Posted on 01/29/2014 3:12:07 AM PST by Red in Blue PA
WASHINGTON, Jan 29 (Reuters) - The Obama administration is scheduled on Wednesday to launch a retirement savings vehicle called "myRA," aimed at enrolling more Americans in a government-backed investment option.
In details provided by the White House on Wednesday, the retirement savings proposal would be similar to a Roth Individual Retirement Account, but with holdings backed by the U.S. government like savings bonds.
"MyRA guarantees a decent return with no risk of losing what you put in," President Barack Obama said in introducing the program on Tuesday night in his State of the Union Speech.
(Excerpt) Read more at finance.yahoo.com ...
I thought the gov’t had a lot of debt...
I must be mistaken...
Uncle Sugar take your money and invest it with a decent return and no risk of loss, eh
Kinda like the guarantees made to those of you 30-somethings paying into social security
“Uh. what’s wrong with 401K and other investment vehicles”
they rasist because the fo’ks don’t have them, only the “rich” have 401K and IRA (leftover money they can save) because their taxes too low, because there no opportunity for the hard workin’ middle class, income not distributed fair, need government program to do that
yada yada yada
read the democrat party manifesto
It wouldn't be an Obastard proposal if it didn't have a slippery word in it. "I decided that 0.01% return is 'decent'!" I'll bet that return will be a sliding scale, dependent on how much of your money they have. Can't have inequality or outcome, you know.
Sounds like another Ponzi scheme. By the way, he did not define what a “decent return” is. I would not call today's rates on bonds a “decent return”.
This is exactly whats going on, there are trillions sitting in 401ks and this is the beginning steps to pull those in,
They already offer savings bonds - why would anybody need/want this? Particularly when they’re backed by....
... nothing!
How long before they are mandating it?
What’s wrong with those others?
Why, YOU have control of them, that’s what’s wrong with them.
Seriously, that IS what they see as WRONG with them.
What to watch for now is that at first it will be voluntary,
then it will be required.
People should examine their 401ks to see if there is a true “cash option” anymore.
Many providers have been pressured into removing the cash option and replacing it with Tbills or government bonds as the “safest” vehicle available.
This is a backdoor into the gov’t using your 401k to fund its operations.
And when it’s mandated you will be subsidizing the plans of the “poor” too
Same thing that’s happening to our savings today.
Notice the 48 oz “half gallon” of ice cream that has appeared in the last few years? Or the 12 oz pint / pound?
“...In 2010 the government started automatically enrolling new employees....”
No. Not new employees getting started. That’s no big deal and some private firms do the same thing as you alluded. They supposedly did this to employees that have been there a long time and have built up a tidy little amount. Here recently, they supposedly just went in and moved all their money out of the C Funds, I Funds, etc. and moved it over to the G Fund!!! They also changed their future contribution allocations from whatever they had previously elected over to the G Fund only. They moved their money and allocation choices without even notifying them.
"If you like your 401K, you can keep your 401K"
ie, de facto REPARATIONS.
Oh BOY! Let’s create another pool of money (see SS) that allows the government and lawyers to pilfer from productive citizens! FUBO and every last moron, alive or dead, who voted for this communist joke.
Everyone knows this will be as solvent as social security after years of government control...
Oh wait. Never mind.
Remember the grief Bush got for wanting workers put money into managed savings account?
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