Obama Begins Push For New National Retirement System

It may be time to take the tax hit and withdraw funds from private retirement accounts before they are forced into long term T-bonds.

The Obama administration is reportedly quickly moving on plans to nationalize private 401k and IRA retirement accounts, and replace them with government sponsored annuities(aka Treasury bonds that the Treasury currently can’t sell to anyone but the Fed).

National Seniors Council Director Robert Crone warns: “This whole issue is moving forward very quickly. Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts.”

All your retirement savings are belong to us:

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5 Responses to Obama Begins Push For New National Retirement System

  1. tmedlin says:

    the automatic IRA bill mentioned has already died in Congress -- there was only the author and one co-sponsor (John Kerry)…imagine that!

    • tmedlin says:

      that was on the SEnate side -- I believe in 2011; in 2012 it was re-introduced in a House Committee, had 16 co-sponsores and was promptly defeated

  2. David says:

    The original bills were defeated. There is a new attempt to resurrect it. Rush is discussing it right now on his show.

  3. tmedlin says:

    has there been a new bill written? I can’t find anything on it.

    • David says:

      There is no legislation released yet. It will give people the value of their retirement plans prior to the 2008 crash. If you take advantage of this option, you will not be able to fund it tax free in the future and the government will take control of it.

      This article outlines the upcoming proposal.

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