Mike Krieger
Liberty Blitzkrieg
Many people, including myself, have discussed this threat over the past several years. The obvious concept is that when the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in American’s retirement accounts. It seems that day may be finally drawing near.
I stopped contributing to my 401k back when I worked at Bernstein, and I will probably now have to give more serious consideration whether I want to take the penalty and move the funds out of my retirement account entirely. I haven’t made any decisions, but will be watching closely.
I’m sure the government is just trying to protect your retirement account from terrorists.
From Bloomberg:
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.
“That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” bureau director Richard Cordray said in an interview. He didn’t provide additional details.
The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion.
The Securities and Exchange Commission and the Department of Labor are the main regulators of U.S. retirement savings vehicles and funds. However, the consumer bureau — established by the 2010 Dodd-Frank Act — sees itself as a potential catalyst for promoting a coherent policy across the government, the people said.
Full article here.
The Gov has been studying this theft for about 4 years and came up with the idea to SEIZE all 401K / IRA accounts and then starting around age 66 give you a 3% annuity on that money. However, the payout age can change any time. You would never be able to withdraw your principle. The proposal also floated the idea that all workers would also have to pay in some percentage of your gross income into yet another retirement account (GRA) in addition to SS and Medicare. That would grab over 11 % of your gross. Don’t think this is a lame idea, it is being done now all over europe and other nations. The only recourse will be that you’ll have to take your money out of these accounts before it is seized.
http://crossreferrence2.wordpress.com/2012/07/11/the-government-plot-to-nationalize-iras-401ks-continues/
My guess is that the Gov would wait for a melt down in the stock markets, then OFFER to value your 401K / IRA at the beginning of that year. For anyone that might have stock or bonds that could be a 200% increase from the lows of the market. The people would then gladly give into this theft for the promise of 3%.
The cash value of all of the 401K / IRAs has been reported at somewhere between 8 to 20 Trillion. That money would be loaned to Obama’s government to continue the deficit spending for 4 more years.
The Government could not keep a whore house in business running in Las Vegas. They destroyed social security, they destroyed the post office, there is no effing way they are touching my effing retirement account.
Perhaps we should force legislation that makes the government elite responsible for any programs they destroy! Meaning that their wealth and income goes to repair losses and damages caused by their involvement.
I took my money out of my 401k when I sore that it wasent making the same money as they told me it would,,there just a rip off,,I do my own thing.