The Government Generously Offers To Help You "Manage” Your Retirement Account

[sailingaway]

The obvious concept is that when the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in American’s retirement accounts. It seems that day may be finally drawing near.

I stopped contributing to my 401k back when I worked at Bernstein, and I will probably now have to give more serious consideration whether I want to take the penalty and move the funds out of my retirement account entirely. I haven’t made any decisions, but will be watching closely.

I’m sure the government is just trying to protect your retirement account from terrorists.

From Bloomberg:

The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments.



That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” bureau director Richard Cordray said in an interview. He didn’t provide additional details.

The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion.

The Securities and Exchange Commission and the Department of Labor are the main regulators of U.S. retirement savings vehicles and funds. However, the consumer bureau — established by the 2010 Dodd-Frank Act — sees itself as a potential catalyst for promoting a coherent policy across the government, the people said.


http://www.zerohedge.com/news/2013-02-02/government-generously-offers-help-you-manage%E2%80%9D-your-retirement-account

[satchelmcqueen]

ive never had either. i didnt think it sounded safe all the way back in 1994 when i was first offered these options. im glad i was right.

[seapilot]

Lets see, the government even loses money trying to run a brothel. Yeah they would be great at managing every ones retirement accounts.

[pochy1776]

How's that going out.

First they said we needed a marine hospital fund. It grew into NIH (good thing is you are a scientist, bad if you're ataxpayer)
Then they said we needed an income tax (i assume the locals had thiers, now we need to pay it to the federal government) TO this day stupid people think taxes fund everything. Then they said EVERY AMERICAN NEEDS A SUFFICIENT RETIREMENT. (then, it was justified, old people died in homes. It ballooned to luxuries and now is our highest cost of government) Then they said EVERYONE NEEDS MEDICAL CARE (it too expanded.) Now they say the same things all over again. And the public eat their egalitarian crap up. God i hate this country. Its becoming Rome.

[Carson]

Time to handle the retirement for some of them.

[acptulsa]

Up to this time, the government has never done this and has never 'invested' in anything but savings bonds, or T bills. There's a reason for this. The government is not supposed to pick winners and losers in the American captialist system. This used to be a basic concept in this nation. Yeah, the government picks winners and losers, but previously this was strictly done with competitive bidding for government contracts, and with ridiculous regulations which, while obviously favoring companies large enough to be able to bankroll the research needed to meet these laws, were still laws and applicable to every company in that business equally.

This is another matter. When Mom's competes with Pop's, and the government decides to invest everyone's retirement accounts in Mom's, that ain't fair to Pop's. And Mom's could have 'greased the wheels' to get the government to drive their stock price up. The reasoning behind this traditiion of government not doing such investments is principled, obvious and sound.

No wonder these out of control freaks in D.C. are trying to abandon the tradition.

[Carson]

They've basically been stealing out of everyone's retirement fund since they took us off of the gold standard.

Everything else for that matter. When they counterfeit the money supply they don't add to the pile of stuff everyone has, they shift the property lines of all the stuff. More and more has been getting shifted over to their side.

Now they are coming for the rest.

If we don't regain control of the dollar all is lost.

No matter how much honest money you and your friends can gather together to build your world the way you want, or save for the future for that matter, others inside and outside of the country can fire up the fake money presses and dictate their will over you.

Behold! We have a global counterfeiting ring that drags us about by our knardies.

[rprprs]

They've basically been stealing out of everyone's retirement fund since they took us off of the gold standard.

Everything else for that matter. When they counterfeit the money supply they don't add to the pile of stuff everyone has, they shift the property lines of all the stuff. More and more has been getting shifted over to their side.

Now they are coming for the rest.

If we don't regain control of the dollar all is lost.

No matter how much honest money you and your friends can gather together to build your world the way you want, or save for the future for that matter, others inside and outside of the country can fire up the fake money presses and dictate their will over you.

Behold! We have a global counterfeiting ring that drags us about by our knardies.How can that be?
I mean, look at what they said...

The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams... ;)

[Carson]

How can that be?
I mean, look at what they said...
;)


The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams...

and we all did.

Pure genius of them using this as an argument to rip us off some more.

Good catch rprprs!

[HOLLYWOOD]

You've heard the rumors for years of the government coming for your retirement money... 30,000+ lawyers in Washington DC have had, for decades, time to perfect their game plan of stealing from the people. It's always under the cloak of "Helping You"... butt we aall know how this story ends.

Just a quicky...

One has to ask oneself, how did they design Social Security to protect and provide for the retired. Well just a few bullets:

FDR's regime conjures up PONZI scheme to collect taxes for your retirement, available at age 65(62 @ reduced benefit) when the average American life expectancy was 57.

What started out at 1% of your paycheck deducted, up to $3,000, is now 6.2% on your first $113,700 12.4% if you're self employed.
Do you get to keep all the Social Security tax you paid into your account? Does your family get the money you paid in, if you die before receiving one cent? NOPE
Do you get to borrow money from your Social Security account? NOPE

Does the Government have the Authority to deny you Social Security? YES
Does the Government steal from Social Security? YES

there's more... you get the picture.

Man, this year the 6.2% or 14.2% if self employed on $113, 700 is an incredible tax.