Well, they have already looted Social Security funds, they have to find the ‘next big thing’ to loot. (As if Taxes weren’t Enough, Already.
“Workers” can’t do this themselves?
Step one - create IRA accounts
Step two - mandate IRA accounts
Step three - require IRA accounts put a small portion into US bonds
Step four - require larger and larger portions of IRAs be used to purchase US bonds
We already have 401, IRA, HSA and probably 10 others.
If DC wants to make our lives easier, let us invest in whatever we want out of our 401k.
Why?
So they can loot them all again?
Fine. Take my Social Security "contributions" and put them in an IRA with my name on it. Let me OWN that money.
If they won't do that (and they won't) then Social Security is obviously a simple tax on workers, and not at all a retirement account. We already know that, but it would be nice if they'd just make it real clear.
“Easier”?
When our central bank has no more tricks to play, we will all be forced into a “bail in” just as in the EU.
They will take a portion of savings.
When that fails, they will come for our 401Ks and IRAs and any private savings we’ve put aside for retirement.
Count on it.
Creating more loot for the taking when the time comes.
Not impressed.
I’m sure the Republicans will respond immediately with an efficient plan to phase it in in three stages.
why not just call it “wealth redistribution” plan..
Setting people up for a european style “bail-in”. Cypress and Poland were just test cases.
And here middle class Americans were foolish enough to believe that their earnings actually belonged to them.
If you think that you actually “own” anything, think again. Challenge that premise, and you will witness first-hand how the financial and government classes will deal with you.
With the government getting their cut of course.
Why not make it like Obamacare? Mandate it.
Idiots
Bull. They’re trying to push another bill to give them more control over our money.
Honestly, does anyone ever think “You know, politicians are really no different than me, so why do I need them to...”? Or are we honestly to the point where a majority of people believe they couldn’t wipe their own @$$ without a politician’s help?
My advice to young people: Save your money and buy hard assets such as rental properties. They may start to take away IRA’s and 401K’s but if you own 3-4 rentals they will probably leave you alone.
Seizing your money is easier if it’s all in one place. And ‘registered’.
Seizing....
Registered....
hmmm....
Agree with many of the comments that suggest this is another effort to prepare us for the collapse of Social Security.
The Feds already mandate that a minimum withdrawal percentage of an IRA or 401K retirement plan must be taken at age 70.5.
By forcing retirees to take distributions it places them in a higher taxable group, since SS benefits are not taxable. Forcing workers to create IRA plans may be the FEDs solution to ending SS and taxing ‘private’ IRA retirement income in perpetuity.
Watch the RINO leadership very carefully.
Yea ok