Mandatory Government Run Retirement Accounts On The Horizon?
October 19, 2012
By James O'Dell
Los Angeles, CA. – Morgan Gold - The price of Gold and Silver eased on Friday with Gold currently at $1,722.20 an ounce, and Silver at $32.12 an ounce, as the Dow saw triple digit losses, while the dollar firmed, and the metals remained under pressure, but offering an excellent opportunity to enter the Gold market for investors who had been on the sidelines waiting to buy the dip.
We end the week with another look at the government's plan to confiscate private retirement accounts, 401(k)s, and exchange them for mandatory government controlled retirement accounts known as Guaranteed Retirement Accounts (GRAs), a concept that had its start as far back as President Obama's run for the presidency in 2008. The current incarnation was introduced by Teresa Ghilarducci for the Economic Policy Institute.
The guaranteed retirement accounts would be administered by the Social Security Administration (SSA), while the Thrift Savings Plan or similar body would manage the pooled assets. Even though the funds are pooled, workers will reportedly, still be able to track the amount they have accumulated, as with 401(k)s. The GRA plan would be mandatory and any workers not enrolled in an equivalent or better defined-benefit pension plan would be required to enroll in a Guaranteed Retirement Account. The GRA plan would pay for itself by eliminating all tax deductions for contributions to 401(k) plans, while defined benefit plans would retain their present tax status.
With no tax incentive, 401(k) plans would likely cease to exist, leaving GRAs, as Americans primary retirement vehicle. With the trillions of dollars this changeover would generate, Congress would have a nice little pot of money to borrow from, now that other sources are being used to service the already enormous mountain of debt. Just last year, during the debt ceiling impasse in Congress, the Treasury Department used the public retirement accounts to run the country for several months. With the threat of private accounts being at their disposal, one might begin to become concerned. Protect your wealth and your retirement, during these times of economic and geopolitical uncertainty, by investing in physical Gold and Silver.
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