Posted on 01/29/2014 12:46:58 PM PST by tcrlaf
President Obama on Tuesday offered up a new kind of "starter" retirement accounts aimed at employees of companies that don't offer such plans.
Obama is calling them the "MyRA" and said he would, by executive order, direct the Treasury Department to create them. Details were scarce Tuesday night, but employees will be able to contribute part of their wages to the savings accounts, which would be backed by the U.S. government.
(Excerpt) Read more at money.cnn.com ...
I read another analysis which makes it seem like a savings plan to get entry into a "real" Roth IRA.
It's feelgood BS directed at people who don't save. "Have a retirement account, just like the 1%".
Yup. It’s not there. None of it passes constitutional muster.
What a joke! But I missed the details? I guess it doesn’t matter, it has to be a plan before we know what’s in it. Right?
Who’s Myra? And what’s she done with my money???
... There have been plans in the works ever since the start of this administration to take control of Retirement Accounts and I have been warning people about this since day one. I fear you are correct .... this is the initial step towards the government takeover of private retirement plans.
Only a SUCKER would invest in Federal debt that is going to be inflated away! NEVER invest with the DISHONEST!
The Social security ponzi scheme is not enough, they need another way to get you to give them real money today so they can pay you back with monopoly money in the future. Then when that isn’t enough they will start confiscating your 401(k), it’s their money, you just have temporary custody of it.
It’s targeted toward groups that have no income available to save.
And in Baraq’s America, the state of those folks is deteriorating by the day.
That was exactly my first thought. They can't afford Obamacare premiums -- they're going to invest in T-Bonds? Bizarre.
Like many of the regime’s schemes, it’s mostly for show.
A honeypot for retirement monies. Which will be bailed in at the soonest opportunity. Or, perhaps even more likely, you will be required to convert your 401(k) to these. THEN it’ll be bailed in.
Can we all say income redistribution?? OK Say it again until you understand that Obama always wants to take your money and give it to people who don't/won't work so he can buy more votes with it.
Will you willingly walk down this path to communism.
It goes in the gumint “lockbox” to be guarded by Joe Biden with his shotgun.
How can they create a new program without legislation from congress?
I’ve told my daughter that I would help her open a Roth IRA at TDAmeritrade. ($1000.00 to open). I would match what she puts in it to the max limit. She can put it in a good stock or mutual fund and re-invest dividends or collect them in cash and let it grow.
After 5 years, she can w/d principal w/o penalty, while gains can grow. Unless the government fiddles with the Roth..I prefer that option. She is only working part time..and that sporadically.
Treasury Direct already allows individuals to buy bonds directly from the government. All this does is remove the due date of the bonds and replace that with your age.
There are also many mutual funds that are solely inflation-proof treasuries. I don’t see how Obama’s MyRA is any better than these.
Or ask the basic question of how can you trust any financial advice from an administration that has proved several times over that they can’t even do simple math.
Know what these are; trial balloons of things to come, and, it isn’t just 0bvmmer who wants our IRA$, it is (Rep)e as well!
Venezuela style, they just take it.
You think the plan is to have it remain voluntary?
First you make it completely voluntary. Then you compel employers to make it the default and force employees to opt-out. Then you force employees to opt-out again yearly. Then you make the opt-out process such a pain that no one does.
They will take money from you for the low-wage, welfare crowds “IRA”
When has that mattered to this Prez?
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