UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 746084  
Subject: The gov't wants your retirement money Date: 2/3/2013 1:11 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 10
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 Securities and Exchange Commission and the Department of Labor are the main regulators of U.S. retirement savings vehicles and funds. However, the consumer bureau — established by the 2010 Dodd-Frank Act — sees itself as a potential catalyst for promoting a coherent policy across the government, the people said.


http://www.bloomberg.com/news/2013-01-18/retirement-savings-...


--------

First, we'll help 'manage' your money. Force 'investment companies' to come up with 'plans' that 'conform' to government regulations.

Then we'll come up with guidelines as to how much you should invest in US Treasuries - say, half of your savings ( to help fund the bankrupt USA treasury)......so the Treasury can keep paying unsustainable benefits for another 10 years..until your savings vaporize.....

then, they'll ratchet that up ...so when you are 70, 70% of it must be in US treasuries or the US 'savings plan'.

No more 401Ks/IRAs...your paycheck will see at least a 6% 'contribution' to your savings plan (held by a government trustee) and your employer will be forced to match it , or pay a penalty......of say, $2000 per employee per year ratcheting up to 6% of pay.

Then, when guidelines aren't enough, they'll be mandatory....you know, like an Obama Executive Order - the Safety in Retirement Proclamation and Mandate....

Last, you'll have to roll over your money into a Government run 'SS Enhancement program' where they'll give you extra money if 'you are deserving' in retirement....or, if not, your money will be used to fund the welfare weenies and queenies. OH..but you'll only find that out when you go to retire and they check your other assets and income.....and 'means test' whether you really need 'their money' now.

It's they win/you lose ....


t.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement