OCU> I think you've been reading too much Breitbart or listening to too much Hannity and Beck Wink
And,
you fail to contemplate that a government which
gets away with such wholesale massive theft as
obambacare . . . might just try anything in the
name of 'helping the poor'.
Zim.
Is Obama Going To Nationalize 401k Plans?
http://www.dailymarkets.com/economy/2009/03/19/is-obama-going-to-nationalize-401k-plans/
Obama 401k Plan: What it entails
The plan would force employers that don’t offer retirement plans to enroll employees in a “direct-deposit IRA account,” with the option for workers themselves to opt out. Currently, 75 million working Americans, or about half the workforce, lacks employer-based retirement plans, according to the administration.
The troubling thing to me is that the government would pay a 3% fixed interest rate on the accounts as opposed to the diverse mutual fund offerings in a traditional 401k plan. In effect, this would create a “Social Security” type structure to your retirement, IRA, or 401k.
The lack of equity options in your 401k plan would dramatically affect the possible returns, especially over an extended period of time. Just think, the average equity return over the stock market’s history is somewhere between 9-11%. Do you think that you would be happy with 3%?
A traditional 401k Savings Plan vs. an Obama 401k Plan
$10,000 invested over a 30 year period at a 3% interest Rate
Final Savings Balance:$ 24,568.42
$10,000 invested over a 30 year period at a 8% rate of return
Final Savings Balance:$ 109,357.30
That is a $84,789 Difference!
$10,000 invested over 30 years with an annual contribution of $2,000 at 3%
Final Savings Balance:$ 121,302.74
$10,000 invested over 30 years with an annual contribution of $2,000 at 8%
Final Savings Balance:$ 356,756.97
That is a $235,454 Difference!
As you can see. Your 401k plan offers you a drastically higher return than Obama would give you at 3%. The nationalization of the nations retirement system could cost you a pretty penny.
Mad Poet Strikes Again.
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