Dear Uncle Sam, please stay out of my retirement savings account. Thank you.
Allowing the government – which has a very hard time handling its own financial issues, implementing a budget or coming up with any significant spending cuts – to handle your retirement savings would be like hiring Colonel Sanders to babysit your pet chickens.
Currently, the $19.4 trillion U.S. retirement savings business is dominated by a group of companies such as Fidelity Investments, JPMorgan Chase and Co., and Charles Schwab Corp., which handle the management of investments in 401(k) plans and individual retirement accounts.
Now, the U.S. Consumer Financial Protection Bureau is considering whether it should be part of the process of “helping” Americans manage the money they’ve put into retirement accounts. This bureau, established by the 2010 Dodd-Frank Act, is justifying its interest in getting involved by expressing a “concern” that without it, many Americans may fall prey to scams that will rob them of their retirement funds.
Let me know what you think about this. Should the government have a role in managing Americans’ retirement savings? Are there any alternative ways to save for retirement that could keep your cash out of Uncle Sam’s hands?
And here’s a bonus question. Can you think of anything – anything – that the government does not want to get its hands on in our lives?
One thing would be to bring back the glass- steagal act. 2 make the financial advisors be fiduciary agents (that way they work for the clients, not the company) 3 separation of wall street to govt
Do not touch my life time savings.
Support the convention of states and pull the government under the control of the people.
People, get smart! There is a Term Limits Petition circulating online. Type that into any search engine and you will find it. Then SIGN IT! If you can afford it, send them some money, even $10, given by enough people, can make a difference. Then when the process gets to the level of your state, follow up, help out, volunteer, and when it comes to a vote, VOTE FOR IT! The rat-bastards currently in Congress will fight it tooth and nail, but we citizens have the Constitution, the law, our numbers, and our determination to force this on them! There is no reason but greed and corruption why a Congressperson should serve for forty or fifty years! It’s the only way to get back to what the Founders wanted. Those elected to office are servants of the People. The People are not servants of the government. Over the years, lazy complacent voters have allowed this current state of affairs to happen. It is time to take our country back. If the current state of affairs is allowed to continue, in just a few generations, there will be the rich 1%, with billions, at the top of the heap, and the remaining 99%, with next to nothing, working to support the ones who already have everything. Is that what you want? TERM LIMITS. It’s where to start.
I’ll let the Government into my retirement accounts when the Government lets me run the Clinton Foundation.
In view of how the government has “handled” social security, I don’t think it should be allowed anywhere near our money.
Frank – This sounds like Social Security II. SS was invented as a forced savings account or annuity. For the first decades much more money came in than went out, so the pile of money got huge. Then Congress raided the account to avoid raising taxes to pay for the Viet Nam war and Great Society programs and this practice continues. So now we’re in the mess we are with SS near collapse and a younger generation who sees the program as the old stealing from the young. If a private corporation had done the same their leaders would all go to prison for embezzlement!
The last thing the people of this country need is to hand another big pile of money to the government to be given to the connected.
Our government needs to stay the hell outta my retirement…. Just fix social security…
I think we should look at how we as Americans fall into the working of this government. We should ask ourselves. How did America get so deep into debt? Why is our economy so bad? Who began this debt? Just in answering those questions you can come up with the answere on how to Vote this next President. Go ahead, put another Oil monger into office. He just made himself richer by playing President. He put us into a war bassed on a “Big lie”. He bailed out the Banks that handeled his money. Yeah the people of Iraq needed something done due to Hussain being the Dictator he was, but who put him in control? Of course it was the U.S.A. The Government has tottal control over everything we do. If you go to the swiss that government controls everything, and so on. Anyplace you go, you fall under that governments rule. So stop being victims. watch who you put into government office. Watch who you pick in the best interest of the United states and for us all. Don’t just put in some Bozo Babozo into office becouse he is Republican or Democrate or whatever party. If you like smoke blown up your ass then put in whom ever, but if you do, don’t cry latter like you are all doing now. The President was put there by the people. If he doesent do what you wanted him to do why did you all put him back into office. Does anybody know what an oxymoron is? Think about it, and if you fall into that catagory, then you will know why the government does what it does. This is for the People by the People in the best interest of the people.
There are Retirement Companies out there that sell you physical Gold and Silver assests and hold them in a vault. You can contact them and rollover your retirement accounts. The government can not take these Precious Metals from your accounts. They will send you FREE information just by calling them. I reccomend Swiss America 1-800-BUY-COIN. !-800-289-2646. If you have any U.S. Savings Bonds you need to cash these out to before they are totally worthless.
If that gold is not in your hands then it most certainly can be confiscated.
As a financial professional(in the business for more than 24 years) I would advise my clients to stuff their money into the mattress (at least they would still have it and not run the risk of somehow getting the government to try to need it more than they). What a scam!!!!! Hands off. They do nothing but spend our money without producing a single darn thing other than enormous amounts of frustration. Too Big, Too Lazy, Too corrupt. No upstanding person would be proud to say they are part of this circus. People with no opportunities in private business (because they lack competitiveness and skill) will always try to get a
government job, which turns them instantly into LITTLE TIN GODS . The government employees in Switzerland actually help the public, knowing that the tax payers are the ones providing their income. What a concept. Lets take a slice from them and try that here HAHAHAHA.
Our Government has failed at everything they have ever touched and our retirement funds would be one more thing they would totally mess up and leave us worse off than the poorest 3rd world country out there. We need to tell the Government to keep their sticky fingers off our retirement funds, IRA’s, 401K’s and every other kind of private savings some of us have or wish to have.
AS YOU STATED, IT GIVES ME CHILLS. ITS THE SENIORS THAT THEY WANT TO CANCEL OUT, AND I DON’T MEAN JUST THEIR SAVI;NGS.
They want to be able to “quickly grab” a deceased persons funds, Probably pass more precise “probate”rule’s, which will make this theft completly o.k., What better type of citizen to steal from, Deceased can’t fight & family in grief will be robbed before even considering their may be value to them, Robbery is Robbery , “Borrowing from Social Security”, and never repaying looks like a Robbery . The ability to steal in plain sight has set precident, When something works for you ya stay with it.
The CFPB should stick to monitoring Wall Street, the banks, the money lenders and stay out of the business end of it. Except for the home loan debacle the investment firms are managing my nest egg quite well so far.
“A FAIR FLAT TAX” HR 25
Eliminates the Income Tax so the BOZOS cant spend unlimited money.
Provides a prebate equally, for basic necessities, FOOD and Shelter etc to only Social Security card holders through the SS Dept. This eliminates anyone who isn’t a citizen from receiving basic benefits. AAANNNDDD it eliminates all SOCIAL Programs except Social Security-NO MORE WELFARE because basic necessities are provided to ALL CITZENS EQUALLY, Rich and Poor Young and OLD.
Eliminates All lobbyists because there is no tax system to manipulate
And lastly it eliminates all career politicians because they cant get paid by the lobbyist to get deals on their taxes.
EVERYONE PAYS THE SAME!!! 2 of the largest economies in the world run on a FAIR FLAT TAX—WHO???
TEXAS AND FLORIDA!!!!
PLEASE DONT DISMISS THIS look it up and demand it from every politician! 60 or 70 have already signed up. FAIRFLATTAX.COM
IT solves almost everything you are for or against.
The FairTax and the Flat tax are two different concepts and they are very different from each other. The politicians promoting the flat tax want it in ADDITION to the current income tax scheme. The Fairtax would eliminate the current income tax scheme and replace it with a national sales tax and give rebates to every person for necessities. This sales tax would NOT raise price of goods. See how this is accomplished by going to fairtax.org. It’s an ingenious plan promoted by radio celebrity Neal Boortz and it would certainly get the government out of our pockets
I did not intend to disparage JM Savage. JM is 99% correct about the FairTax. The only confusion is with the FairTax and the flat tax being the same. Several books have been written about the FairTax and was supported in the 2004 presidential elections by Mike Huckabee and other conservative candidates. Funny how the Dems don’t support the FairTax concept being FAIRNESS is their mantra.
Again, go to fairtax.org. for details.
Even though the concept of an IRA or 401K seems advantageous due to tax deferment and employer contributions I fail to see any real gain. Money contributed to these schemes is devaluating at a rate that exceeds the growth they supposedly produce.
I believe that most of us would be far better of taking whatever discretionary funds we have at our disposal and converting them to guns, ammo, tools, gold, silver, and any other hard assets that have intrinsic value not present in government issued paper money or numerical values printed on a bank statement. The government’s greatest success is it’s consistent ability to fail. Following the collapse of the petro dollar, if it occurs (if?) a healthy portfolio will be about as worthless as teats on a toad. The time to get out of these government inspired wealth confiscating traps is yesterday!
I have a $100,000,000,000,000.00( thats one hundred trillion dollars folks) bank note from Zimbabwe, a result of hyperinflation.
But that will never happen here now would it?
After all, our government and the bankers who run the Federal Reserve have too much integrity to let that happen? Of course we all believe that!
I always hear comments about government control,government corruption,cuomo put into effect the safe act with seemingly no voice from the people.
I hear people saying get out there and vote against these people and the powers that be.My question is:
what makes you think OUR vote and OUR will is legitimately translated into a correct and legitimate
result ?? To a corrupt government is a little thing like a vote against the will of said government really too much for them to handle or beyond their capabilities ??………..Better re-think that one.
The government is in charge of our retirement called
” Social Security” and look how they borrow from it and then say there isn’t enough money for everybody and blame every one but themselves. NO THE GOVERNMENT SHOULD KEEP THEIR HANDS OFF OF AMERICAN’S RETIREMENT!
Either God or our military will save this nation. We now have lying and scheming gangsters taking over. Old style Montana justice would clear up most of our problems.
This administration does not belong in the retirement business! We are over taxed now and I wouldn’t trust this group. Allowing this to happen will give the government total control over the people which we now see would be horrible for its citizens!
No government belongs in any business! Conflict of interest, plain & simple, which leads to corruption. Serving was not meant to be a full-time job, either. America’s founding fathers all had farms & firms to support them & their families. Now ‘the feds’ have become ‘the mob’ along with the fear & intimidation!
I’ve been advicating a change in policy and politicians for a long time now. No one seems to be listening. I’ve read all of these comments, however, I keep seing the same people in office. What are we going to do about it, roll over and play dead? The time for talking has long since passed. What about it, people???
Well stated. Most Americans, including myself at times, are too preoccupied with keeping up with the “Jones” and other intentional distractions. Without these mind numbing distractions, we the people would have taken a real stand against the corruption that has become our government. I do not pretend to know the answers but something has to change.
All the above comments are on target. We’ve got to get moving now.
We keep voting these people into office, it’s time we look in the mirror. Now, get out of your chair, turn off the TV and do something about OUR Government.
I believe the Gerber Life Grow up Plan may be the alternative plan in response to gov. $30 a month for twenty years will put a $10000 check in the insured’s hands. Hope they wouldnt stoop so lowas to take $ from the child.
If they thought they could, they’d take $$ from children, pets, dying grandparents, the Bridge Club, student clubs on public high school campuses, etc. The present administration needs money (it’s what flows in its veins, not blood) and is willing to take it from everyone and anyone. It’s too bad those that voted for the “rat” king never did the research on him. They would have seen the many RED FLAGS flying over his life! Now all Americans are paying for the idiocy of a few. Tsk, tsk, tsk. TIME TO DO SOMETHING TO GET RID OF THE OBVIOUSLY IGNORANT, EGOTISTICAL DEADWOOD DESTROYING OUR GOVT AND COUNTRY. VOTE all liberals and Rinos out of office. Only vote for people willing to fight to get America back to the super strong God fearing Nation she once was and can be again!
Exactly. “Concerned” is a government excuse to increase power & “help” means help themselves! Wake up, We the People! There’s a tax for developers who cut down trees because the state is “protecting” the environment, but the trees are still gone!
The noose tightens: Over the top spending continues. “Progressives” may be evil but they aren’t stupid. They know that one day foreign countries will stop buying our debt. Then, in order to keep sending freebees to the masses whose mentality is to revolt and take to the streets, and knowing that unchecked money printing will collapse the dollar, these “Alinskyites” are just lining up options for the future.
The Federal govt has no business interfering in any American’s money business…especially when it can’t (or won’t) balance its own books or accounts. All these “nonsense” tactics are to be able to grab more money for the loser’s own personal interests. As we have all observed, the man in the White House is more of a Hollywood “playboy” than a knowledgeable, God fearing Patiotic President. He knows nothing of the position he holds, nor does he care. But he loves the perks of his position, except when it interferes with his own personal time (the death of 4 Americans in Benghazi – shameful and unacceptable) including campaigning. VOTE out these pathetic abusers of our Constitution! Americans want their country back!
What the Obama Administration wants is to do precisely what Argentina did ten years ago to bail out their national debt: they nationalized pension and retirement funds promising to pay those individual investors a “pension” (much like social security). With the pension funds, they paid off their national debt but then failed to change their spending habits and now today are in danger of defaulting on its national debt again and has already reduced the “pension” benefits it pays out and which retirees depend on for their living. Anyone with any sense in Argentina started to remove their money years ago to Uruguay or other locations.
Essentially, the Obama administration sees American pension funds, 401k and IRAs as it does social security: a potential funding source they can raid. You’ll know its about to happen when they start promoting “safe” government investments and require that a certain percentage of investments be placed in US Treasury bonds with exemptions being given to their Union cronies.
THE GOVERNMENT IS INCAPABLE OF RUNNING ANYTHING. SOCIAL SECURITY, WELFARE,
FOOD STAMPS, POST OFFICE NEED I GO ON???? THEY ARE EITHER ALL BROKE , GOING BROKE OR FRAUGHT WITH FRAUD AND INEFFICIENCY.
LAST OBAMA CARE 45 OUT OF 50 STATES HAVE HAD DRAMATIC INCREASES IN INSURANCE PREMIUMS .
GOV. STAY OUT OF OUR LIVES. SEAL OUR BORDERS, PROTECT THE PEOPLE, DO THE THINGS YOU WERE INTENDED FOR STAY OUT OF OUR CAPITALISM, AND ESPECIALLY OUR
RETIREMENT FUNDS
I saw this coming in 2011 and cashed out my IRA (rollover from 401K). Took a tax hit; but, it was my opinion that was better than being stuck with worthless Obamabonds, or whatever they decide to call their replacements for your savings instruments – whatever you have in your IRA/401K. Took the remainder after-tax cash and put it into rental properties. The rentals provide a Hell of a better return than what I was making before, plus the property itself is a tangible asset. I’m not giving investment advice, simply relating what I did.
If I’m smart enough to have a significant amount of money in my 401K, I certainly am smart enough to know what to do with it……. and that would NOT be to put it into the hands of an
incompetent bunch of greedy politicians.
No! Govt is too wasteful, political & rigid in handling personal accts, which need to be all the opposite of those qualities. Enact FairTax, now! We need honest, transparent tax reform that isn’t bankrupting the country, & using agents to spy on us. Mainly, we want to keep our owned hard-earned income! I support FairTax…it is the only solution to Govt waste & abuse on the talle (HR-25 Howse Ways/Means; S-122-Senate.
Looks like it’s time to pay the taxes and move it where obama can’t touch it. When has the Guvmint ever saved a dollar.
Well just imagine the cheer from the moochers if Obama used this little fund to pay off most of our National Debt. To him and the people who follow him, those of us who have worked hard to save surely must have stolen that savings from the ones that have none.
This scares me, too. I would feel more secure with retirement savings in Vanguard, Fidelity, etc than with the current government. The government would “protect” my savings like they “protected” our Social Security trust fund – by squandering it away, leaving only worthless IOU’s.
at any time gov can “take” any retirement money from any retirement account example 401s IRAs of any kind. The custodian will give them the money went requested. I have already seen from 3 retirement accounts 10% “taken” by gov without any notice to owner made. If the money is in the “banking system” at all it is vulnerable.
Now Swift secret account may be made unsecret if Swift go with the pressure to change their rules.
as for the dollar — how many legal currencies are being used in the USA today ?
more than one
Lyndon Johnson and the Congress took the social security fund and transferred it to the general fund so it did not earn what it should have over all these years, as FDR intended. And it was able to be dipped into by the govt. as the years went by.
Take your money and move it off shore, just like the “Big Boys” do. Don’t kid yourselies, their money is not all here in America. You work hard for your money save and do without so you can have a comfortable retirement, and here this government wants to take your money to use to spend more it has they well please.God is coming back, this is not the way the Kingdom of God operates.
Well, I come from the “…ask not what your country can do for you….blah, blah, blah.” generation. However, my govt. has taken advantage of that “idealogy” for too long. The only problem with “Socialism” is that the word has a bad connotation.
It’s obvious to me that allowing any “Too big to fail” companies watch over my banking system has been a terrible idea which now costs me to ‘bail them out’. If our people feel like they’ve given more than they’ve gotten back then we should ‘socialize’ our banking system which is now a “Ponzei Scheme”.
If a small country like Costa Rica can do it, we should be able to do it too. But, allowing those same “too big to fail” companies manage my savings is just plain stupidity.
The owners of the “Federal Banking System” and their families should either have to pay back ever penny they scammed or be hanged by the neck until dead for “high treason”.
How do you think the companies you mention became, “too big to fail?” They did it, at least in part, by making good financial decisions in times when the gov’t wasn’t meddling with them. I would honestly have an easier time trusting my money in the hands of the neighborhood crackhead than I would with our current gov’t. The best thing the American people can do in the short term is to perform a good house cleaning in Washington. Vote out every single politician who has been there for more than 2 terms. Our national gov’t has become infected with career politicians. The best antibiotic is the liberal application of votes. If that fails, more aggressive measures must be used.
AGREED!!!!
Hear, hear!
Daniel 7 thru12-when the man of sin appears he will come on the scene by peaceable means and by peace will destroy many.the first rulee of prophecy is -if it makes sense as written do not attempt to translate-if not seek revelation further through study and prayer -a brief exam,ination of the root word inhebrew follows-peace-prosperity-economics-money,or by money he shall destroy many-nuff said.
Get the crooked politicians out put them in jail for treason. Va heads should be in jail for murder yet not one has lost their job do not let the gov. Take retirement funds thy will squander it liberals wake up in any country since the beginning socialism has never worked.