The government is not proposing to confiscate your IRA/401(k).
This proposal is about providing the account holder the OPTION to convert it into a lifetime annuity. Some 401(k) administrators already offer this option, but it is not required.
There is also a proposal to include an estimate of the lifetime monthly income that your current account balance would provide, if you were to retire at that moment and in the future at the normal retirement age. This is intended to give people the ability to figure out where they stand, and whether they need to save more/less.
There are many annuity options, including a fixed term, lifetime, and even lifetime with a guaranteed term. The last one might be something like: lifetime, but guaranteed for 20 years to your heirs if you die within 20 years.
Would everyone please stop hyperventilating over this? This is nothing but a blogger trying to get you stirred up and send more people to view his blog.
LOLYou don't really BELIEVE that this "option" will soon then become "mandatory", do you?
Sorta like the Social Security Trust Fund that became the pile of IOU's....
I don’t want a annuity..I want to invest my own money...win loose or draw.
So they start out with the option and then later change the law to make 104K contributions taxable unless you join the new program. Look at how Social Security evolved.
Nothing the government does is for the producers. It is following the old Roman model of bread & circuses... until the bread runs out. The government would never outright confiscate funds. That would be too blatant... but they need that money to buy the next election. Pay off this or that special interest group. So, what could be better than to offer an option.. at first. Skim a little here. Chisel a little there. Next thing you now you've got another FreddieMac or FannieMae. The government only knows how to turn gold into lead.
Yet...
Give 'em time. They want and need the money.
Just like healthcare is an option...what are you smoking?
They crack the door open...that’s all they have to do.
NO ONE IN THEIR RIGHT MIND WOULD DO THIS.
previously I would have agreed with your post
but this govt stole GM from the bondholders, stuffed in 50 bil of taxpayer money, and gave it to the UAW
so all bets are off as to what they might try
I “think” you are right about this. Little doubt that nobama and his socialist cronies have a lot of Sky Is Falling folks worried.
Now, if the dems somehow hold onto 1 Party Rule after November, all bets are off as the dems will really think they can get away with murder.
Love your soft-headed ‘analysis.’
We’ve seen this kind of crap before.