What Does Your Financial Planner Think About This?

As you know by now I use the 10% rule---if I believe only 10% of what I learn and it's still bad, then it really must be bad.  Our pals in Zero's administration are literally going to try to tax us to death by simply waving a wand and, Voila!, all of the previous laws that you and your financial planner have been using for your retirement plans are, POOF, gone. Think about what is happening here.  VAT will be contemplated soon, nationalization of the auto industry, banks, mortgage industry, health care industry has occurred and now a nationalization of retirement accounts is being considered?  This is so out of control that it should be beyond belief but, unfortunately, it is reality in Zero's eyes.  This administration is walking on real thin ice and needs to sit still for a while before the ice cracks and----we all sink because they have put all of us in jeopardy with this idiotic taxing and spending.

A4 Driver 

Your Money or Your life

Big Media has been trying to keep this under wraps, but the U.S. government has been exploring options for seizing all the money in America's IRAs and 401(k)s...

In order to pay for its health care and other spending obligations (let's not forget Social Security), the Obama administration is now desperately trying to figure out the best way to force Americans to turn over their retirement nest-eggs in exchange for annuities that pay a government-guaranteed stream of income.

I'm not making this up (get more information here). One of the front-running proposals focuses on what's called "Guaranteed Retirement Accounts" that:

•                Pay you only an inflation-adjusted 3% on your money

•                Strip you of all tax breaks on traditional IRA and 401(k) accounts

•                Don't allow you early access to your money, except for disability

•                Prohibit your voluntary opt-out — participation is mandatory

•                Seize as much as half of your accrued assets upon your death

This last little bullet-point here is the one that's got me worried...

Think about it: If such a proposal passes (and with our government's mounting debt and drunken-sailor spending, it's only a matter of time), it means that the bean counters in charge of my health care will make more money the earlier I die after retirement.

The exact language of the Guaranteed Retirement Accounts proposal reads:

"Participants who die before retiring can bequeath half their account balances to heirs; those who die after retiring can bequeath half their final account balance minus benefits received..."

You see that? No matter what it says in any will of mine, the government will pocket fully half my money if I die before reaching benefits age...

But if I die, say, 20 years after my retirement, they'll only pocket half of what's left of my money after making two decades of annuity payments out if it.

In other words: The best-case scenario for THEIR bottom line would be if I kick the bucket the day I retire...

That way they get more money in their pockets, faster.

Now do you see what's got me worried here?

If this proposal becomes law, the people who are responsible for deciding whether or not my life is worth the cost of the health care I need are the SAME PEOPLE who stand to gain the most from my early demise...

The fiscally responsible elected officials of the benevolent U.S. government. 

Bottom line: I'm 41 right now. And call me paranoid, but I'm certain that by the time I reach retirement age, the bean counters in charge of rationing my health care will evaluate not only my prognosis, odds of survival, and expected post-care quality of life when I go in for treatment...

But also how much they can pocket by pulling the plug on me.

Jim Amrhein

Contributing Editor, Wealth Daily

P.S. I didn't have nearly enough space here to reveal everything I've found out about this coming War on American Retirement. You can find out more by clicking here...