A 702 is not a retirement savings plan

"...It’s clear why the description of this account, currently being promoted in flyers and books by an organization called Palm Beach Research Group, is catching interest. The group calls it a way to “retire with an extra $4,098 per month, tax-free.” It says that this is an account used by “Washington insiders” and billionaires, name-dropping Bill Gates and Warren Buffett. The message: Don’t you want to be in that crowd? As it turns out, you probably don’t..."
http://www.csmonitor.com/Business/Saving-Money/2015/0918/A-702-is-not-a-retirement-savings-plan