Mandatory 401k

benjamen

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Since people are too lazy to save money, lets get the government involved:
http://finance.yahoo.com/blogs/dail...nt-system-failing-us-economist-153445894.html

"The majority of Americans (75 percent) nearing retirement age had less than $30,000 in their retirement accounts in 2010. For the poorest Americans in the 50-to-64-age bracket, the average amount saved for retirement was $16,034."

"...advocates instituting mandatory retirement accounts for all Americans. These would be professionally managed with a guaranteed rate return and annuity payment. This mandated account would be a supplement — not a replacement — to Social Security and other private retirement accounts.:

:flushed:
 

swissaustrian

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We have this kind of scheme here in Switzerland. The only people who are profiting are those whose accounts are underfunded (i.e. they haven't paid in enough) and - of course - the managers of the money who are sucking out money by frontrunning their trades and by massive fees and bonuses.
 

benjamen

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The instant I saw it came from yahoo, I tuned out, sorry.
:rotflmbo:

Alright, similar stories from non-Yahoo sources:
http://www.annuitydigest.com/blog/tom/teresa-ghilarducci-pension-reform
http://money.usnews.com/money/blogs...ilarducci-the-most-dangerous-woman-in-america
http://simpledebtfreefinance.com/george-miller-teresa-ghilarducci-and-the-end-of-your-401k/
http://www.nytimes.com/roomfordebat...blic-employees/401ks-a-bad-deal-for-taxpayers
:pffftt:

"Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation."
 
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ADK

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So, it's a tax on employers and employees?

Hmmmm...

I figured that someday .gov is going to roll our 401k into .gov bonds.
 

DoChenRollingBearing

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Aww, I feel really left out ever since cashing in my IRA (and paying the taxes and penalties) was back in 2008... Now I do not have a pension that they can raid. Sorry about that, .gov!
 

pmbug

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In his State of the Union address, President Obama announced plans to create a new 'myRA' retirement account aimed at helping millions of Americans to start building a nest egg.

On Wednesday, Obama signed a presidential memo directing the Department of Treasury to create the government-backed retirement accounts.

Here's a look at how myRAs will work, according to the White House:
...
But unlike traditional Roth IRAs, the accounts will solely invest in government savings bonds. They will also be backed by the U.S. government, meaning that savers can never lose their principal investment.
...
http://money.cnn.com/2014/01/29/retirement/myra-accounts/

Quick! Hold on to your wallet! Looks like the cabal figured out a way to find buyers for Treasuries to fill the gap when the Fed tapers.

A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.

The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.

"This hearing was set up to explore why Americans are not saving as much for their retirement as they could," explains National Seniors Council National Director Robert Crone, "However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up."
...
http://www.nationalseniorscouncil.o...ent-system&catid=34:social-security&Itemid=62
 

Jay

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Aww, I feel really left out ever since cashing in my IRA (and paying the taxes and penalties) was back in 2008... Now I do not have a pension that they can raid. Sorry about that, .gov!
but of course the .gov courtesy of NSA now knows you are holding out on them....
 
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