Posted on 01/29/2014 1:04:11 PM PST by Kartographer
I have an old acquaintance named Sam who has a hell of a deal for you.
Sam is actually a pretty famous guy with a big reputation. Unfortunately he has been a bit down and out on his luck lately… but he’s trying to make a comeback. And Sam is prepared to float you a really great investment opportunity.
Here’s the deal he’s offering: you give Sam your hard-earned retirement savings. Sam will invest your funds, and pay you a rate of return.
Granted, the rate of return he’s promising doesn’t quite keep up with inflation. So you will be losing some money. But don’t dwell on that too much.
And, rather than invest your funds in productive assets, Sam is going to blow it all on new cars and flat screen TVs. So when it comes time to make interest payments, Sam won’t have any money left.
(Excerpt) Read more at zerohedge.com ...
U got balls
The comments are great.
Yeah...keep telling yourself that.
I don’t understand what it will offer that anyone cannot already get. You can put money into IRAs in CDs or fixed income accounts. What is the issue that IRAs are not available to lower income people - and/or - that the tax deductions for IRA contributions are not available to lower income earners? Or is this some deal where some percent of everyone else’s IRA contributions will be siphoned off to help the MyRA holders, to be sure that they get some guaranteed returns, and all the fund expenses are fully covered? (subsidized IRAs?)
I consider myself to be somewhat knowledgable about IRAs, but don’t understand how this MyRA will be anything other than an excuse to have more government employees and interference.
The feds knocked banks and lending institutions out of the student loans market a few years back. Is this MyRA deal going to just put another sector of the economy under government control?
(Sincere questions, BTW.)
You left out the Court Systems and millions of Regime and State "Workers."
Why don't you tell me why I'm wrong?
Just another tax listed on your pay stub.
Oh, right now, you aren’t wrong.
It isn’t a matter of “if”...simply “when”.
Its actually higher than $125 T. You have to add unfunded liabilities (see last row in the link) to the national debt (top row) which gives you about $145 trillion (give or take a trillon or two).
Note that the unfunded liability PER TAXPAYER is a staggering $1.1 million each. Simply unpayable.
The country is broke in more ways than one.
Still seems like a much better deal than SocSec.
Any chance I can switch retroactively?
later
So MyRA will
(1) ‘create’ a non-functioning (most of the time) website for people to sign up,
(2) asking people to give out all of their personal information,
and (3) the gubmint can’t confirm if ANY enrollee pay into the system “for their retirement”,
and (4) squeeze out legitimate financial planning.
What else do I miss?
“Oh, you’ll all gonna like it when you see it.”
Good one!
All of the financial and political experts say daily, that U.S. bonds and the U.S. dollar are the least risky, so have fun. Enjoy the slide.
Of course they will means test it before you can get a distribution to see if you really need it.
I knew they did it and told any liberal (especially public employee) that I knew. Some of them didn’t believe me.
Also it will cost small business owners more money than what will most likely be saved in setup and administration fees. They have been fighting this for the last few years.
This whole cluster-you-know-what is all about getting at those IRAs and 401(k)s, No other reason.
Wasn’t Barry Bonds accused of something like doping? LOL
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