Thursday, September 30, 2010
Federal Takeover of Individual IRA's & 401k's On the Horizon?
Are your IRA's & 401k's about to be confiscated?
"Lifetime Income Options for Retirement Plans" on its way?
All socialistic - indebted governments have one thing in common... Raise taxes & steal wealth!
Both the Labor and Treasury department, along with the Obama Administration will confiscate IRA's and 401K's and use them as equity, in an attempt to balance the Trillion Dollar U.S. Deficit.
This will be done in an effort to once again make the United States credit worthy to China and other buyers of our debt.
The meeting held on September 14th and 15th, between the Labor and Treasury Departments outlined the course of action. The agenda is called "Lifetime Income Options for Retirement Plans".
The Federal Government will manage and control an estimated $3.613 trillion dollars in IRA's and $2.350 trillion dollars in 401ks.
The Equity will be placed in U.S. Treasury Bonds that will pay out an estimated 3%. One major clause is that upon retirement, the value of the individual's account will be placed into annuities. Once the individual dies, the value of the account will automatically become property of the government. The program will be structured much like Social Security accounts (the biggest Ponzi Scheme ever created).
The only way government would get away with what will be "The Largest Heist Known To Man" is by allowing or creating a major financial market meltdown!
An ageing person who sees his or her retirement account drop 50%-60%in a matter of days.... Is More willing to take a Conservative Approach... Even if it means "Government-Guaranteed Income".
The move toward nationalization of IRA's & 401ks will initially be offered as an option. Those who are unwilling to accept government run retirement accounts, will be stripped of their current account tax benefits...
You'll be forced to pay taxes on your holdings, automatically wiping Out 35-45% of your money!
Courtesy: Human Events
Posted by BRE at 11:47 AM