D.C. proposes new rule because Americans “cannot manage retirement assets on their own.” Oh look! The people who can’t manage Social Security, keep stealing from it and can’t balance a budget now think you’re too stupid to manage your own money!
This post was last modified on March 4, 2016
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What was that list of grievances that caused the founders to revolt against mother England? We have lost our way and we have lost our soul as a country, putting up with all that has gone by these past 100 years.
AGAIN, I have warned you all about Teresa Ghilarducci, from The New School about this sort of BS. There are progs who will not stop until they can seize America's 401k's & can turn it into 1 large pot that they can steal from...
http://www.investmentnews.com/article/20160302/FREE/160309976/workers-and-employers-would-be-forced-to-save-3-of-pay-under-new
http://www.businesswire.com/news/home/20160301006533/en/Economist-Teresa-Ghilarducci-Blackstone-President-Tony-James
http://www.benefitspro.com/2016/03/04/national-retirement-savings-plan-proposed
...so they can redistribute the retirement savings to their favorite political allies for political purposes. It must not happen & at all cost.
Time to start planning retirement to Thailand.
I have a friend who lives in Phuket....says the Thai Ho's is good.
This is about redistributing wealth and not a damn thing more. The dip shits that run DC have always wanted to get their hands on the retirement funds of those who have saved, worked for it and earned it.
The sons of bitches better keep their hands off my money. I earned it, I saved it, I invested it, I now draw a nice retirement check on top of social security and the friggin' gooberment didn't have anything to do with it.
The only reason my retirement money isn't better than it is is I had to pay social security for all those years. If I had been allowed to keep all that money instead of giving it to the gooberment I would be much better off. As it is I'm going to have to live to about 120 years old to get it all back and I seriously doubt that will happen.
Just think how long you'd have to live to get back what it could have turned into if invested well.
Then realize that if you had to live on what the government earned by investing your money, you would be starving in a month.
Saw this one coming from a looonnnnggggg way off. Next they will be telling us they're be putting all your retirement money in a "Lock Box" and never, ever, use it for paying off the 20 trillion debit.
Oh hell no! This just makes me mad....
Another revenue grab, just like 0bamacare. That was never about providing "health care" it was to guarantee that every single person with an income level high enough to file taxes had to send .gov money regardless. Don't have health care? Pay a fine or purchase one of our insurance plans so we can take your money..
Just wait until they decided to take over 401Ks, IRAs, etc. It's all about a greedy government that can't stop spending needing more, more more. If they can't tax it out of you, they'll get it someplace else. Economy struggling? Offer people incentives to go to college, refinance their homes or trade in their cars. It's all BS.
Next will be the move towards negative interest rates and the death of cash. They've been enacting policies to encourage spending and discourage saving since the 80s just to keep the ponzi going.
Fiscal/monetary/trade policies are what killed the American Dream.
Seems like they want to put some regulations on financial advisors and what they can say to investors. It would be a good thing in some cases, but bad in others. My advice would be to get your financial house in order, read some investing books, learn. Then find brokers that aren't linked to a one fund company or single types of investment vehicles. Above all, never trust your broker to have your best interest at heart until you get know them and have a string of successful investments over time, based on their advice. Even then, keep them at bay with a ten foot pole!!
Yea, that is what it SEEMS like. It is the government after all, so you never know what to expect.
That said, I can relate a couple of stories about people that were screwed by their investment advisors, so it is something that is needed, but not under government regulation.
The Department of Labor is correct; many people are incapable of handling their own money(which is why those people are so enthusiastic about Bernie Sanders). The next step will be to deposit paychecks directly into the Treasury, with HHS doling out an allowance to people to prevent them from doing enything foolish.