The Latest Move Towards Nationalized Retirement Accounts:
The Latest move can be found in the Obama Administration`s, 256 page- FY 2013 Budget Proposal. The revival of his 2008 presidential run, the “Automatic IRA” which has now “Evolved” into two proposals:
Secure Choice Pension & Government Retirement Accounts (GRA’s), both of which automatically- “Mandate” 5% - 6% contributions into Government Run Pension funds.
One feature of "GRA`s" is once a participant dies, the uncollected equity belongs to the government. It’s no wonder the Retirement age for GRA’s will be 67, and one proposal calls for 69 years of age. They’re “off the hook” as soon as you`re dead.
Another change to the retirement account laws, the Tax Benefit. The current Tax Deduction will be replaced with a "Credit", which is only redeemable after retirement. To be Eligible for the Tax Credit, you will be given the “Option” to place Your Equity into Annuities composed of U.S Treasury Bonds, that will payout an estimated 3% annually.
Yes, you`ll be Investing/Buying what China No longer wants, U.S. Debt (Treasury-Bonds).
Will This Socialistic Plot end, when Obama`s Term ends?
No matter who wins, our government is Neck-Deep in Debt. When faced with the Reality of a Complete government Collapse… a Politician will do, what a Politician, needs to do! The $4.6 Trillion in IRA’s and the $4.3 Trillion in 401(k)s … are all too tempting! The Social Security Administration would administer the GRAs in addition to existing Social Security benefits. Without a tax incentive, 401(k) plans would likely cease to exist, making Social Security and GRAs the principal retirement investment vehicles for many Americans. However, Congressional borrowing from the Social Security Trust Fund for non-Social Security spending`s has resulted in a Treasury debt to the Trust Fund in excess of $2.6 billion. Implementation of GRAs would provide the federal government with an entirely new source of capital to raid to meet current spending needs. In essence, taxpayers would be nudged out of Section 401(k) plans and into a government held and government-managed retirement system that the Treasury could borrow against. These measures comprise a network of capital controls that use regulation, incentives, taxes, and the threat of civil and/or criminal penalties to incentivize taxpayers into directing their investments where the U.S. government has more disclosure, control, and access to the capital: http://www.ronpaulforums.com/showthread.php?382585-Warning-O...
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