One of the earliest fears about tax-favored savings accounts like IRAs and 401(k) plans was that when this pool of savings grew large enough Congress would not be able to resist tapping it to help solve the nation’s debt problems. We’re about to find out if those fears—persistent for decades—have been justified.I have believed this ever since I started paying into my firm's retirement plan back in the 70s. The idea that people would be in a lower tax bracket in the future seemed just plain dumb. The idea that Congress wouldn't change the rules whenever they find it expediant is just dumb. There is no place you can go to avoid the grasp of the money-stealers in DC, other than leave the country and renounce citizenship. Given that there is no reasonable place to go that isn't already more screwed up than America makes it dumb to move, so just bend over, because here it comes. I just hope I am allowed to keep enough to live on for the duration of my life, but Obama and the Dems considered retired folk to be unworthy of consideration, so goodbye Medicare (but you must pay the premiums anyway) and goodbye Social Security, and goodbye America. Welcome to ObamaLand.
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