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Mark my words folks, this is coming.

I agree with you it is coming, I saw the writing on the wall almost ten years ago now. The various trial balloons that sank like lead were the first salvo in softening up the public.

Now though they are desperate, they see the money in the accounts and they want it. The excuse that the Government created the means to have the accounts is enough of a pretext to say that the accounts are or at least should be under government control and direction.

Besides stealing the retirements from those smart or fortunate enough to have saved for their futures; confiscating control of them would mean that the government through the acquisition or control over all of the shares in public companies that are in the portfolios of these accounts would in effect complete the Feds complete control over the economy. No longer would their a be a separation of public and private. It would just be one thing; Government and Government owned and controlled corporations.

Think that can’t happen, look at the Chinese model of Capitalism. That’s exactly what they have...

As soon as I see the word "annuity" in the same paragraph as "retirement savings" I have a vision of where this is going. The feds will encourage people to save, maybe even adding a little to their savings. Then when one retires, they'll get their retirement check back, but as an annuity. That means that when one dies, that asset is gone.

I live in an area where these are a lot of older retirees who've been comfortable up until now. A lot of them have gone in to annuities with decent payments to keep the money coming in, as interest rates on their savings are near zero. Their kids and grandkids are in for a surprise when the old folks pass on...that annuity means the life savings are gone.

This all seems like a not to subtle maneuver to stop all but the most wealthy from transfering wealth to the next generation.