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I suppose you have a right to be worried, but your claim that the Government will “somehow” absorb IRA accounts even though they are owned personally and reside in thousands of institutions ( banks — stock market investment companies — Etc.) and in fact are usually invested as ownership in specific stocks and bond instruments, is suspicious. Your post needs to be more specific, otherwise, it looks like a bad dream — which admittedly it is.

I suppose you have a right to be worried, but your claim that the Government will “somehow” absorb IRA accounts even though they are owned personally and reside in thousands of institutions ( banks — stock market investment companies — Etc.) and in fact are usually invested as ownership in specific stocks and bond instruments, is suspicious.

Over quite a few years some politicians have proposed to pass legislation allowing the government to assume full control and own all IRA and 401K accounts. Thus, ownership would transfer from the private account managers/companies to the government. The government would then administer the accounts and invest them the way they want.

At that point the government could remove money from stocks and bonds and replace it with Treasury IOU's and then spend the trillions of dollars they just stole. With their record don't think they won't use all that cash to enrich themselves and their friends and spend very little of it to rescue Social Security.

In the end we will have to forms of Social Security systems, both insolvent.

“I suppose you have a right to be worried, but your claim...is suspicious”

I also realize that it sounds somewhat paranoid, but there is a HUGE amount of money sitting in those type of accounts, nearly enough to pay off the national debt.

So yes, the proposal is for the government to take the cash, and then turn those accounts into annuities, that would pay you monthly, based on what they seized. That way the government gets a huge pile of cash, with only the obligation to dribble it out (same as Social Security was).

Now this won’t happen tomorrow, but it very well may happen if the government hits a debt-spiral, where interest rates climb to the point that interest on the debt precludes the functioning of the federal government (as happens in Third World countries all the time). The reason for the seizure is that the alternative is worthless currency and a drop to Third World status, and not even the Democrats want that (yet).