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It’s Coming: The Government Wants to “Help Manage” Retirement Accounts

Home - by - February 3, 2013 - 18:00 America/New_York - 17 Comments

LIBERTY BLITZKRIEG

Many people, including myself, have discussed this threat over the past several years.  The obvious concept is that when the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in American’s retirement accounts.  It seems that day may be finally drawing near.

I stopped contributing to my 401k back when I worked at Bernstein, and I will probably now have to give more serious consideration whether I want to take the penalty and move the funds out of my retirement account entirely.  I haven’t made any decisions, but will be watching closely.

I’m sure the government is just trying to protect your retirement account from terrorists.

From Bloomberg:

The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments.

“That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” bureau director Richard Cordray said in an interview. He didn’t provide additional details.

 

The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion.

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» 17 Comments

  1. Dan Ryan Galt

    February 3rd, 2013

    Yeah, because they have been doing such a good job managing the economy up to this point.

    If it looks like it will come to that, Mrs Galt and I will cash it all in and spent the money on gold, silver or antique cars and other tangible items necessary for survival.

    Thumb up +8

     
  2. Billy Fuster

    February 3rd, 2013

    This will be your reward for playing by the “fair” rules.

    Noteworthy Comment Thumb up +14

     
  3. Tim

    February 3rd, 2013

    They’ll start by requiring 401(k)s to purchase worthless T-notes and bills.

    The Nazis did the same thing back in the 1930s.

    When it’s over you own nothing but debt.

    Noteworthy Comment Thumb up +16

     
  4. marleenna1959

    February 3rd, 2013

    Don’t be taken by some two-bit scam artist. Get your funds taken by the best.

    Thumb up +8

     
  5. One Notch Above a Congresscritter

    February 3rd, 2013

    That’s right. The Government is the biggest scam of all time.

    Year and a half more and I can liquidate mine without the penalty. Probably can’t wait that long.

    Thumb up +8

     
  6. Anonymous

    February 3rd, 2013

    Social security returns about 5 cents on the dollar over a lifetime of “contributions”.

    Now the same crooks want to manage 401K’s?

    I knew they were going to change the rules of the game before it was over. That’s why I never put 1 cent into any 401K.

    Gotta do your own thinking.

    Thumb up +7

     
  7. Roadmaster

    February 3rd, 2013

    Cashed ours out in 2008, before they tanked completely. Primarily because the Libs were already talking about how they could do this and second, because we were sick of the roller coaster ride. My biggest IRA dropped 50% in 2000, inched back up to almost what it was, and then lost 60% in 07-08.

    The system is rigged against the little guy, and the gubbermint is too. It’s all a suckers bet, sucking in stupid suckers who vote for bottom feeding suckers.

    Thumb up +5

     
  8. Towg

    February 3rd, 2013

    Cashed mine out and invested in brass and lead.

    Thumb up +9

     
  9. Flyover Pilgrim

    February 3rd, 2013

    “We’re from the government, and we’re here to help you.”

    Thumb up +9

     
  10. Chieftain

    February 3rd, 2013

    And yes, this is the same Richard Cordray whose unconstitutional appointment by Premier Hussein was just pointed out by the DC Court of Appeals.

    So anything and everything he has done to date is completely without merit, is unconstitutional because of his illegal “appointment” and anything he has done to date is null and void.

    It just pisses me off how selective the liberati and the Progs can be about what sections of the Constitution they wave around….

    Thumb up +6

     
  11. Dr. Tar

    February 3rd, 2013

    This headline really scared me.

    It reads like a typical two-fer justification from the left wing. If it plays out as I expect its going to hurt the poor in the nation the most.

    The concept is “Gee, half the people in the country fail to save for retirement. we can’t have that. We’ll require that they have to put 5% of their income into a government designated investment account. Then since we need to fund the benificent federal spending, we’ll limit the investment options in those accounts to government paper. Afterall, look how safe an investment that is.”

    Result, those lest able to afford it will have less money today. The money promised in the future will be a lot less than what could of generated had people been left to invest themselves. Plus it will be paid back by TAXing everyone or in inflated (i.e. less valuable) dollars.

    This should be a crime.

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  12. Anonymous

    February 3rd, 2013

    Put mine in an irrevocable trust long ago.
    Stocks, bonds, everything in a family trust account.

    Thumb up +1

     
  13. Plain Jane

    February 3rd, 2013

    Tar, it is a crime.

    Thumb up +2

     
  14. mkultra

    February 3rd, 2013

    It’s sort of poetic that the baby boomer generation gets robbed and then euthanized by the big gubmint monstrosity they insisted on creating.

    It’s too bad that we’re all going down with them.

    Thumb up +6

     
  15. Mary Jane Anklestraps

    February 3rd, 2013

    That’s why I keep my money in mayonnaise jars, buried 4 feet deep in the back yard. It’s a bitch to make a withdrawal, though.

    Thumb up +2

     
  16. Editch McCrotch

    February 3rd, 2013

    I cashed mine out already and will buy more guns and bullets.

    Thumb up +1

     
  17. Blacksmith8

    February 4th, 2013

    Welcome to the party, PAL!

    It’s NOT ‘coming’, they’re already here.

    Your 401k, tsa, tsp, and whatever other goofed up mutual fund stupidity your wonderful employer cooked up is still subject to ERISA 1986. And that boys and girls is what the problem is.

    GONE: meaning obysmal can and WILL take the money that is legally yours and with a stroke of a pen, it’s not yours, oh he’ll promise that ‘top men’ with ‘great credentials’ will manage it for you. These would be the exact same ‘top men’ who are still analyzing The Arc of the Covenant from the end of Raiders.

    Please oh great SMOD, I beseech thee, save me from the infernal dhimmicraps.

    Thumb up +1