They’re not going to “take” anyone’s 401k. They will simply “rename” it something else and give you one choice of holding: “Retirement” bonds.
That said, if they tried to hide something like this in another bill, as soon as there’s wind of it, people will rush to empty out their 401k’s (and accept the penalties) before letting the gov’t control it.
Not to mention that they would put many mutual funds out of business and cause a market collapse with all of that money being pulled out of capital markets.
In the end, they won’t do anything. They know very well that is one genie they won’t be able to put back in the bottle. Smart money is on this being another dog and pony show being used to placate some group or other.
Those penalties plus the taxes,would be a huge windfall for the govt.
They’re not going to “take” anyone’s 401k. They will simply “rename” it something else and give you one choice of holding: “Retirement” bonds.”
There is a big difference.
You & others have been saving in your 401 (k) plans for 35+ years. When YOU start drawing money from it, no one knows how long you will live. If you are drawing on a
planned basis of 25 or 30 years & you die at 6 years, the remainder of your account balance is able to be moved to your heirs in your estate. With this ‘Government Bonds” sceme, any money left in your account balance will be put into the pot—just like Soc Security is now.
The person who put all that savings into their retirement account will get alot of it robbed from them by the Federal Government.
The first round of takings is to shore up the union pensions that were not properly funded by companies.
Therefore, non-union persons who made less money for years & years will be funding UNION members pensions.
How’s that grab you? Time to take a stand?