Watch your mailbox closely for next issue of Independent Living for a shocking expose on how the government plans to take control of private savings retirement funds. You won’t find this information anywhere else.
Here are just a few excerpts from this extremely important story to follow…
40l(k)/IRA Nationalization Quietly Moves Forward
As the government’s finances continue to deteriorate, the White House and a powerful network of left-wing think-tanks, Congressional activists, and the highly-influential Ford and Rockefeller Foundations are engineering a new regulatory and tax-incentive drive to herd and ultimately force Americans to convert their 40l(k)s and IRAs into government-directed retirement accounts.
The 40l(k)/IRA de-privatization plan is the brain-child of one of the left’s rising stars, the bright and inventive academic Teresa Ghilarducci. While Ghilarducci insists 40l(k)s will still be “legal” under her plan, the thrust of her idea was revealed on a 2008 radio interview in which she said, “I’m just rearranging the tax breaks that are available now for 40l(k)s and spreading – spreading the wealth…”
Funded by the Rockefeller Foundation, Ghilarducci’s think tank (the Schwartz Center for Economic Policy Analysis – SCEPA) is an Obama Administration front group to grease the political skids to make 40l(k) nationalization a reality. (For the next time a financial crisis – or rather, opportunity – presents itself.) Ghilarducci’s website cites the involvement and support of Vice President Joe Biden’s White House Middle Class Task Force.
So far as the Obama Administration is concerned, the extreme tactics used to ram health care nationalization down the country’s throat are a blueprint for what could be the biggest asset grab in history: the nationalization of private retirement accounts.
IRA and 401(k) De-Privatization Plans:
More Than an Obama Wish-List Item
Every crime has a motive. It’s not just ideology but practicality that drives our ruling politicians to seek control over large pools of private wealth. The harsh reality of national insolvency is forcing this danger to the forefront.
Washington is readying confiscatory revenue-raising subterfuge because the funding crisis for Social Security is no longer something that can wait to be dealt with years down the road.
The crisis is starting to unfold now. As the New York Times acknowledged, “This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office.” The trickle of red ink will soon become a flood under the pressure of 78 million retiring Baby Boomers.
The herding of the investing public into investments of the government’s choosing has begun. As Bob Chapman of The International Forecaster explains, “The looting of retirement plans is still in the planning stage, and you’re seeing these trial balloons go up.”
The March 9 edition of Business Week notes that new federal regulations designed to “promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams” would help drive cash into government-controlled entities such as American International Group (AIG), which was bailed out to the tune of $182.3 billion.
Situational Awareness is Your Very Best Defense –
Here’s How to Stay Tuned In
The likelihood of a major Congressional overhaul of IRA and 401(k) tax-advantaged plans to your detriment is something you should be preparing for.
At this point, however, it is premature to evacuate money out of retirement accounts for defensive purposes, especially if doing so subjects you to penalties. However, you should be prepared to adjust your strategy as circumstances dictate.
For now, it’s advisable to be cautious about making new contributions. Before you max out an IRA or 401(k), be sure you have some “emergency” retirement money in an untraceable, easily accessible form that is outside the purview of government. One obvious way to do it is through physical precious metals you store discreetly at home or in a secure storage facility.
Another defensive step to consider is converting a traditional IRA to a Roth (the rules for doing so were spelled out in “To Convert or Not to Convert to a Roth IRA” in April’s Independent Living issue).
A Roth gives you the flexibility to make withdrawals of principal without incurring penalties. As such, Roth IRA contributions could serve as something of a lifeline in the event that the government starts stripping away your options for investing within IRAs or changes the rules on retirement distributions (by mandating the purchase of annuities backed by Treasury securities, for example – something the Obama Administration is for now just “encouraging”).
Your Sentinel for Politically Treacherous Times
If at any point it appears that major new attacks on private retirement accounts are imminent, Independent Living will sound the alarm! We won’t hesitate to recommend pulling money out of IRAs and 401(k)s and into safety if and when we believe the political threat environment has become too dangerous for having retirement assets in politically exposed “qualified accounts.”
Look for the full article in May’s Independent Living newsletter.
In addition, you also need our hot new FREE report, The Obama Administration’s Secret Plan to Hijack Your 401(k)s and IRAs. We will send it to you if you simply reply to this email and type “40l(k)” into the subject line.