Unless that's the aim, there's no reason for another from of retirement account. Roth IRAs can be put in FDIC insured CDs, and the saver gets to take the full amount out after age 65 without penalty. How could the feds controlling the money going be an improvement over that?
Bingo.
I think most are wrong though. It’s not that they’ll take everyone’s money.
This is just the foot in the door.
Once they get this in there, they will cry how unfair it is that the poor don’t have matching funds. How unfair it is that rich fatcat 1%ers have employers who match contributions.
So then they’ll come up with an entitlement for the poor. Which may very well be funded by seizing 401k accounts... sorry... not seizing... but forcing those accounts into the MyRA program.
Anyone opposing this just wants poor people to never be able to afford to retire... probably racist too!