BusinessWeek reports that the Treasury and Labor departments are asking for public comment on “the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams.”
In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.
Last year, I cashed out my 401k and took the 10% penalty. After 10 years of no return and at least another 10 years of no return, higher taxes, inflated and lost value- it wasn't a hard thing to do.
The last great cache of wealth left in this country are 401k accounts. About 13 trillion. Our confiscatory, thieving government will attempt to raid this house next. If they succeed- we will indeed have an economic collapse.
I have been saying this for over a year. We are about to enter one of the worst periods of time in this nation's history. So bad in fact, that virtually no asset class is safe. Think about that.