THE AMERICAN JOURNAL

Class Warfare’s Next Target: 401(k) Savings

You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.

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

Read more: IBD

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February 18, 2010 - Posted by | Uncategorized |

2 Comments »

  1. A similar scheme is being hatched in Canada. See my post,

    “Canada: Retirement savings may go to support the poor (are you listening, Democrats?)”

    Comment by OstroNova | April 16, 2010 | Reply

  2. Sorry I may have cocked-up that link to my post. Just visit my blog. It’s interesting how these ideas all seem to occur almost simultaneously, isn’t it?

    http://ostronova.wordpress.com

    Comment by OstroNova | April 16, 2010 | Reply


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