The program Obama is establishing on his own doesn’t offer the retirement security he desires, said Bob Fragasso, founder and CEO of Downtown firm Fragasso Financial Advisors.
“People will not retire successfully earning four, five, six percent interest,” he said.
MyRA could make a useful piece of a person’s retirement plan, but if workers rely too heavily on the low-interest growth, it could undermine Obama’s goal of offering more people a comfortable retirement, Fragasso said.
“Allowing people a false sense of security by peddling MyRAs does them a disservice,” Fragasso said.
The MyRA as far as I can see has nothing to do with giving a retirement income. It’s all about providing a path for confiscation of 401(k)’s and IRA’s in the name of ‘fairness’ or ‘Income inequality’.
Soon I predict we will see the return of the ideas of ‘Negative Income Tax and the Guaranteed Annual Income’.
I see these accounts as a place for the communists to dump our 401K and IRA funds when they take them from us in the name of fairness and equality.
Correct, it is the rollout “signature” legislation to the legislation from 2008.
Huge See, I Told You So from 2008: Democrats Try To Take Your 401(k)
http://www.rushlimbaugh.com/daily/2010/11/01/huge_see_i_told_you_so_from_2008_democrats_try_to_take_your_401_k
Now, before you condition Alicia, let me refer to what she’s talking about. It’s Mark Hemingway in the Washington Examiner: “ Will the government outlaw your 401(k) plan? It seems like an absurd possibility, yet earlier this month two Democratic senators, Sen. Tom Harkin, D-Iowa, and Sen. Bernie Sanders, I-Vt., held a hearing on Capitol Hill exploring the possibility of doing exactly that. On Oct. 8, the two senators from the Health, Education, Labor and Pensions (HELP) Committee held a hearing on ‘Retirement (In)security in America.’ “Among the proposals discussed was ‘Guaranteed Retirement Accounts,’ or GRAs. The purpose of the GRA proposal is simple: To force Americans to stop putting their retirement savings money into private 401(k) accounts and send their money to the government instead.” Now, this has been in the works for a long time and I remember the first time I mentioned this on the program, Alicia, we were deluged with calls from Washington: “No, no, no! You totally misunderstand. Nobody in the Democrat Party is talking about eliminating 401(k)s,” and they are. ~~From 2010 Rush Limbaugh
Most people don’t have $5 to spare. If anyone had $5 that they could afford to set aside each month, they’d already be doing it.