You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.Kleptocracy, anyone? Remember, my fellow Americans: eternal vigilance.
BusinessWeek reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."
In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.
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The picture is of Australian Air Force Cadets (think Boy Scouts with snappier uniforms), getting in the practice for when they grow up and join the RAAF.
ReplyDeleteThanks, Richard; I had no idea what outfit that was.
ReplyDelete'E's not sleepin' 'e's passed out!
ReplyDeleteShoulda kept his knees pumping.
SB: centar
neigh