Has The Government Takeover of Your Retirement Account Already Started?

Has The Government Takeover of Your Retirement Account Already Started?
This is the title of one of the latest gloom and doom email campaigns.  I had a client send this to me and thought I would comment on it.  The email is short and sweet claiming that the government has already started the process of confiscating retirement accounts.  Here is a portion of that email:
It’s happening now, as you read this, in California, Connecticut, Illinois, Massachusetts and many other states.
These states are forcing millions of Americans into government-designed retirement plans (yes, the same government that’s in the process of destroying your Social Security safety net).
Meanwhile, Forbes reports that Richard Cordray, director of the federal government’s Consumer Financial Protection Board, has been discussing whether, due to the “mismanagement” of our individual IRA and 401(k) accounts, his agency might legally step in.
As reported on Forbes.com, “Cordray’s agency is already moving toward regulating 401(k)s and IRAs.”\
Can You Stop This Government IRA and 401(k) Seizure?
Yes, you can, but you need to move fast to get your IRA or 401(k) out of the reach of greedy state AND federal government agencies.
 
 
Richard Cordray was an Obama appointee and very controversial.  In fact, Trump is rumored to be firing him as he guts that agency.  In regards to his quote, I went on Forbes.com and couldn’t find any article dating back to 2011.  He appears to be quite the socialist so I am sure that they would love to nationalize retirement savings.  Now whether he said it or not is another issue.
There has been a small group of people trying to gain support for nationalizing retirement accounts by the government. Dr. Tereasa Ghillarducci has been heading up a movement for almost 10 years to nationalize retirement plans.  Her message is getting the attention of a handful of extremist politicians.  However, that is it.  She certainly isn’t gaining ground on the idea.
They claim that Gold in your IRA would make you exempt from a confiscation.  That is the furthest from the truth.  If the government were going to confiscate retirement plans there would be no assets out of reach.  The reality is  two fold.  First, there is no question that the government would love to get their hands on the trillions of dollars of retirement money.  It certainly would solve a lot of problems although it would create new ones. However, the likelihood of that happening is so small.  Second, these gloom and doom marketers are just trying to scare you into buying gold.  If this were truly happening it would be front page news.
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