Today the twin fake memes of a “Fiscal Cliff” and “Austerity” are combining to create a contrived excuse to tax and steal far more of your wealth and income, including your retirement benefits. The press is filled with articles and editorials like one recently at CNBC entitled “Amid Tax Talks, a cry of ‘Save My 401(k)’.”
Many retirement, offshore and political experts including Jeff Berwick, Larry Grossman and others are now warning how government revenue needs and austerity measures by the Obama Administration today threaten the private retirement system and benefits of millions of successful Americans. Back on January 28, 2010 I wrote a report entitled “The Coming Obama Retirement Trap Has Started,” published at LewRockwell.com, republished in its entirety below, for your review.
Over the last few weeks I’ve been inundated with emails similar to this one:
In early 2010 you wrote an article called “Are you ready for the coming Obama retirement trap?”
Now, I find an article from National Seniors Council that there was a recent hearing sponsored by the Treasury and the Labor Department that marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans.
What is your thinking on this? Should one, even with a large IRA, consider cashing it in or doing something to keep it out of harm’s way? Your response is appreciated.
In the 8,000-word report, I basically explored what Washington and the Obama Administration (note Romney would have followed the same actions) had in store for retirement plans and your benefits at the time of some real or fabricated crisis in the future. I wrote about how it would likely happen and what you could do to defend your pension, IRA or other retirement vehicle.
The final section of that report began, “Delay Could Be Fatal… The bottom line on all the strategies I’ve discussed above is they must be started and in place before the next major economic crisis and threat to your retirement assets occurs.”
Now three years later in email after email readers want to know my opinion and advice on the news of the coming pension grab. They ask, “What will the government do?” Many are desperate for solutions, concerned they might have waited until it’s too late.
My answer is, yes, you have probably waited too long to protect and defend your retirement plan. I wrote that “Delay Could Be Fatal” nearly three years ago, in January of 2010. In 2013 the government will do anything it damned well wants in order to generate tax revenue and cut your benefits and there is little you can do to prevent that now, at this late date.