Govt to consider 'helping' you manage your retirement account

[g8trjax]

The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments.



NEW YORK – Two years ago, as WND reported, the Obama administration was proceeding with a novel way to finance trillion-dollar budget deficits by forcing IRA and 401(k) holders to buy Treasury bonds by mandating the placement of government-structured annuities in their retirement accounts.



With these corrupt politicians suddenly focusing on guns, and illegal aliens, better keep an eye on what matters to them the most, your money.



http://investmentwatchblog.com/govt-ready-to-take-pensions-401ks/

[MichiGator2002]

Confiscating 401k, which taking "helpful" control of then absolutely is, is probably pretty high on the list of liberal fantasies not just for revenue but also a way to create further dependency. If anything like this looked like it was coming down the pike and the GOP looked at anyway open to it, I would probably take whatever hit and empty the thing out now, since that is pretty much the only chance you would ever see the value from that money.

[ChartsandGrafs]

Our government effectively went bankrupt in 1933, and soon after Roosevelt confiscated (stole) the people's gold.

Here in 2013, our government is on course to go bankrupt again, and when that happens, make no mistake, the people's retirement accounts will probably be the first thing confiscated. Our criminal government will likely spin it as a "nationalization of private retirement accounts", but it will still just be theft.

Don't wait for it to happen. Have a plan to rescue your money in advance.

[viningsgator]

Unfortunately a large portion of the populace will favor such an action as they wont want to surrender their monthly checks

[LittleBlueLW]

Unfortunately a large portion of the populace will favor such an action as they wont want to surrender their monthly checks

About 47% I would imagine.

[Spurffelbow833]

Here in 2013, our government is on course to go bankrupt again, and when that happens, make no mistake, the people's retirement accounts will probably be the first thing confiscated. Our criminal government will likely spin it as a "nationalization of private retirement accounts", but it will still just be theft.

Or a "loan." They could pilfer the money and promise to return it with interest. That would even sound like a deal to the ignorami who wouldn't think about where the interest was going to come from.

[QGator2414]

While we have a SIMPLE set up for the business we contribute the minimum.

Not only does this worry me. But I don't necessarily plan on having a huge reduction in my yearly income (investment vehicles of already taxed money). It is all a crap shoot as to what the tax rates will be. And I feel there is a better chance cap gains and dividends will be way less than marginal income rates. With $16 trillion in debt and growing we will have to pay for it somehow...

[northgagator]

For some reason the old fable of the camel poking his nose into the tent comes into my mind.

[Swampmaster]

if the govt helps me, can they guarantee an annual 8% rate of return they use in many of their pension models???

[wargunfan]

Confiscating 401k, which taking "helpful" control of then absolutely is, is probably pretty high on the list of liberal fantasies not just for revenue but also a way to create further dependency. If anything like this looked like it was coming down the pike and the GOP looked at anyway open to it, I would probably take whatever hit and empty the thing out now, since that is pretty much the only chance you would ever see the value from that money.

Same here. I would pay the taxes now rather than wind up with a govt. IOU payable in inflated dollars.

[Dreamliner]

Should read: "Govt to consider helping itself to your retirement account."

[baygator1]

Should read: "Govt to consider helping itself to your retirement account."

Yep. And it's un-patriotic if you disagree.

[magnafides]

I followed every link from that article and wasn't able to find anything substantive except for a single vague quote that has no context. For all of the outrage I assume I'm missing something...

[The_Graygator]

"Retirement account"? lol

Obama managed to ruin that two years ago, much like he did my health insurance, and my livliehood, so there's pretty much nothing left there for him to "manage".

Why doesn't he "manage" to resign and stop destroying our lives?

[gatordowneast]

No worries Komrads. Part of the plan for Obama's Amerika. You will notice the government wants to set up "free" wifi network too. Umhuh. Free. Right.

[g8orbill]

I cashed in both our 401K's last year -will pay the tax and the penalty -I won't say what I did with the money but you can be assured I am dong something to keep washington's hands off it

[kygator]

I've got the shovels. Who wants to meet me in Bill's back yard?

[reformedgator]

Sign me up. We all know the sub man is a member of the 1%.

[g8orbill]

:laugh:

[fairfaxgator]

About 47% I would imagine.

Those who voted for Romney? :whoa::yes::joecool::love::cry::monster::laugh::li e::zombie:

[LittleBlueLW]

Those who voted for Romney? :whoa::yes::joecool::love::cry::monster::laugh::li e::zombie:

Good one. But I'd keep my day job if I were you.

[gatorman_07732]

They are always looking for more and more ways to get into the pockets of the American people.

[vaxcardinal]

of they could be opening up the TSP to everyone. thats a deal many would take

[T3goalie]

True or untrue, Could anyone imagine a worse management group than the spendthrifts in DC? :huh: It is ludicrous.

[RealGatorFan]

Watch for that to happen and it be a law that you have to put in a certain % after they take it over.

I would wager that if they went after this, there would be a revolution. It's one thing to strongarm the 1%, it's another thing to try it with the other 99%. People will only take this so far before they reach a breaking point.

If I could, I'd already be in Chile where I have friends not only retiring on SS but also starting new careers in agriculture. Where it takes months here to start a business, you are in business the moment you start it there.

[fairfaxgator]

Good one. But I'd keep my day job if I were you.

Thanks...i will perform at Gator Growl 2013...

[G8trGr8t]

I would wager that if they went after this, there would be a revolution. It's one thing to strongarm the 1%, it's another thing to try it with the other 99%.



sad part is that a majority of people these days probably have little to nothing in private retirement accounts so the outroar might not be as big as we hope it would be.

[Gatorrick22]

So now the tax and spenders want to "manage" our retirement money? As if they're even close to trustworthy? I'd like to see what budgets that they have implemented have worked in the past..............

Oh wait, they still haven't passed one single budget, because all they know how to do is increase spending and taxes. You know damn well the Dems would use our retirement funds as another ponzi scheme to squander our retirement and over tax you before you get a chance to safeguard your money.

No thanks - the government is the last entity I want near anything I own, especially money.

[exiledgator]

I cashed in both our 401K's last year -will pay the tax and the penalty -I won't say what I did with the money but you can be assured I am dong something to keep washington's hands off it

Ouch. Ours kicked butt last year. '12

[magnafides]

So has anyone been able to find any actual substance behind this, or is it still just the one partial quote with no context?

[gatorpa]

So has anyone been able to find any actual substance behind this, or is it still just the one partial quote with no context?

http://money.usnews.com/money/blogs/capital-commerce/2008/10/23/would-obama-dems-kill-401k-plans

This article speaks to some specifics

http://money.usnews.com/money/blogs/capital-commerce/2008/10/29/401k-foe-teresa-ghilarducci-the-most-dangerous-woman-in-america

http://online.wsj.com/article/SB122662401729126813.html

Perhaps not a total takeover but forcing every worker to contribute 5% to another plan run by the Gov! Really, sounds like more theft to me.

"force them to invest 5% of their pay into a government-run retirement account managed by the Social Security Administration"