MYIRA: Goverment to Take Over Your IRA

[JohnyMac]

We have all heard about the Federal Government taking over your retirement (401K) as money is getting short in D.C. but many of us have put this off as  . Well it is in fact coming your way.

Zero Hedge wrote: 

I have an old acquaintance named Sam who has a hell of a deal for you.

Sam is actually a pretty famous guy with a big reputation. Unfortunately he has been a bit down and out on his luck lately… but he’s trying to make a comeback. And Sam is prepared to float you a really great investment opportunity.

Here’s the deal he’s offering: you give Sam your hard-earned retirement savings. Sam will invest your funds, and pay you a rate of return.

Granted, the rate of return he’s promising doesn’t quite keep up with inflation. So you will be losing some money. But don’t dwell on that too much.

And, rather than invest your funds in productive assets, Sam is going to blow it all on new cars and flat screen TVs. So when it comes time to make interest payments, Sam won’t have any money left.

But don’t worry, he still has that good ole’ credibility. So even though his financial situation gets worse by the year, Sam will just go back out there and borrow more money from other people to pay you back.

Of course, he will be able to keep doing this forever without any consequences whatsoever.

I know what you’re thinking– “where do I sign??” I know, right? It’s the deal of the lifetime.

This is basically the offer that the President of the United States floated last night.

And then...

From the President:

    Let’s do more to help Americans save for retirement. Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401ks. That’s why, tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It’s a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in. And if this Congress wants to help, work with me to fix an upside-down tax code that gives big tax breaks to help the wealthy save, but does little to nothing for middle-class Americans. Offer every American access to an automatic IRA on the job, so they can save at work just like everyone in this chamber can...

Or put another way - if you like your retirement account you can keep your retirement account.

And just like that, the "automatic" continuity to the Fed's Quantitative Easing is ensured.

Oh here....http://www.myira.com/

[Kentactic]

I love handing my money over to other people and then calling it retirement money. Sure if I need it before I'm 100 years old they will take half of it.... but other then that and the risk of it all disappearing without warning, its a great idea. Sure I could just take the cash, wrap a rubber band around it, stick a piece of paper in it that says "retirement" and keep it in a safe at home, but then I wouldn't get to wait on hold on a phone for hours trying to talk to someone about my money. If you dont think about it a retirement account is a great idea.

[JohnyMac]

  ken!

[DMCakhunter]

Just another ponzi scheme. Now that social security has nothing but IOU's in it, they need another source of cash to fuel their spending habits.
Our retiring senator Harkin has another scheme in store for the masses: http://www.usatoday.com/story/news/politics/2014/01/30/harkin-retirement-bill/5051887/