Another source from which government can steal tax payers money The MyRA plans, similar to individual retirement accounts, will provide a new way for working Americans to start their own retirement savings, Obama said. Under the proposal, workers could have part of their pay deducted for deposit into an account invested in U.S. government bonds that would be treated for tax purposes as a Roth individual retirement account, with future earnings tax-free. The accounts would be open to people with annual household income up to $191,000 whose employers choose to participate, according to a White House fact sheet. Initial investments could be as low as $25 and payroll contributions as low as $5. The plans, set up through the Treasury Department, would have a maximum balance of $15,000, after which money would have to be rolled over into a private-sector Roth IRA, the fact sheet said. One problem I have with this is that the money is invested in government bonds. If the government goes belly up-- it does have a 17 trillion dollar plus deficit, projected to be over 24 trillion by the time Obama leaves office-- so would all the retirement money be lost, to millions of Americans. Not that this could not happen in the stock market, but it has a better chance to bounce up and it does not have over 17 trillion dollar deficit to weigh it down. My RA? Another source from which the government can steal our money being Soc. Security is bankrupt. Instead let us manage our own Soc. Sec. money and be allowed to invest it. In other words, if we could take money that is already being taken out of our pay checks and let the private sector not government manage it is to me a better idea. It would cost millions of dollars for the government to run this. And we all now how good the government is at running things. Let us not forget the millions of tax payer dollars trashed by the Obama Care web site fiasco. Right now my 401 is earning 12% interest. Government bureaucracy is a monster that needs slaying. We can slay it, if States will claim back their State Rights which are being infringed on by the Federal government.
Posted on: Wed, 29 Jan 2014 17:48:00 +0000
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