In addition, advisors charge significant fees for their services, and those fees are taken directly from your retirement accounts even if they aren’t performing as expected. These hidden fees eat away at your nest egg, leaving you with inadequate income in retirement. Financial advisors are often not transparent about the fees they charge and what they cover. Many retirees are in for a surprise when they look at their account statements and realize how much of their hard-earned money is going to unnecessary and hidden advisor fees.

Crash Proof Retirement: A Legally Binding Financial Education You Can Trust

Crash Proof Retirement is so confident in the financial education provided by their licensed independent educators that they record and store every financial meeting with their clients. Most advisors would never allow recording in their offices, because they can’t guarantee that their clients will come out on top. That’s why Crash Proof Retirement is raising the standard of fiduciary responsibility across the financial landscape and changing the way Americans get educated about their finances. They are proud to record all financial meetings with their clients because of their proven track record of delivering a full fiduciary responsibility to over 5,000 clients. Crash Proof Retirement is putting their money where their mouth is, which is something your current financial advisor probably can’t say.

In a recorded financial meeting with Crash Proof Retirement, all promises made about our exclusive system by our licensed representatives, such as market-like returns credited as interest with no market risk or fees, and guaranteed income that won’t deplete your nest egg, are legally binding between our firm and you, the investing client. This unparalleled act of video and audio recording in all financial meetings sets Crash Proof Retirement apart from all other financial firms in its transparency and provides you with an unrivaled assurance that all declarations made by Crash Proof Retirement are concrete and will be executed.

Your retirement is supposed to be your opportunity to relax after a lifetime of hard work and reap the benefits of your investments. As recent data has shown, a large portion of retirees haven’t been able to achieve that goal because their financial planners are giving them bad advice. You don’t have to depend on Social Security to provide most or all of your retirement income; you can find a better way to save with Crash Proof Retirement! Crash Proof Retirement’s licensed independent retirement educators will be happy to give you more information about retirement planning in Conshohocken, PA and other communities across the country, so please don’t hesitate to get in touch by calling 1-800-722-9728. Your financial checkup will be provided free of charge and with no pressure to commit. Once you have received your retirement education, you will be empowered to make the right choices about your future so you won’t find yourself forced back into the job market because of inadequate retirement income.

In today’s article, we have discussed how the post-pandemic economic environment has proven to be a challenging one for America’s retirees. In subsequent posts, we will discuss how the Repeal of The Glass-Steagall Act in 1999 and the massive wave of retiring Baby Boomers is hurting the lifestyle of American retirees.



Crash Proof Retirement has announced that they have taken a bold step in 2024 by recording and storing all financial meetings with prospective and current clients. In the ever-changing world of challenges for investing Americans, Crash Proof Retirement, LLC. is looking to revolutionize the industry. More specifically, the way those seeking financial advice interact with their advisors. This extraordinary move is a testament to the firm’s commitment to fiduciary responsibility and transparency, setting a new standard for the industry.

The decision to integrate video and audio recording into financial meetings marks a significant departure from traditional practices within the financial sector. All promises and guarantees made in a recorded financial meeting become legally binding between Crash Proof Retirement and the investing client. While some may view this as a radical approach, Crash Proof Retirement sees it as a necessary step towards enhancing client trust and confidence for their retirement years. By recording every interaction between advisors and clients, the firm aims to create an environment of transparency and accountability, providing clients with peace of mind and assurance in their financial decisions.

Consumer Reaction

The highest compliant protocol of a fiduciary duty has always been a guiding principle for Crash Proof Retirement, LLC, and the introduction of recording in financial meetings is a clear manifestation of this commitment. In an industry where trust and integrity are paramount, the firm’s proactive approach to transparency is not only commendable but also a potential game-changer. By embracing cutting-edge technology and prioritizing client interests, Crash Proof Retirement, LLC. is setting a new standard for financial companies across the country.

At the forefront of this innovative initiative, Crash Proof Retirement, LLC. is not only looking to differentiate itself from its competitors, but also to influence the industry as a whole. As the first firm to adopt such a bold approach, it will be intriguing to observe the response from other players in the financial sector. Will they follow suit and implement their own version of transparent recording in financial meetings? Only time will tell.

There is no denying the potential ripple effect this decision could have on the industry. By introducing recording into financial meetings, Crash Proof Retirement, LLC. is not only enhancing the client experience, but also elevating the standard of fiduciary responsibility. Whether other firms will be able to record their financial meetings and comply with the same level of accountability remains to be seen. In the meantime, Crash Proof Retirement, LLC. is poised to set the standard and potentially shape the future of financial planning and investment management.

The Investment Gender Gap: Women Feel Ignored by Financial Advisors

The Investment Gender Gap: Women Feel Ignored by Financial Advisors

In March, we observe Women’s History Month to recognize and celebrate the vital role that women have played in shaping American history. Indeed, women have made countless contributions to society, and yet, in one area, they still feel like outsiders: retirement planning. Although more women than ever are taking an active role in the family finances, they still feel that their needs are being ignored, especially by the male stock brokers and advisors who dominate the financial industry.

At Crash Proof Retirement, our mission is to foster an environment where men and women alike can improve their financial literacy and empower themselves to make the best decisions about their retirement planning. Today, we would like to share some information with you about why women feel ignored by their male financial advisors, some specific challenges they might face in retirement, and how they can become more financially literate.

Study: Financial Advisors are Failing Women

A 2019 study conducted by New York Life Investments’ Advisor Advancement Institute revealed some startling statistics about women’s attitudes toward their male financial advisors. The women surveyed said they agreed completely or agreed somewhat with all of the following statements:

  • Financial advisors treat women differently (40%)
  • Women feel patronized by financial advisors (36%)
  • Financial advisors are less likely to listen to investing ideas from a woman (30%)
  • Financial advisors push women out of financial conversations (28%)
  • Women have less access to financial education (26%)
  • Financial advisors find it hard to relate to women (26%)
  • Financial advising is a man’s world (24%)

Financial industry data supports the attitudes expressed in the study. Jobs research firm Zippia reported in 2023 that of the 241,225 financial advisors employed in the U.S., 72.3% of them were men, and their average age was 44. While the role of women in making household financial decisions has drastically changed in recent years, it’s clear that the attitudes of male financial advisors on Wall Street have not kept pace. This is a major oversight for a number of reasons.

According to BMO Wealth Management, 51% of personal wealth in the U.S. is controlled by women, while data from Forbes shows that 70-80% of consumer purchases are driven by women. It’s clear that women are making more money than ever before, and having more influence over household financial decisions, and yet they are still significantly less likely than men to invest the money they earn. This investment gender gap can be explained by the way many financial advisors fail to address women’s retirement planning needs, making them feel unwelcome in the investing world. It is also worth noting that most traditional financial advisors are focused on risk management, and are not in tune with the needs of people in or near retirement. They generally deal with younger people who are more risk tolerant, and fail to advise them to decrease their exposure to risk as they age. Older people who cannot tolerate any risk, and especially women in or near retirement, are clearly not having their needs met by financial advisors who recommend risky, securities-based investments. At Crash Proof Retirement we feel that anyone in or near retirement needs security more than anything, and women need to be especially cautious because of the special challenges they face when planning for retirement.

Womens’ Unique Retirement Challenges

In the 20th century, household financial decisions were more likely to be dominated by men, leading to the gap in financial literacy that still exists today. Data from the Financial Industry Regulatory Authority shows that women consistently score lower on financial literacy tests than men. Specifically, women of the baby boomer generation scored 0.7 points lower than men on a five-question financial literacy test.

This is unfortunate because women generally live longer than men. Married women who have relied on their husbands to make investing decisions may not be equipped to manage their own finances after their husbands pass away. 

How Can Women Improve Their Financial Literacy

If you are a woman who wants to learn more about retirement investing, we encourage you not to let your past experiences with financial advisors prevent you from getting educated on how to protect your retirement future. At Crash Proof Retirement, our CEO Joann Small understands all the challenges faced by women as they prepare for retirement. Crash Proof Retirement’s team of licensed independent retirement educators would be happy to speak with you, and are well equipped to help women deal with the unique challenges they face.

The three-step educational process employed by Crash Proof Retirement allows both men and women to better understand their finances and make informed decisions about their investments. In fact, we insist that both spouses be present at all appointments to ensure that they can learn and grow together. 

Our dedication to financial education is what sets our process apart from the methods used by traditional financial advisors. We also make it a point never to pressure anyone who comes into our offices. Our team will present you with the facts about investing in terms that you can understand, and if you decide to go in a different direction, we will be satisfied knowing that we helped you gain a clearer picture of your finances. While traditional financial advisors may try to talk over your head, our goal is to ensure you understand every aspect of the retirement investing landscape.

The Crash Proof Retirement System is so versatile that it can be custom tailored to prepare for all the difficulties women might face in retirement, including the loss of a spouse. Each Crash Proof Retirement System can even be adjusted as your situation changes. Our team is also always available to answer any questions you may have about income solutions, long-term care solutions, protection of principal, growth, and anything else related to retirement planning.

Call 1-800-722-9728 to discuss your retirement planning in Malvern, PA or anywhere else nearby. Saving for retirement as a woman carries its own set of challenges, but the Crash Proof Retirement team is here to help you empower yourself to build the retirement of your dreams.

Adjusting Your Investment Strategy as You Age


There are three phases that every investor goes through as they make investment decisions during their life. While it would seem logical for investors to naturally progress through these phases, the truth is that many investors fail to adjust their investment strategy as they age. When investors have an investment strategy that is inappropriate for their age, they increase their risk of being financially overwhelmed, especially if they are invested in risk-based securities. Moreover, investors are not always cognizant of certain cost increases that are associated with getting older and often overlook the need for long-term care services. As a result, millions of Americans enter retirement and are immediately confronted with having to navigate the financial maze of uncertainty, while being blindly led by unscrupulous brokers who fail to provide fiduciary guidance in terms of reducing the risk of their clients. For this reason, it is essential for investors to understand the three phases of investing to properly adjust their investment strategy as they age. 

The Three Stages of Investing

The first stage is the accumulation phase. This is where the investor launches their career and starts to save money. An investor will stay in this phase for the majority of their working years before transitioning into the retirement phase. This transition typically takes place sometime in their mid- to late 50s. During this phase, investors will reduce their exposure to risk by transitioning from stocks, bonds, and mutual funds to vehicles that guarantee principal protection. The final stage investors experience is the transfer phase. At this point, the investor prepares to pass on their assets and their legacy to their heirs. The problem is that investors get stuck in the accumulation phase and instead of transitioning to safer waters, they are often advised to stay on the high seas of risk. 

Part of the reason why Americans over the age of 65 hold on to their high-risk stocks, bonds, and mutual funds is because they have a broker or financial advisor who fails to provide fiduciary guidance by recommending safer investments like those found in the Crash Proof Retirement System. While some investors have enough funds to weather the storm of market volatility, the majority of Americans unfortunately do not. Instead, American retirees lose years of precious growth time, which may cause a drastic change in their lifestyle that they may never recover from, given their limited timeframe in retirement. 

Lost growth during an investor’s retirement phase is far more detrimental than what a younger individual would experience during their working career. To represent this relationship between lost growth and recovery time, researchers at Retirement Media, Inc. studied the relationship between the number of years it takes for the stock market to recover after an annual loss. Our team tracked the S&P 500 index for 94 years, starting in 1928 and identified 29 instances when the stock market had a negative year. Of those 29 negative years, 14 were market crashes — a drop of more than 20% in one or consecutive years — with a median recovery time of 8.5 years for the market to grow back to its previous high. 

While recovery times vary for every market crash, there are an infinite number of variables that impact how long it takes investors to recover their nest eggs. In fact, there is no guarantee that an investor will recover when the stock market falls. This was evident in the early 2000s as investors were hit with two life-changing market crashes spanning from 2000 to 2002 and again in 2008 to 2009. These two crashes erased 14 years of precious growth time as the S&P did not reach its previous high until 2014.

Assuming an investor is able to recover 100% of what was lost during a market crash within the median time frame, those years spent recovering are wasted. More importantly, these are years that a retirement aged individual does not have, especially when living on a fixed income. When investors are young and take a financial hit on the stock market, they have time to continue making contributions to their investment accounts because they are earning an income. Retirement phase investors on the other hand are not as financially flexible because they aren’t actively earning an income and are more susceptible to complications with costly medical expenses and the damaging effects of inflation. 

Inflation and Poverty

Outside factors such as inflation and medical costs magnify the damage that can occur when a retirement aged investor leaves their nest egg at risk on the stock market. In fact, inflation is so high today that economists are calling it a “silent retirement killer.” One of the reasons why poverty rates among older Americans is over 9% is due to the rising costs of long-term care services, such as being placed in a nursing home or assisted living facility. For women, the poverty percentage is even higher and gradually increases as they age. Up to 65% for women over the age of 65 live at or near the poverty line, according to the Director of The Center for Retirement Research at Boston College, Alicia Munnell.

Contributing to these poverty rates is the immense cost of long-term care services. The Department of Health and Human Services statistics state that 70% of Americans over the age of 65 will need some kind of long-term care assistance, lasting for an average of 3 years. Investors have to account for these troubling statistics as they transition from their working years to retirement and reflect these trends in their investment strategy because investors who are unprepared face the risk of bankrupting their nest egg. Regardless of the stock market’s performance during their retired years, simply not being prepared for long-term care expenses has the power of depleting their nest eggs and pushing Americans into poverty. 

The Costs of Long-Term Care

While most Americans have experienced what it is like to have a loved one enter a nursing facility, far too many have a misconception that Medicare and Medicaid will cover the costs of their care should they fall ill or incapacitated. The truth of the matter is that Medicare covers skilled services from a physician that consists of restoring the health of the patient and does not cover long-term care services. Medicaid, on the other hand, does pay for long-term care services, but recipients must qualify by first depleting their assets by paying out of pocket for care — effectively putting themselves into poverty and having no other feasible way of affording care. 

Long-term care services are considered non-skilled care from a nurse or caregiver that assists with the activities of daily living for their patient. This includes such activities as bathing, eating, dressing, toileting, and transferring in and out of bed. Although the majority of care is provided in the patient’s home, there are nursing homes and assisted living facilities that can cost upwards of $100,000 a year in some states. The national cost of a private room in a nursing home, costs over $108,000 a year. Considering the average length of care is 3 years, a patient should be prepared to spend more than $324,000 on their care during that time in a nursing home. Since the average household retirement account value ranges between $350,000 and $430,000, according to the Board of Governors of the Federal Reserve System, the average cost of a nursing home alone would bankrupt an investors nest egg. Couple those retirement needs with a stock market crash, and it quickly becomes a devastating financial scenario for Americans in their retired years. 

You can read more about the importance of budgeting during your retired years by reading, “How Budgeting Needs Change During Your Retirement.” 

Protecting Retirees Nest Eggs

Americans over the age of 65 face a variety of challenges and dangers that could impact their nest egg and turn their dream retirement into a nightmare. After spending decades accumulating a wealth of savings, investors cannot afford to miss the transition from the accumulation phase of investing to their retirement phase. Although a market crash can take several years to recover from, investors who took the time to protect their nest egg with a proprietary Crash Proof Retirement System remained safe, with peace of mind, knowing that their retirement was secure when the stock market crashed in 2020 and again in 2022. 

Many investors who have an exclusive Crash Proof Retirement System also have peace of mind about long-term care expenses. After taking the time to meet with the team of licensed educators at Crash Proof Retirement, many Crash Proof Consumers have obtained long-term care protections, which gives them the security of knowing that should they need care, they can receive it from anywhere in the world without bankrupting their nest egg. 

To learn more about how you can protect your nest egg from the dangers of stock market volatility, call 800-722-9728 or fill out the form on our contact page to schedule an appointment today. You can also head to the official Crash Proof Retirement YouTube page to watch to over 300 testimonials from our over 5,000 Crash Proof Consumers who were once concerned about their retirement savings, but now have peace of mind. 

How Our Government’s Spending Addiction Will Trigger A “Day Of Reckoning”


The United States is facing a growing crisis – a $100 trillion federal deficit and exploding debt totaling $17 trillion amongst everyday Americans. According to the most current data from The Federal Reserve Bank of New York and FINRA, mortgage debt has topped $12 trillion, credit card debt has surged over $1.13 trillion, auto loan debt tipped over $1.61 trillion, and medical and margin debt combined have reached almost $1 trillion. 

Former Comptroller General David Walker, who served as the nation’s Chief Accountability Officer and head of the U.S. Government’s Accountability Office from 1998 – 2008, oversaw the government’s books, and provides unique insight as to the grave nature of the debt situation not just in our country, but around the globe: “There are too many countries, including our own, that have become addicted to spending deficits and debt. The global economy is increasingly interdependent and interconnected, but we have to recognize the reality – you can’t continue to spend more money than you make, charge to the credit card, make promises you can’t afford to keep, without someday having a day of reckoning.”

When I asked Walker whether the ‘day of reckoning’ predicted by many economists would have come sooner without the federal government’s massive stimulus programs conducted over the past decade, Walker responded affirmatively, noting, “I think so, yes… I think the federal government had to do something in order to prevent the collapse of the banking system, but now we’re in a situation where if we have another recession, the federal government doesn’t have any more tools in its toolbox.” 

Echoing Walker’s sentiments is Andrew Huszar, the Federal Reserve employee who kicked off Quantitative Easing, which was the largest federal stimulus program in U.S. history back in 2008. Known as the “Quarterback of Quantitative Easing,” Huszar implemented the first wave of this policy, which involved purchasing $1.25 trillion worth of mortgage backed securities that had tanked the economy in 2008. 

While Huszar initially saw the value in implementing Quantitative Easing, he later realized the negative impact of the stimulus program on the country’s debt and apologized to the American people. He explains, “I believe in Government, but I believe in smart Government, and I think what The Fed is doing – it’s just not smart Government. If you think of the U.S. economy as a business, we’re not dealing with our issues. We’re just kicking the can down the road and this is probably not going to end well in a number of different ways.” 

Both Huszar and Walker are students of history and understand that debt and deficits have been at the heart of every market crash known to man. For example, according to the IMF, leading up to the Great Depression, debt as a percentage of our GDP spiked from 23% in 1914 to 80% in 1932, and a Banking Collapse shortly followed in 1933. Today, our national debt is over $34 trillion – a whopping 124% of the United States’ GDP. Additionally, according to Walker, this statistic doesn’t account for the tens of trillions of dollars worth of unfunded entitlement programs, bringing that figure to north of $100 trillion.

Instead of addressing our nation’s debt, our federal government continues to compound the issue. Since January 2021, more than 2.5 million undocumented immigrants have crossed the southern border, accumulating to an estimate of over 12 million undocumented immigrants currently living on the nation’s already overstretched financial resources. The financial burden of healthcare, schools, law enforcement, and other public services, without the infusion of new tax dollars, will fall on legal residents and citizens through increased taxes. How long can the everyday American float these costs? 

With the United States’ economy failing to produce the funds to pay government debts, taxpayers are taking on debt they can’t afford. Our government is adding expenditures on an already stressed system, so it is essential that we rethink fiscal and immigration policies to avert financial catastrophe. As history has proven: debt defaults lead to market crashes and depressions. Given the magnitude of the debt we’ve accumulated today, failure to address these issues will lead to financial turmoil that will crush Americans for generations to come.

– With All Truth

The Erosion of Justice Will Lead to The Erosion of Your Retirement Future


At Retirement Media, Inc., we believe that justice is the application of law in any industry. Justice ensures fair treatment and upholds the rights of all individuals, regardless of their
socio-economic status, race, and background. When laws are not enforced and fail to deliver
justice, it erodes the very foundation of a just and equitable society, corroding all industries
including your financial portfolio.

Associate Professor of Finance from Temple University’s esteemed Fox School of Business, Dr.
Bruce Rader, taught business and ethics for over twenty years. He eloquently highlights how the lack of enforcement and justice within the financial industry led to a market crash that many Americans still haven’t recovered from:

“There was regulation in place that could have saved the debacle that peaked in 2007-2008.
There was no enforcement of those regulations. They can create all the regulations they want…
If you don’t have the regulation that’s enforced, then you have what they call a moral hazard

A lack of enforcement of any and all laws can lead to a breakdown of morality that ripples
throughout society, perpetuating systemic inequalities and allowing for the exploitation of
vulnerable individuals.

Dr. Rader points out how advisors and stockbrokers in the financial industry capitalize on this
lack of enforcement, “One of the things is there’s perverse incentives because they get paid by
doing transactions. And that is problematic for people because you make more money the more transactions you do. Now, there are some people, if it’s enough money, their ethics may drop and some people have no ethics.”

He continues, “We live in a society where you find people saying, I want you to treat me morally, but I’m going to treat you legally, which presents a problem because from a moral point of view, there’s a difference in what I can get away with legally… Especially if you are an unscrupulous broker, what happens? They can take advantage of you.”

What we’re all seeing today in our beloved country, The United States of America, is a lack of
enforcing laws in our country, which will only intensify the lack of enforcing laws throughout the
financial industry.

– With All Truth

Truth Tracker: The Potential Consequences of Media Unaccountability on the Financial Industry (Part 1)


In a world where the media operates without fiduciary duty and the absence of laws that strictly regulate its practices, the consequences on society, and particularly on the financial industry, can be far-reaching.

The potential harm is further amplified when considering that media outlets are owned by Wall Street. In this essay, we will discuss the implications of such circumstances and the detrimental impact they can have on the financial industry.

Media outlets play a significant role in shaping public opinion, influencing investment decisions, and ultimately, impacting the financial markets. When media organizations lack fiduciary responsibility, they are free to publish misinformation, misrepresentation, or even outright lies. In an environment lacking oversight, these false narratives can easily mislead investors and create unnecessary panic or euphoria, prompting drastic market reactions.

Media’s duty is not solely to report news; it also entails holding the financial industry accountable. However, in the absence of laws and regulations, media outlets might prioritize their own financial interests or their affiliations with Wall Street owners. Consequently, their reporting may be biased, skewed, or manipulated in ways that favor specific industry players. Manipulative reporting can impact stock prices, deceive investors, and compromise market integrity.

Moreover, without legal recourse, those affected by biased reporting or financial losses resulting from media misinformation find themselves without a means of seeking justice or restitution. This lack of accountability erodes trust in the financial system, discourages investment, and undermines the overall stability of the industry.

To mitigate these risks, it becomes essential for society and regulators to demand transparency, accountability, and ethical practices from media organizations. Enacting laws that regulate financial media, implementing oversight mechanisms, and promoting fact- checking can help ensure that news outlets provide accurate, objective information to the public.

In summary, the absence of fiduciary responsibility, coupled with the ownership of media outlets by Wall Street, creates an environment that allows misinformation, manipulation, and biased reporting to flourish unchecked. This poses significant risks to the financial industry, giving rise to potential market volatility, loss of investor confidence, and erosion of trust. Recognizing the potential consequences and taking proactive measures to establish oversight and legal accountability are imperative to safeguard the integrity of the financial industry. These actions are vital to ensuring fair and transparent reporting for the everyday retired investor who has worked a lifetime to secure their retirement future.

The Crash Proof Retirement System – A Safer Way to Save for Retirement

crash proof retirement system

There are many strategies that Americans use to save for retirement and each one has different benefits and drawbacks. Some of these options include 401(k) plans, Individual Retirement Accounts (IRAs), mutual funds, target-date funds, and many other financial vehicles. In general, retirement savings vehicles fall into one of two categories: high-risk securities-based investments and fixed investments, most of which exist outside the securities industry. As you get closer to retirement, you should focus on mitigating risk to ensure your nest egg will still be there when you need it. 

Concerned About Your Retirement Investments?

If you are concerned about the safety of your retirement investments, you should know that it is possible to achieve a secure retirement. Crash Proof Retirement has helped more than 5,000 consumers in or near retirement take their nest eggs out of the risky securities industry and place it into guaranteed financial vehicles that protect and grow their money without the risk and fees of Wall Street. Read on to find out more about the Crash Proof Retirement System and how it can help you achieve the retirement of your dreams.

What is the Crash Proof Retirement System?

When the stock market crashed in 2008, millions of Americans all over the country lost an immense portion of their retirement savings. IRA and 401(k) plans alone lost more than 20% of their value – a combined $2.4 trillion. While younger investors were able to continue working and wait for the markets to recover, older workers who were nearing retirement had to delay and alter their plans and some unfortunately were never able to recover what they had lost.

Some Americans were forced to retire due to illness, injury, or other factors, such as losing their job and not being able to find new work. As a result, millions of Americans have entered retirement in the years since the 2008 financial crisis without the necessary financial resources. Although millions of Americans were left at risk with securities on Wall Street, others were protected from the crash. These investors had peace of mind while watching the stock market rollercoaster because they were protected with the Crash Proof Retirement System and continued to feel secure all throughout the 2010s, while remaining whole during the coronavirus crash of 2020.

So, how does the Crash Proof Retirement System work? 

Learn How the Crash Proof Retirement System Works

At Crash Proof Retirement, their team of licensed retirement phase experts have a fiduciary duty to analyze and educate investors about financial vehicles that are proven to be safe for consumers in or near retirement. They call these Crash Proof Vehicles because they guarantee that you will never lose your principal due to a stock market downturn. While the value of high-risk security investments can fluctuate wildly along with the stock market, Crash Proof Vehicles credit interest when the market is up and prevent you from losing your principal during market crashes.

The Crash Proof Retirement System provides other benefits for retirement phase investors like tax-deferred growth and the ability to activate guaranteed Crash Proof Income when you retire. Each vehicle in the Crash Proof Retirement System has a specific purpose and works in concert with the other vehicles in each individually tailored system, much in the same way that the individual components of an orchestra come together to create a beautiful melody. When you choose a Crash Proof Retirement, you can have peace of mind knowing that your nest egg will be safe no matter what is happening in the world.

Highlights of Crash Proof Retirement System & Education

Visit the homepage of Crash Proof Retirement to see videos on the following:

  • Peace of Mind with Crash Proof Retirement – Experience the unparalleled peace of mind provided by the Crash Proof Retirement System. Rooted in decades of research, it offers a secure foundation, shielding your retirement savings from market volatility and economic uncertainty. Rest easy knowing your hard-earned money is safeguarded.
  • Double Digit Interest Returns with Crash Proof Retirement – Learn how to unlock the potential of double-digit interest returns with the Crash Proof Retirement System. Its innovative approach, backed by sound financial principles, tracks the market for growth while prioritizing capital preservation, even in a low-interest-rate environment.
  • The Dangers of Variable Annuities – Learn about the pitfalls of variable annuities. High fees and market-linked risks can erode your retirement income in Variable Annuities. The Crash Proof Retirement System provides a safe alternative, emphasizing steady growth, downside protection, and fee elimination.
  • The Hidden Secrets of Mutual Funds – Discover the hidden secrets of mutual funds. Many investors are unaware that their fees and market vulnerability can hinder returns. The Crash Proof Retirement System offers a transparent, secure path with the potential for consistent growth.
  • Investing with no Fees – See how our consumers experience fee-free investing with the Crash Proof Retirement System. Unlike traditional options burdened by fees, this system eliminates expenses, allowing your money to work harder for you.
  • Crash Proof Retirement Educational Process – Learn how to navigate retirement planning confidently with the Crash Proof Retirement System’s comprehensive educational process. This one of a kind education will empower you to make informed decisions about your hard earned money.
  • Liquidity of the Crash Proof Retirement System – All of our consumers enjoy a balance of growth and accessibility with the Crash Proof Retirement System. While benefiting from steady returns and downside protection, Crash Proof Consumers have access to the money they need to maintain their lifestyle throughout retirement.
  • Crash Proof Consumers Who Missed the Crash of 2008 – Consumers who invested in The Exclusive Crash Proof Retirement System prior to the market crash of 2008 have a special appreciation for our system. They prioritized stability and resilience, safeguarding their retirement savings from the biggest financial catastrophe in modern history. They are living proof that the Crash Proof Retirement System delivers security, growth, and transparency, catering to modern investors’ concerns. It stands as an attractive option for a stable and prosperous retirement, providing peace of mind, impressive returns, and a secure path forward.

Learn More about Crash Proof Retirement

It is possible for anyone to have a Crash Proof Retirement. When you are ready, the licensed retirement phase experts at Crash Proof Retirement are ready to educate you about the proprietary Crash Proof Vehicles and how they can help you achieve peace of mind in retirement.

To learn more about the Exclusive Crash Proof Retirement System visit crashproofretirement.com or call 1-800-722-9728 and schedule your complimentary personal financial checkup today! 

Groundbreaking Documentary Sheds Light on the Retirement Crisis

Groundbreaking Documentary Sheds Light on the Retirement Crisis

A documentary film has been sweeping the nation, revolutionizing the way investors are looking at retirement planning. “The Baby Boomer Dilemma: An Exposé on America’s Retirement Experiment” takes a deep dive into the lethal pitfalls of the retirement savings plans that all consumer investors were told were safe, while experts and advisors alike never exposed the true alternative solutions that lie outside of Wall Street and lead to a guaranteed retirement future. 

Throughout the movie, award-winning director Doug Orchard uses exclusive interviews with an army of the highest level experts in the financial industry such as the “father of the 401(k)” Ted Benna, who was hired to create the 401(k) back in the ‘80s, two world renowned Nobel Prize winners, and six distinguished Ph.D. economists from the top business schools, to expose the devastating cracks in the financial industry that have 401(k)s, IRAs, Social Security, and other retirement plans on the brink of collapse. 

An important message in this movie is the need for dependable guaranteed income streams that provide inflation fighters in retirement. One of the distinguished experts in the film, Moshe A. Milevsky, impressively earned a Ph.D. in business finance and a master’s degree in mathematics, and has been a professor at York University for 25 years. Milevsky takes the time to put the spotlight on widely known investments that most people invest in, like stocks, bonds, and mutual funds, saying they are, “nothing more than one big lump sum of money.” 

Milevsky is pointing out that, it doesn’t matter if you’re in stocks, bonds, mutual funds, or 401(k)s, advisors and experts alike will tell you you’re diversified with Wall Street, but they’re all in the same category – “one big lump sum of money” – risk investments. As most experts agree, you cannot have a guaranteed retirement future made up of a lump sum of risk investments. 

Edward Siedle is one of the most experienced former SEC attorneys and earned the SEC’s largest whistle-blower award. In the film, he sheds light on the truth about the hidden fees that compound the risk all Wall Street investors face. Siedle points out and cautions, 

“How much do 401(k)s lose when they pay excessive mutual fund fees? The answer is that half a percent or more a year in excessive fees causes your average American worker to have maybe 60% of what they would’ve.” 

One would have to ask, with the hidden ongoing fees in securities and mutual funds and the lump sum of risk most financial portfolios are made up of, how can the everyday investor have a guaranteed retirement future? Sadly, the responsibility is left to the people who know the least about investing – the everyday investing consumer.

Moviegoers will learn what all the experts in the film, and around the globe, tout as the best way to find the guaranteed income streams that so many Baby Boomers are missing: investments from the financial life insurance industry. These alternative investments, called fixed index annuities (FIAs), offer guaranteed income that is tax-deferred, with no risk of market loss. As Milevsky explains, this consensus among economists is a rarity in the financial industry. 

He says, “There seems to be only one area in economics where there’s almost consensus. Almost all economists, no matter what model or frame of mind they’re coming to the retirement dilemma with, they’ll say it’s a good idea to take a part of your nest egg at retirement and buy a guaranteed source of income otherwise known as an annuity.” 

The film’s most renowned expert, the late Dr. David Babbel, established himself as an elite Ph.D. economist after over a decade of rigorous training to earn his Ph.D., followed by a 25-year career teaching at the top business school in the country, the Wharton School of Business, which has held that number one spot since the school was founded in 1881. 

In 2009, the great Dr. Babbel and a team of six of Wharton’s top Ph.D. economists and two senior actuaries conducted a two-year in-depth study on FIAs titled “Real World Index Annuity Returns.” 

Dr. Babbel is quoted in the conclusion of his team’s study saying, “Since their inception in 1995, FIAs have outperformed corporate and government bonds, equity mutual funds, and money markets in any combination, not just one year, but every year through the study’s completion (Which includes enduring the market crashes of 2001 and 2008).” 

The conclusion of this study prompted this prominent economist, Dr. Babbel, to invest his own hard-earned savings into 14 FIAs of his own. He shares how important the FIAs that he researched are and explains the benefits he experienced for himself by saying in the film, “If you’re a good manager of your money, you shouldn’t get one annuity – you should get several. You get enough to live off of to get your basic income and that’ll get you through maybe 70 to 75. Then when you start running short of money, you have these other annuities that are growing tax-deferred.” 

Dr. Babbel goes on to explain a strategy called staggered annuitization in which he activated only seven of his 14 annuities when he retired, while the other seven were there for him to be activated as a guaranteed income stream when needed. While those accounts weren’t activated, they accrued interest, and provided market-like returns without market risk. 

He provides an example of how this staggered annuitization works by saying, “When my wife says, ‘Dear we need some more money,’ I say, ‘I have got a deal for you.’ And I turn on one of the annuities and woah, it increases our income by 25 to 30 percent for the rest of our lives.” After conducting thorough research and experiencing the benefits of these FIAs himself, we were surprised that he declined an invitation to discuss these investments on The Crash Proof Retirement® Radio Show back in 2011, and why he wasn’t sharing his research with the American Retiree elsewhere. 

The truth is, there was a conflict of interest. Companies like Goldman Sachs, survive and thrive selling risky Wall Street investments and don’t promote the safe alternatives that the best economists, including Dr. Babbel, know will guarantee a retiree’s future and income. 

Therefore, when economists graduate from globally respected universities like Dr. Babbel did, investment banks like Goldman Sachs swoop in, snatch them up, and put these recognized economists on their payroll through different boards. In Dr. Babbel’s case, Goldman Sachs appointed him the founder and leader of their Pension and Insurance Department. 

When Dr. Babbel was placed on Goldman Sachs’ payroll, a conflict of interest was created thus explaining why Dr. Babbel was unwilling to spread the truth about the investments he knew to be successful for himself and his family. 

Only when Dr. Babbel became terminally ill did he feel free of his conflict of interest with Goldman Sachs and agree to disclose how he invested his own life savings in investments that aren’t sold by Goldman Sachs – FIAs. 

Dr. Babbel lost his battle with leukemia in May 2021, just shy of the film’s release date. Knowing the severity of his illness, he pushed through production to leave a financial legacy by alerting the American public to the safe alternatives from the financial life insurance industry that guarantee his family and over 5,000 Crash Proof® consumers the guaranteed income, the principal protection, and the growth they need to guarantee their current lifestyle through retirement years. 

Crash Proof Retirement® would like to thank Dr. Babbel for the long-term relationship and for being a consumer advocate for the everyday investor, exposing these exceptional vehicles that came out in 1995, in this must-see documentary. Crash Proof Retirement® urges you to reserve your seat for one of Crash Proof Retirement®’s complimentary private showings of “The Baby Boomer Dilemma.” Seating is limited and registration is required. Call 800-722-9728 or visit crashproofretirement.com to reserve your seat.

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