Friday, November 30, 2012
Your 401(k)'s are now on the revenue table
If you are one of 60million Americans who contribute through your employer to a 401(k) type retirement account, then you have a lot to worry about. Grasping politicians in Washington are eyeing your account as a source of revenue for them to spend on vote-buying schemes.
Obama has already proposed lowering the amount you can contribute tax-free, but other insatiable politicians are looking for ways of nationalizing all that money into one huge social security-type account in exchange for the promise of a small check from them when you retire. Gone are the days where hard work, discipline, education, sacrifice, and self-reliance led to relative comfort in retirement, as well as the preposterous idea that you own what you've earned and nobody can take it from you. In their place are only immediate gratification, carelessness, and self-indulgence knowing that the government will provide for your every need in your old age.....at some other person's expense.
I'm thinking of taking all retirement money out of my accounts and keeping it in an off-shore account or maybe a shoe box under my bed....somewhere that the government cannot get to it.