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It’s Inevitable: The Government Will Steal Your Savings

It’s Inevitable: The Government Will Steal Your Savings

Two facts and a rumor:

Fact 1:

According to the Investment Company Institute, qualified retirement plans , IRAs and 401(k)s, were valued at $15 trillion at last count in 2016.

Fact 2:

The government is broke, more broke than in any time in human history.

Rumor:

In order to fund new programs (while keeping the budget the same, since they can’t pass a new one) the overlords in the government are looking at this obvious piggy bank with a hammer.  That means that the much-hyped “tax deferral” may go the way of the Dodo.

This rumor comes from a difficult-to-verify statement by the Director of the White House National Economic Council.  There are many screaming heads quoting this in the Internets.

Whether or not this rumor is true is irrelevant: this is the most obvious alternative they have.   The financial situation of the government now and into the future, considering the continued debt and deficit spending, is not changing, and something is going to break.

Your retirement piggybank.

The dollars and sense of deferring taxes now in favor of more tax in the future (if the savings grows) or at a possibly higher tax rate, has made many question the wisdom of these programs.

If the government takes away the only carrot, the discussion is over.

Privatized Banking will be the only hope left. Why wait?