Posted: 12/26/2009 11:39:31 AM EDT
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While home talking with the family the talk turned to Investments and retirement accounts. I had a couple relatives that were concerned about the safety of their retirement accounts in the event of a social security failure; specifically, that they would be nationalized to shore up Social Security. I don't see this happening, due to the illegality of it and the backlash that would happen, but what are the chances that something like this would be proposed? It’s an interesting concern and I wonder how many people are not contributing for these types of reasons. Thoughts? |
| Years ago Congress stole the money out of Social Security and replaced it with IOU's. During this last presidential election, I personally heard it mentioned that the administration might have to take the money out of IRA's and put that money in Social Security and give you another IOU. When this happened I dropped my contribution to the min. for a company match. After a few months I kicked the amount back up since I was just a few months from retiring. I am now retired and have rolled my IRA over. In all that time I have never heard the goverment deny that it was going to confiscate IRA accounts. So who knows? As stated before This congress and this administration don't pay attention to laws or the Constitution. Prepare for the worse, and if it doesn't happen more power to you. |