Many retirement, offshore and political experts including Jeff Berwick, Larry Grossman and others are now warning how government revenue needs and austerity measures by the Obama Administration today threaten the private retirement system and benefits of millions of successful Americans. Back on January 28, 2010 I wrote a report entitled "The Coming Obama Retirement Trap Has Started," published at LewRockwell.com, republished in its entirety below, for your review.
Over the last few weeks I've been inundated with emails similar to this one:
Ron,
In early 2010 you wrote an article called "Are you ready for the coming Obama retirement trap?"
Now, I find an article from National Seniors Council that there was a recent hearing sponsored by the Treasury and the Labor Department that marked the beginning of the Obama Administration's effort to nationalize the nation's pension system and to eliminate private retirement accounts including IRA's and 401k plans.
What is your thinking on this? Should one, even with a large IRA, consider cashing it in or doing something to keep it out of harm's way? Your response is appreciated.
5 comments:
I cashed mine in when obamie won. I put it in a CD that can count as a retirement so it is not taxable yet.
My wife put hers in a safer network that should be ok.
People will suffer with this mad man at the helm.
He expects to take our money to pay his entitlement programs.
War is at hand , God , I can't wait for the revolution.
I would guess most that have voted for Obama don't have any money saved to worry about. And those that do won't mind turning over what they have to support the gov'ts socialist programs. I think I am just going to get as far in debt as I can and live big and then let someone elses kids pay for it when I move to New Zealand. This is what was voted for. Suck as much as you can off the system and expect someone else to pay for it. (I'm not serious but thats what I feel like doing).
3:44
I agree with you. Do you ever get the feeling you are being punished for doing the right thing in life? It seems like now no one is held responsible for their actions or bad choices in life. They get in trouble and stick their hands out for the government to bail them out. I'm sick of the hand outs! I will give anyone a hand up but these hand outs have got to go. They have broken this country.
2:41 Harry Reid already has a bill on his desk that would Nationalize 401ks. If that is introduced and passed then your cds will be next.
ATTENTION!!! End of Days 12/21/12 NO worries your not gonna need it anyway. Cash it in now and enjoy it.
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