Proposed "automatic" Mandatory IRA account

12 Aug 2010 08:43 #1 by LOL
http://finance.yahoo.com/focus-retireme ... ing_wealth

First mandatory qualified health insurance, next automatic IRAs....."Uncle Sam wants you to abide!"

"Senator Jeff Bingaman, a New Mexico democrat, introduced the Automatic IRA Act of 2010 last week. The new legislation would require all firms with 10 or more employees that don't already offer a retirement plan to automatically enroll workers in an IRA."

If you want to be, press one. If you want not to be, press 2

Republicans are red, democrats are blue, neither of them, gives a flip about you.

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12 Aug 2010 08:44 #2 by HEARTLESS
They have stolen from Social Security for so long it could never recover, so heres the new theft pool.

The silent majority will be silent no more.

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12 Aug 2010 08:47 #3 by LOL
Yeah, I guess the US treasury needs a captive supply of saps to sell bonds to for future borrowing!

If you want to be, press one. If you want not to be, press 2

Republicans are red, democrats are blue, neither of them, gives a flip about you.

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12 Aug 2010 11:50 #4 by PrintSmith
Why not just turn Social Security from a defined benefit program into a defined contribution one? Wouldn't that accomplish the same ends? After all, the federal government is already taxing my employment and taxing my employer for my employment to provide for my needs in my advanced years......all they really need to do is make Social Security an individual federal pension, right?

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12 Aug 2010 12:05 #5 by FredHayek
Watch the mandatory IRA account be worth more than SS benefits in 20 years.

Or it could be like mine, worth less in 20 years than if I would have put the money in a savings account.

Thomas Sowell: There are no solutions, just trade-offs.

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