US Government to seize your 401k?Is this a rumor or is this a joke?
It has been widely reported in the past 2 weeks. Basically there has been testimony to Congress by Teresa Ghilarducci, a professor at the New School of Social Research, to remove the incentive, the tax break we currently receive, by contributing to a 401(k) plan. Then, enroll everyone into a government run retirement plan, you would be required to put away 5% of your income to earn a 3% return. You would no longer decide how and where to invest for your retirement. At retirement you would receive one check in other words rolling your Social Security and your 401k into one plan. Social Security has earned less than 2 % not even keeping up with inflation.
Does anyone really want the Government handling their 401k?
