IRA Confiscation: It's Happening

Zerohedge ^ | 1/29/14 | Simon Black

[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.

[Nachum]

The Royal Scam

http://www.youtube.com/watch?v=F9D6TkKZW7Q

[Cletus.D.Yokel]

401K is a federal regulation.

You don’t own your retirement fund.

[Little Ray]

MyRA isn’t confiscation (yet), it is just a scam.
But look for it to become mandatory, soon.

[SkyDancer]

Like those people at Enron?

[Jane Long]

"But, hurry! This offer won't last long!"

[Zuben Elgenubi]

It is pretty disgusting really. Its also hilarious. The very idea of loaning money to the most indebted entity in the history of the world as an investment strategy is beyond stupid. And to top it off, the interest you are paid is pitifully low and well below real inflation. And yet most people don't understand that's what you're doing buying these bonds. guaranteed return and no risk by loaning your hard earned money to a bankrupt govt.

Over at Zero Hedge (I'm beginning to like that site), they are calling him Barry Bonds.

[Doogle]

"if you like your money you can keep it, period".

[G Larry]

CWII?
or
RII?

oh...

Tea Party!!!

[Cletus.D.Yokel]

Quite parallel.

Uncle SAM will convert all funds to federal bonds at 3% guaranteed. Risk will be negated so, my fund that has been averaging 8%/Y (according to my risk choices) will be....

wait for it...

just as safe as Social Security.

[Zuben Elgenubi]

If you like your IRA, you can keep your IRA. With us.

[Conscience of a Conservative]

401K is a federal regulation.

You don’t own your retirement fund.

401(k) is a section of the Internal Revenue Code (it's a statute, not a regulation), which allows for tax-deferred retirement funds. The fact hhat the funds must comply with the provisions of section 401(k) does not mean that you don't own the fund.

[Obadiah]

I just received an audit on my tax return for 2012 back from the IRS.

It puzzles me.

They are questioning how many dependents I claimed. I guess it was because of my response to the question: “List all dependents?”

I replied:

- 12 million illegal immigrants; 3 million crack heads;

- 42 million unemployed people on food stamps;

- 2 million people in over 243 prisons;

- Half of Mexico; and,

- 535 persons in the U.S. House and Senate; and,

- 1 useless President.

Evidently, this was NOT an acceptable answer.

I keep asking myself, “WHO DID I MISS?”

[Mouton]

As that guy told my buddy on his first day at the REPO job: put your hands on my car and that is where they are going to stay.

[smoothsailing]

Over at Zero Hedge (I'm beginning to like that site), they are calling him Barry Bonds.

It fits, an arrogant self-serving phony.

[Tzimisce]

It’s okay: Sam will just pass a law REQUIRING you to do it. :)

[Aria]

Oh I LOVE that! Funny but disgustingly true.

[Starboard]

The government has on at least two occasions borrowed money from federal retirement funds to pay its bills. The most recent occurrence was only one year ago. Not many people noticed this since only the retirement money of federal employees was involved. Its a disturbing precedent to say the least.

http://www.fedsmith.com/2013/01/15/government-will-borrow-from-federal-employee-pension-fund-to-avoid-passing-debt-limit/

[elpinta]

Argentiusa