I was going to reply to the original poster, but you brought up my point. That is absolutely correct. Everyone needs to revisit the “retirement task force”lwhich included Obama, Biden and Hillary Clinton along with others. Their plan was to carve out a portion of 401(k)s to have them go into an annuity contract that would pay out monthly guaranteed income at age 75. Of course, when asked what insurance company could handle all of those are new annuities the answer was the United States government would handle it with the issuance of special bonds. The money from those 401(k)s would, of course Cole right into the general fund to be spent by Democrats.
...annuity contract that would pay out monthly guaranteed income at age 75..
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I have heard of annuity contracts that begin to pay out less after 75 and then, at 83 or so, people are told they no longer have enough life span left to justify the annuity. I’m not sure what happens then....they need to withdraw everything and pay the tax on the excess?
Always reminded me of those term insurance policies that suddenly jump in payment costs at age 73.