Posted on 01/30/2014 2:57:38 AM PST by Cincinatus' Wife
".......... After the tour and speech, he signed an executive order directing Treasury Secretary Jacob Lew to establish the savings bonds. Named and modeled after existing Individual Retirement Accounts or IRAs, the bonds offer tax benefits that regular savings accounts do not, don't lose value and can be withdrawn tax-free any time.
“It's safe. These balances will never go down in value,” Obama said.
Lew, whose agency will set up the bonds, accompanied the president, whose directive is one in a series of executive orders Obama said he's using to circumvent a divided Congress that's on pace to be the least productive in decades.
Obama said he hoped Congress would adjust the tax code to provide more incentives for people to save for retirement, but “I'm not going to wait for Congress.”
..........The MyRA offers an early example of Obama's limits. He wants to revamp the tax laws to give middle-class workers more motivation to invest, but he needs Congress to act on that.
The program Obama is establishing on his own doesn't offer the retirement security he desires, said Bob Fragasso, founder and CEO of Downtown firm Fragasso Financial Advisors.
“People will not retire successfully earning four, five, six percent interest,” he said.
MyRA could make a useful piece of a person's retirement plan, but if workers rely too heavily on the low-interest growth, it could undermine Obama's goal of offering more people a comfortable retirement, Fragasso said.
“Allowing people a false sense of security by peddling MyRAs does them a disservice,” Fragasso said.
Preparing for retirement security should begin in grade school, he said.....
(Excerpt) Read more at triblive.com ...
Amen!
(Shudda used a picture without Pelosi in it!)
They have a phishing license to get you a fishing license.
If you like your life savings, you can keep your life savings.
I hope they keep the money in the same lockbox as our Social Security funds so it will be safe.
I took that to mean the bonds are indexed to inflation.
Knowing that the inflation is at hand, as soon as the minimum wage is raised, they have cobbled up a debt instrument that will allow the owner to survive the devaluation of the face value.
THANK YOU!!! THAT is the real problem.
Yes, they're a bad investment. Yes, they're being pitched to people who likely won't buy them unless compelled. Yes, they're likely a first step toward stealing our real 401(k), 403(b) and IRA savings.
But worst of all, by far, is that Barry Benghazi DOES NOT HAVE THE AUGHORITY to create them. Hi is acting lawlessly and unconstitutionally. He has created himself God Emperor, and is daring anyone to call him out on it
Barack Hussein 0bama is a criminal and a tyrant and belongs in prison.
Can’t these same people currently walk into the nearest bank or brokerage and set up an IRA consisting of government bonds of the duration of their choice?
What does this program bring to the table that isn’t already there?
If you like your retirement fund...
“What does this program bring to the table that isn’t already there?”
A vehicle to bail-in or force conversions into.
Correct, it is the rollout “signature” legislation to the legislation from 2008.
Huge See, I Told You So from 2008: Democrats Try To Take Your 401(k)
http://www.rushlimbaugh.com/daily/2010/11/01/huge_see_i_told_you_so_from_2008_democrats_try_to_take_your_401_k
Now, before you condition Alicia, let me refer to what she’s talking about. It’s Mark Hemingway in the Washington Examiner: “ Will the government outlaw your 401(k) plan? It seems like an absurd possibility, yet earlier this month two Democratic senators, Sen. Tom Harkin, D-Iowa, and Sen. Bernie Sanders, I-Vt., held a hearing on Capitol Hill exploring the possibility of doing exactly that. On Oct. 8, the two senators from the Health, Education, Labor and Pensions (HELP) Committee held a hearing on ‘Retirement (In)security in America.’ “Among the proposals discussed was ‘Guaranteed Retirement Accounts,’ or GRAs. The purpose of the GRA proposal is simple: To force Americans to stop putting their retirement savings money into private 401(k) accounts and send their money to the government instead.” Now, this has been in the works for a long time and I remember the first time I mentioned this on the program, Alicia, we were deluged with calls from Washington: “No, no, no! You totally misunderstand. Nobody in the Democrat Party is talking about eliminating 401(k)s,” and they are. ~~From 2010 Rush Limbaugh
Invest in government. phooey. Give workers a tax credit to invest in a private Roth. Give them another tax credit to save for their medical care that accumulates.
Most people don’t have $5 to spare. If anyone had $5 that they could afford to set aside each month, they’d already be doing it.
Say goodbye to your retirement funds as Obama takes them and Congress just stands there.
Yes...like Social Security was safe until LBJ looted it to pay for his war on poverty.
Only a dim wit would trust this plan.
They don't pay you silly, you just give your money to the Government; or else.
I believe it will be 2% and then indexed to inflation. At least that was the plan in 2008 for the GRA’s.
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