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 ...
Same thing with Obamacare = wealth redistribution
I stated years ago that you’d be hard pressed to find any Obama policy that wasn’t de facto reparations.
True!
No other fund has the wherewithal to print money.
And with managed fund 401Ks you can’t be sure pressure won’t be put on the company to increase bond holdings.
decent return with no risk of losing what you put in
you can keep your money (not)
myRA = we need to come up with yet another way to backstop our socialist plunder
FUBO - deceit, lies, plunder, death
More on this topic…here
Thanks to all posters here and at zh
Think we’ve got a bullseye here!
Think we’ve got a bullseye here!
Nope The plan will then be to force all existing retirement accounts into this vehicle ... for our own good. The government will grab the wealth sitting in retirement accounts that is has been coveting for years....
Yep, that’s exactly what he’s doing.
By investing in bonds, your principal in nominal dollars is never at risk. So, if you buy bonds at 3%, in 20 years, you'll have your interest and your principal. The problem is, that if interest rates double or triple in the meantime, your principal still takes a hit in real terms.
Think of the similarity with the Fed buying up dodgy mortgage bonds for more than the market thinks they are worth and saying there's no risk because they'll hold them to maturity.
It’ll be voluntary for about a year and then he’ll unilaterly roll all existing 401k’s into it. He has a pen, you know?
First step in a scheme by the federal government to eventually gain control over all retirement savings account assets with the ivestment and dispersment of assets controlled by the federal government.
It will end up as another of the socialists’ wealth redistribution scams.
Here’s where they steal your 401K. I’m sure we will hear some version of ‘if you like your 401K you can keep it but ours is much better for us...I mean you”.
Didn’t we have one of these called Social Security?
Finally! Somewhere for welfare recipients to invest! First National Bank of BHO!
This will create an accounting illusion that the Dems are reducing the deficit.
Also they’ll be perfectly positioned for the big “I Toldya So!” the next time we have a major stock market tanking.
a “tax me more” sucker fund.
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