Posted on 02/02/2013 7:29:39 PM PST by Perdogg
Via Michael Krieger of Liberty Blitzkrieg blog,
[ZH: We have discussed this threat over the past several years (must read).] 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 Americans 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 havent made any decisions, but will be watching closely.
Im 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 agencys first foray into consumer investments.
Thats one of the things weve been exploring and are interested in in terms of whether and what authority we have, bureau director Richard Cordray said in an interview. He didnt provide additional details.
The bureaus 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 CFPBs 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.
It’s your money, your life and your choice. Good luck.
*
Thanks. Going to need some..
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.