There are already plenty of options for retirement savings, including many with FDIC insured CD options. The only problem is that there isn't much point in tying up money for 1% (or so) interest. With the IRAs that now exist, the feds don't own our money.
In a federal program, that'll be bad news. It will end up being like an enhanced Social Security, an annuity type situation where when a person dies the money is gone. It's all about not passing wealth to the next generation.
“In a federal program, that’ll be bad news. It will end up being like an enhanced Social Security, an annuity type situation where when a person dies the money is gone. It’s all about not passing wealth to the next generation.”
Good point. I hadn’t thought of that, but it only makes the proposal less appealing. If they don’t get your stuff through medicaid, they’ll just do it via the new government retirement plans, I guess.