This is not an article about retirement planning. I had been smarter I would have 20 pounds of gold buried somewhere rather than my investments in the stock market, retirement plan, and IRAs. I have heard speculation since Obama was in office about a move to “take” over our individual retirement accounts. By all accounts there are trillions of dollars out there in which the federal government has no control over. Both Demoncrats and RINOs will salivate at the thought of having that much money to spend to ensure their re-election. They’re not likely to just take it, but will offer you the ability to convert your accounts to government guaranteed annuities. Think of Social Security again…many promises and IOUs and your beholding to the government for your daily bread. Any guess who you will vote for?
The Wall Street Journal had an article earlier this year with some of the talking points of the government plan which at this point is just “information gathering.”
“At the very least, the increasing focus on retirement savings is a reminder that tax treatment of the accounts, once considered permanent, is anything but. Here’s what you need to know about lawmakers’ eyeing your nest egg…Congress is looking for ways to raise revenue. This discussion comes on the heels of the Senate Finance Committee’s proposal earlier this year to take away a big tax advantage for inherited IRAs: Making heirs empty them out, and pay any income tax due, within five years of the death. The measure, estimated to raise $4.6 billion in revenue over 10 years, was abandoned, though Sen. Max Baucus (D., Mont.) suggested it might be taken up as part of tax reform.”
I had heard about this issue before so this morning it just ticked me off that once again we have to be wary of politicians trying to take our money. Rather than information gathering it is like a gathering storm. I would never have thought to post about it except when I looked at the Yahoo headlines today and saw this little tidbit:
Step one: Pretend to gather information
Step two: Start scaring folks close to retirement (with media help – above)
Step three: Offer a “voluntary” alternative
Step four: Start taxing those who don’t “volunteer”
Step five: No more voluntary so “seize the wealth”
Step six: You have too much so we need to “spread the retirement around”
Really the only solution to the problem in Washington is a much much much smaller federal government and maybe move it to Texas.