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“These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system.” [...]

“This effort ultimately is designed to grab the retirement nest eggs of America’s senior citizens. This new government annuity scheme, even if it is at first optional, will turn into a giant effort to redistribute the wealth of America’s older citizens,” explains Crone. “This scheme mirrors what I expect the President will try to do with Social Security. He wants to turn that program into a welfare program, too.”


Indeed. I believe that this seizure will happen in my lifetime. Galeno, a former poster here, never cared for the idea of retirement accounts like IRAs/401Ks because of the lack of flexibility. I stopped IRA contributions two years ago and reduced my 401K (now Roth 401K) contributions down to 6% of gross salary so I can capture the maximum 3% employee match. Unless this country is returned to a Constitutional Republic I would advise any young person to not place all their savings into retirement accounts like 401Ks/IRAs. Build up a substantial non-retirement savings that you can access quickly.

Mike, whose portfolio is only ~ 45% retirement accounts
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