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Uncle Sam’s Retirement Account Stealing Plans Gain Steam

Americans have over $3.1 trillion stashed in their 401(k) plans; billions more reside in IRA accounts and other private retirement savings accounts. The government would love to get their hands on that money, and they have a number of perfectly legal options for stealing your retirement cash. Yet until recently, stealing that money was viewed as crossing the line. Now, new government proposals are putting some fire behind the idea that your money might as well be Uncle Sam’s money – and the sooner, the better.

The drive to steal your retirement savings

Our government is effectively bankrupt, but it’s hooked on spending. Unfortunately, broke Americans and wary foreign investors are getting less and less inclined to give Uncle Sam their money. Sales of Treasury bonds are slow and tax receipts are down, while both China and Europe are facing their own economic declines and not able to offer Uncle Sam an international bailout. As a result, your retirement savings look ripe for the picking.

All that money just screams out to the political geniuses owned by the Federal Reserve and tasked with keeping the lights on in this country. And while they may not be planning to steal it at gunpoint, the legislation they have in mind is the next best thing.

Taking your money “for your own good”

The government thinks you’re too dumb to manage your own retirement money. It’s pretty rich, coming from a group of politicians who’re too dumb to balance a budget, but the powers that be are convinced that Americans need help saving for retirement. To give them the help they so desperately need, the government wants to take charge of retirement savings.

No more private accounts. No more 401(k) options, IRAs, or private tax-shielded retirement vehicles. Instead, the government wants to enroll you in one of their new proposals, which all have names like the “Automatic IRA,” the “Guarantee Retirement Accounts,” or the “Lifetime Income Option-Annuity Income Stream” to make them sound like a good thing for the people. The names are being thrown around by experts at think tanks, the Labor Department, the IRS, and out in the states, but none of them mean good things for you.

Basically, in the eyes of all the “experts” out there, the current tax code is too confusing and Americans don’t know what to do to save for retirement. So the government will make it easier for confused citizens by nationalizing retirement savings and automatically redirecting a portion of paychecks, tax refunds, and even the cash value of unused vacation hours to a designated retirement account program. The catch? Well, the government owns the account, not you, and the money goes into a pool like the Social Security fund instead of a private account with your name on it.

Existing retirement accounts will be redirected to the new programs owned by the government. Some could go to the general pool, while others could be converted into government-owned annuities that start paying out when you hit your eighties. All of the money will go from being outside the sticky fingers of government hacks to well within reach of the spending junkies.

The theft deadline is near

If you think that the proposals for stealing your retirement won’t take effect until some distant date future, think again. America’s fiscal emergencies are happening now, which means the plans for nationalizing retirement are also being rolled out now.

2012 saw legislation introduced in Massachusetts, New Mexico, Oregon, New York, Florida, Connecticut, California, Georgia, and Pennsylvania to shift how retirement accounts and pensions are owned by private individuals. These states are taking their cues from proposals made as a part of Obama’s 2008 campaign platform. He didn’t pull the trigger on those proposals when he was first elected, but that doesn’t mean he’ll pass on the chance to build on his Obamacare legacy now that he has another four years.

California, naturally, is leading the way. On September 28, 2012, Governor Jerry Brown signed legislation creating the California Secure Choice Retirement Savings Trusts. It includes automatic enrollment, default paycheck contributions, pooled funds instead of private-named accounts, and mandatory annuity creation. Supposedly it will be self-financing, but the feasibility studies haven’t come back yet proving the program won’t be a burden to tax payers. The government is celebrating it as a win anyway.

Don’t like the way this sounds? Don’t be asleep at the wheel. Check your state to see what new bills are being introduced now to change how your retirement savings are taxed, monitored, and distributed. Take steps to protect your hard-earned money by getting it out of government control and into gold or silver. Remember that stealing retirement money has happened before all around the world when countries go broke, and there’s nothing but your vigilance stopping it from happening to your money now.

©2012 Off the Grid News

© 2008-2014 Off The Grid News

12 comments

  1. My wife and I are discussing what to do with some 401ks she has from previous employers. We have been thinking along these same lines.

  2. Let’s see,what do I want to do with “MY RETIREMENT DOLLARS THAT I WORKED HARD FOR”? I was planning to do something stupid, like Live off of “MY” money. Wake up America,this is reality! Most of those Yahoo’s in Washington, don’t give a tinker’s D** about you an I. Do we really want to Fundamentally change this great country into a communist country? Appears that this is where, were headed. God help us all! The government, has already taken over our health care without our permission.Now they want to nationalize our private pensions an 401-K’s. I have a question, are their any Patriot’s left up in Washington. You know, a Patriot who cares about the the United States Of America, an the Constitution, an will stand up for this country, an the rights of it’s citizens. A Patriot who does not want to see America Fundamentally changed. The only thing I would like to tell Washington is this, get your greedy hands out of my pants (that’s were my wallet is),let my doctor practice medicine, you do such A BAD job at running the country,I don’t want you playing doctor. An one last thought, leave my retirement funds alone, it’s not much ,but at least I earn it, an I built it up,little by little. Go read the constitution an follow it. Thanks for letting me have my 2-cents worth. Take care. Southern Patriot

    The only confusion that I have is why these idiots are still in office an why the American voters are not voting them out of office

    • the problem is that us patriots are outnumbered by the waste of space and air, lazy welfare drawing bastards that voted omama and his regime back in! its not just that we need patriots in washington. we need patriots in the damb main stream media! get the damb word out about what is going on in washington!

    • Yeah there’s a patriot but he’s leaving Congress. Only one voice has had the balls to tell the truth now he’s had enough. guess who? Yeah, he’s had failures but no-one wants to hear the truth anymore…

  3. “The government thinks you’re too dumb to manage your own retirement money.” Given that half of the country voted Barry back in, they’re mostly right.

  4. 10-4 on the need for Patriots both locally an nationally. Sorry he is leavening Washington,good man. I use to think that getting yourself involved in local,state, an national politics was what you should do as an American. Your right about being out numbered, an out maned. With the corruption, an down right stealing of our elections no one stands a chance. An your right about the media, there a joke. They helped get Barry re-elected. One last thought before signing off,”Be prepared”,not sure what’s ahead,( but the storm cloud’s, an chem clouds are getting pretty heavy), use your common sense, an do what you can for your family and neighbors. Take care an God Bless. Better say that before the government tells me I can’t use the word God.Southern Patriot

  5. Hello All ,
    My parents grew up in the Great Depression. Dad yelled to us about it . Since 1973 we the USA have been going into and are stuck in a Depression. So Dad and all the great Patriots of the USA where are you ???
    Debit and credit cards,thats how we babyboomers grew to understand economics….Cold war films of the USSR ,Red Army,and the women with every coat on they could find stood in line for ( perhaps bag ) Food. In 30 yrs we the USA have sunk to thier level. I see old pictures in black / white from Pravda in our streets today. The great 10 yr plan ! Bullshit !. Enough of this. Go to your history books and see the pictures,read the stories of desperation to GET OUT of the country to UncleSam waiting arms.Hey 411 where you going ? China ? Mexico ? Stand up you couch potato and wake up to the fact were meat, dead meat if your slow.
    If you do not love anything ,go away, If you Love GOD ,Country, Will you love enough to fight for it Freedom ?
    We American’s Love our freedom . Ive seen alot in my life already,My grandchildren will never see the wonderful things in America because they will be electroinc slaves and keep on waitting for the commercials to end. I really hope we dive out off the cliff and everyone get’s to reset / reboot the financial make-up of the USA. who really care’s about the USA, Seen any humanitairian aid to help the USA/gulf oil spill ? NO.
    So we get ready the jumpmaster has us up and ready We just need the green light…..Wake up Barbie and KEN (no balls KEN ) Because it’s going to be a rough ride.
    MADDOG

  6. Makes me feel better knowing that other folks are figuring out this latest scam for our dough. The 401s and IRAs, even regular savings accounts are in the crosshairs. The devaluation of the dollar continues at an alarming rate and a trip to the grocery store will confirm that to anyone. If one hasn’t considered it, now is an excellent time to start converting monetary wealth into something more tangible. We started that a few years ago when the housing thing imploded. Yeah, we’ve got a dab of precious metals stashed, but along those lines I definitely prefer lead and the quality tools to launch it. I don’t see that stuff losing much value. A place where gardening or keeping some sort of livestock can be done seems to be a good time proven idea. My folks came out of the depression too and spent their lives working to make sure that crap didn’t happen again. I learned from them that you make hay when the sun is shining. I think that rings real true now. Almost glad they’re not here to see the stuff that’s coming around.

  7. I am really tired of the Federal Government threating to dip into Social Security and armed Forces money. I want to see the Congress, Senate and President give up their monies first. Then I want to see a lot of the Aides that hang out in Washington laid off to try and live like the poor people in this country. Next I want to cut off ALL the Aide monies sent to other countries. It’s time to take care of ourselves in this country and it’s time for other countries to take care of thier needs. The money we have sent to other countries never get to the people any way. The fat-cats stick it in their pockets and to-hell with the people.
    Enough is Enough. The Feds need to shut up and take care of business in THIS COUNTRY.

  8. Someday? It’s already happened in Las Vegas! The politicians ,namely Harry Reid and his cronies, allowed the Laborers Union to abscond with the cash set aside for health insurance for retired workers (dollars per hour worked and earned, from every paycheck) Allegedly, the union “couldn’t afford” to provide health insurance for retirees, even though retirement health insurance was something previously voted for and paid from workers paychecks. Somehow the local can still afford PAC contributions to the positions who allowed the Union to violate the retired union workers. As the spouse, I had to accept the policy the Union offered to replace the excellent insurance with a much more expensive plan that covers less. Pension about $1200 per month. Insurance started at $850 per month, and quickly jumped to over $1300 per month, more than my husband’s entire pension. He also has to pay for medicare insurance. My co-pay for insulin is $75, and $50 per month in addition to several $20 co-pays for generics.
    I firmly believe our health care system is deteriorating and soon we will be worse than many “third world” countries. The FDA should be trashed as they do not protect citizens, but profits. The DEA intimidates MD’s who will not manage pain. This drives suffering individuals to “self medicate” with whatever they can find. Do you take some old Darvon, now FDA banned, but saved for over a decade? (Unsafe at best!) Do you slug back Vodka? I left the ER crying, untreated, with agonizing abdominal pain. The X ray did’t indicate any thing “serious” I consider PAIN to be serious, and I would not have gone to ER at 3 AM otherwise. Should non existent pan management “drive one to drink…straight from the bottle?”

    Will the government “help” retirees by taking their retirement savings….of course they will find a way to do so, just as they utilized social security money for the general fund…for pork barrel projects. The government is setting this grab up by forcing interest rates down, while lying about inflation. Look at an old grocery ad from five years back, and compare prices. Tomato soup was three or four cans for dollar, now over $1 per can unless one finds a loss leader. Bread was less than a dollar, now about $3.00 Need I mention gas prices, augmented by high and often hidden taxes. First the accounts will be private, then grouped (economy of scale) then grabbed, and doled out like food stamps. Of course the dole will not keep up with the coming inflation. Remember when a chocolate bar was a dime? I do. Now that same bar is about $1.29. What will my grandchildren pay for a treat, or safe meat? It’s scary to contemplate.

  9. We don’t invest in a 401 K anymore. We take the money and buy extra food and store it away. The interest you can earn is less than the money you save by buying food now instead of in 5-10 years when prices are much higher. We like http://www.srmarketplace.com. They have great tasting food that has a very long shelf life without refrigeration. The freeze dried chicken and ground beef are very good and there is no waste (skin, bones, fat) so its a good investment.

  10. Good Morning all,

    Everyone has been ranting and raving about the Government taking our retirement money but no one has given any suggestions. I am a retired Vet who still works for the government so all of my retirement is tied up in my military retirement and my Thrift Savings. What would you suggest I do with my retirement so I will have something to retire on.
    Where can I invest my retirement where the government will still matches up to 5%? How can i switch my Thrift savings to a more secure form of investment. I do not have a lot of money in my Thrift because I started very late in life. Kids will do that to you!! Should I do like my Grandmother and hide my money in my back yard? I intend to buy some property in the country where I can start growing my own food and survive if i have to. I am not real smart when it comes to investing and managing my retirement. Please help me with your suggestions.

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