Sound the Alarm: New Obama Regulations Will Push Private Retirement Savings Into Government Accounts

His nose is always in your business.
His nose is always in your business.

TownHall: If you thought Obamacare was terrifying, just wait until you read about what President Obama’s regulatory agencies are planning to do with your retirement savings. 

According to an alarming report in the Wall Street Journal, government regulators at the Labor Department will be implementing new rules at the end of the year that will eventually force private retirement investments into government accounts. How? By making private investment options, specifically IRAs, too burdensome, a liability and expensive.

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21 Comments on Sound the Alarm: New Obama Regulations Will Push Private Retirement Savings Into Government Accounts

  1. Betting that tax rates will be lower when you retire than when you are working has always been a suckers bet.
    Now, all the suckers that fell for it are going to have their money confiscated. If you take it out they will confiscate most of it through taxes and penalties. If you transfer it to them they will give you their word that you will be “taken care of”.
    It is not a coincidence that the Medicare euthanasia movement is taking hold at this time.

  2. This will create a run on the banks; many people will take their money out and pay the tax penalty rather that leave it in the account at trust the discretion of the Gov’t. Ironically the Gov’t pushed people to create IRA’s so that they wouldn’t be solely dependent on Soc Security upon retirement.

  3. Like in 2008 Fannie & Freddy … lost almost 60k I had made in investments with no possible return or argument and they both got bailed with our tax dollars. I no longer have anything in a 401k, figured it was too risky after getting hosed once.

  4. Just think how pissed off people will be when they realize their 401K (or alternative) is used to try and make government and unions pensions whole. Eventually we will get to a tipping point.

  5. Joe, there will be no tipping point. That welfare check down the road looks too good to too many people.
    Talk to people, most of them look forward to going on welfare at 65 or 68 or 70. That is what most people work their whole life aspiring to.
    If you don’t believe me, do a poll of people over 60 and ask them if they are going to get on the dole. The percentage that say ‘no’ is exactly how close we are to the tipping point.

  6. You can only be upset if you were deluded to think it was your money. PAY ATTENTION. Barky already told us all, we didn’t build anything .

  7. JohnS: When you talk about “welfare” and “the dole”, it would be best not to be referring to Social Security, because I paid into that scheme for over 50 years, and I doubt I’ll live long enough to get my money back out, much less the interest.it would have earned. So I take great offense to anyone who would suggest that I am on any form of “welfare”.

    Just FYI.

    ?

  8. Vietvet. I have paid taxes for 44 years.
    If I find myself in need of welfare, I will be glad it is there, but as long as I can take care of myself I will.
    You very likely put in less than $100,000 into the system. Getting more than $1000 a month from that kind of ‘investment’ is not possible. It is welfare, and our young are carrying a burden that we have no right to impose on them.
    We paid less than half what young people are required to pay into SS when we were their age. Are you willing to fork over the difference?
    We are the wealthiest demographic, yet we consume the most tax dollars of any demographic. Even the poor.
    Almost 1/3 of the budget goes to the greedy geezers.

  9. JohnS, it is outrageous that you would assume to calculate what a person has contributed, and their return on vestment. I hope you are not some pension overseer that will make the same assumptions down the road.

  10. JohnS: I also paid taxes, and for even longer than you. Also, when I qualified for unemployment benefits, I did not apply for them because I had enough in savings to get me by until I could find a job, AND (believe it or not) because there was a social stigma to it at the time that I would not have wanted to deal with unless I was desperate. I have never taken a dime in welfare or any form of Government assistance. My time in the military wiped out my savings because of the low pay scale at the time, so serving my country resulted in a net loss for me.

    Bottom line: I didn’t set up the Social Security system, I am not responsible for what young people have to pay or not pay today, and if I had any say in the matter I would have provided for my own retirement (which I also did through other means).

    Therefore, I will not be made to believe I am receiving “welfare” when I take less from the SS system than I put in. YOU may think YOU’RE a greedy geezer, but I am not, by any definition, and I take offense if you are calling me one.

    ?

    P.S. – Feel free to not apply for Social Security when it is your turn, if it makes you feel better. I’m betting there’s two chances that you won’t. Slim and none.

    .

  11. Sorry Vietvet.
    You will get a check for work someone else did. That is welfare.
    Consider this. You are not arguing with me about the facts, just the name. You know that if you live to a currently normal age that you will receive fantastically more than you put in, compound interest included.
    Those of us that want to fix this country and it’s spending problem realize that giving over $1trilloin a year to the richest segment of the population is a HUGE part of the problem.
    If you need assistance, I don’t begrudge you it. I want to never see the elderly homeless nor hungry.

  12. @JohnS: I normally try not to get crosswise with commenters on this site, but in your case I’ll make an exception: What a load of shit! I AM arguing with you about the facts, but you don’t want to listen to me. You want to play games with statistical numbers, but you don’t consider the fact that there are real live people who were forced into SS and PROMISED that we would receive at least SOME of the money that we were paying into it, assuming we made it to retirement age (many did not). Now you want to change the rules and say that only the destitute can draw benefits because the system is going broke? Well, boo-hoo – that’s not my problem. I didn’t create the system, I’m in it because I had to be.
    Also, most people’s retirement planning assumes some amount of minimal Social Security, so few of us can afford to pass it up..

    You want to fix the country? Design an affordable retirement plan that doesn’t take people’s money based on empty promises, because people tend to get pissed off when they are lied to. I realize you may not understand this concept because you very possibly could be a Liberal troll, so just disregard it if you are.

    Incidentally, I was diagnosed with Non-Hodgkin’s lymphoma last year and have recently completed a round of chemotherapy. I will be receiving periodic CAT scans to determine the results. Do you still want to talk about how fantastically much more I will be drawing out of Social Security than I put into it?

    P.S. – I only mentioned the cancer to make a point, not to elicit your sympathy, which I do not need. I would appreciate it very much if you do not make any return comments about it.

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