President Obama’s FY2014 Budget Plan brings us one Large step closer to De-Privatizing IRA’s & 401k’s.Much like Obamacare, Obama’s “Automatic IRA” will force employers with 10 employees or more, to “automatically” enroll their workers in the new Government run accounts. Obama’s Automatic IRA will be managed by the Social Security Administration(SSA).
Can we really trust the SSA with more of our money?
The Social Security Administration (SSA) consists of two different funds. The Old Age and Survivors Insurance (OASI) and Disability Insurance (DI). Both entities have their own Trust Funds (TF). OASI has a big TF that will, in theory, allow for SS retirement benefits to be paid for another 12 years. On the other hand, the DI fund will run completely dry during the 1stQ of 2016.
Is Obama’s “Automatic IRA” the answer?
To assist in the process, the Labor Department and the IRS published their report on The Government Accountability Office (GAO)-”Improve the rollover process for participants“. Beyond the new fiduciary duties, hidden in the language, it establishes a path for participants to rollover their private retirement accounts into Obama’s Automatic IRA.
What do you think our “indebted” U.S. Government wants to place inside your new fund? Yes, U.S. Treasury Bonds.
To assist in the process, the U.S. Treasury Department will rollout a program called ” Treasury Direct” that will allow citizens “to purchase, manage, and redeem.. savings bonds” electronically, as well as offering an “option” to purchase such bonds “automatically” through payroll savings .
This coincides with a program being pushed by the Service Employees International Union (SEIU) called “Retirement USA” which would create a government-forced retirement program with assets being directed into special Treasury Retirement Bonds, or R-Bonds. “Retirement USA” is promoting the idea that all workers have a “right” to a government retirement account, in addition to Social Security.
full link: Goldworth Financial
Retirement USA : Who We Are | Retirement USA
What is Retirement USA?
- Retirement USA is a national initiative working for a new retirement system that, along with Social Security, will provide universal, secure, and adequate income for future retirees.
- Retirement USA is convened by five organizations – the AFL-CIO, the Economic Policy Institute, the National Committee to Preserve Social Security and Medicare, the Pension Rights Center, and the Service Employees International Union – that recognize that retirement income security is a major issue of concern for current and future retirees.