Retiree Annuities May Be Promoted by Obama Aides
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The Obama administration is weighing how the government can “encourage” workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged.
The US Treasury and Labor Departments will ask for public comments as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.
Annuities generally guarantee income until the retiree’s death, and often that of a surviving spouse as well. They are designed to protect against the risk that retirees outlive their savings, a danger made clear by market losses suffered by older Americans over the last year, David Certner, legislative counsel for AARP, said in an interview.
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Content Editor’s Note: The Obama Administration is going to try to force investors to structure IRA and 401k accounts into what amounts to a US Treasury debt-backed government annuity. This is an attempt to divert hundreds of billions of dollars of private retirement accounts into federal government debt. If the Chinese won’t voluntarily buy more US debt, the government will simply force it on American investors whether they want it or not. Just more freedoms being taken away.
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Last time, the trial balloon was “enhanced social security”. Considering that “Social Security Insurance” is broke, that was a lead balloon!
Now they are back with another one, “annuities”, in Treasuries, and I’m sure sold by the Administration’s friends at AARP, packaged by Goldman Sachs, insured by AIG, and delivered by a GM car. (OK, the last is a joke! But this whole think is a joke.)
What those unfamiliar with annuities does is ROB the estates of these people. And, make the gooferment your heir. Argh! As if the Death Tax wasn’t bad enough.
OK, for ha has, why not convert social security into annuities? Sure cause then people could sell them out.
BUT, (there is always a big butt), then we would be FORCED to recognized how underfunded all these “insurance” programs are.
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