The Government Wants to Help You “Manage” Your 401k

[CuteOldGuy]

Why not? We let them manage health care, and numerous other areas of our lives. And who better to offer investment counsel than a government bureaucrat?

Good god!

From the article:

There is an adage in the financial advisor world – go after money in motion.

That is, focus your attention on engaging with people who are retiring and changing investment strategies, people who have obtained settlements, people who have just received inheritances. These people are the best potential new clients as they need solutions. People who have settled into an annuity are unlikely to rip up their financial life and put their nest egg into a new financial vehicle, and even less likely to work with a new advisor. Get the money while it is in motion.

The federal government seems to have noticed that a whole bunch of money, much of the almost $20 trillion currently held in retirement accounts in the US, is about to get moving as the baby boomers retire. They want a piece of the action and Dodd-Frank may offer the Feds a way to weasel into your 401k.

(From Bloomberg)

The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments.

“That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” bureau director Richard Cordray said in an interview. He didn’t provide additional details.

http://www.againstcronycapitalism.or...age-your-401k/

Really? Is this what you voted for? You were warned!

[Dawgs]

The Feds have been after 401K's for years, they are just not sure how to pull it off without outraging both sides of the aisle!

[JD Barleycorn]

As I mentioned in December, government giveth and government takes away. I have heard a couple of reps say that since government "allowed" the people to have 401Ks that they (the government) has the authority to end the program or alter it.

[Guest040616]

StupidOldLyingFart needs to get a friggin life!

I never realized any one person could have so much hatred.

[LexusLover]

Originally Posted by JD Barleycorn

I have heard a couple of reps say that since government "allowed" the people to have 401Ks that they (the government) has the authority to end the program or alter it.

Various sources have mentioned banks pitching an increase in 401ks' on the basis that existing 401's will be "grandfathered" in with any proposed rule changes or legislation. So apparently there is some spark there from the smoke rising.

The government pitch is cash paid in to create like an "annuity" upon retirement ... give the money to the Feds to "manage" to grow your "annuity" ... which will evaporate upon your death.

If I were to do that and take people's money, the same government will prosecute me for fraud through U.S. Attorney's Office.

[Guest123018-4]

The Obama administration would love to get their hands on the value that is sitting there. We all know that people are too dumb to manage for their retirement; it is obvious since they actually voted for Obama.

[IIFFOFRDB]

Originally Posted by bigtex

StupidOldLyingFart needs to get a friggin life!

I never realized any one person could have so much hatred.

Truth hurts, huh BITCH.

[Guest040616]

Originally Posted by IIFFOFRDB

Truth hurts, huh BITCH.

Once I hear the "Truth" from one of our resident Far Right Wing-Nuts, I promise to provide an update. WHORE!

In the meantime, SHUT YOUR WHORE MOUTH!

[Chica Chaser]

Originally Posted by bigtex

StupidOldLyingFart needs to get a friggin life!

I never realized any one person could have so much hatred.

What the fuck are you talking about? There are no lies or hatred here. Bill Clinton had thrown this proposal out way back in 1994. He abandoned it quickly after the first mid-term elections.

http://www.businessweek.com/stories/...ic-safety-nets
http://www.gpo.gov/fdsys/pkg/CREC-19...pt1-PgE959.htm

Obama will never get this one passed. To many on the left have 401k and IRA accounts too.
But there is going to be a lot of noise generated over it.

[cptjohnstone]

look how well the government manages our social security funds

[CuteOldGuy]

Originally Posted by bigtex

StupidOldLyingFart needs to get a friggin life!

I never realized any one person could have so much hatred.

You call me a "hater" or a "liar" because

YOU CAN'T HANDLE THE TRUTH!!!

[Guest040616]

Originally Posted by CuteOldGuy

You call me a "hater" or a "liar" because

YOU CAN'T HANDLE THE TRUTH!!!

SELF ADMITTED LIAR OF THE YEAR 2013

StupidOldLyingFart

[CuteOldGuy]

You still can't handle the truth, can you, BTLD? Tell me, do you WANT the government to manage your 401k for you? You must, because you keep supporting those who want to do it. Tell us all, why do you think the government can do a better job than you at managing your retirement?

POMPOUS ASS OF THE YEAR

BIG TURD LITTLE DICK