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Obama going after your 401k's and IRA's
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[quote:Resister:MV8yMDUzNzIwXzM0NTIzMjkwX0I4NUI2QUY4] They talked about this same thing during a Senate hearing about it a few years ago. What sucks is when your IRA or 401k is just big enough to worry about but not big enough to cash out and really be able to do much with. That's me. I'm 43 looking at 20+ years before I can touch it without major penalties. Cashing it now would be the right answer if there was going to be a serious revaluation of the currency coming very soon and if I could do something meaningful with it i nthe time remaining. If there isn't going to be a currency revaluation and I take it out now, I will not have an investment acount to retire on without starting from scratch and putting back in huge amounts of money. Sucks big time. [/quote]
Original Message
Obama Begins Push for New National Retirement System
A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning...
...Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. He also appears to be one of the Administration’s point man on this issue.
..."This whole issue is moving forward very quickly," warns Crone. "Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts."
Link to full article:
[
link to www.nationalseniorscouncil.org
]
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