Obama wants your Retirement Accounts. Here's how.

[Techmomof2]

http://townhall.com/tipsheet/katiepavli ... =hootsuite

If you thought Obamacare was terrifying, just wait until you read about what President Obama's regulatory agencies are planning to do with your retirement savings.

According to an alarming report in the Wall Street Journal, government regulators at the Labor Department will be implementing new rules at the end of the year that will eventually force private retirement investments into government accounts. How? By making private investment options, specifically IRAs, too burdensome, a liability and expensive.

President Obama’s regulators aren’t slowing down, alas. And on Wednesday they unveiled another part of their plan to push Americans out of private investment accounts and into government-run plans.

The Department of Labor says its so-called fiduciary rule will make financial advisers act in the best interests of clients. What Labor doesn’t say is that the rule carries such enormous potential legal liability and demands such a high standard of care that many advisers will shun non-affluent accounts. Middle-income investors may be forced to look elsewhere for financial advice even as Team Obama is enabling a raft of new government-run competitors for retirement savings. This is no coincidence.

Labor’s new rule will start biting in January as the President is leaving office. Under the rule, financial firms advising workers moving money out of company 401(k) plans into Individual Retirement Accounts will have to follow the new higher standards. But Labor has already proposed waivers from the federal Erisa law so new state-run retirement plans don’t have the same regulatory burden as private employers do.
Like Obamacare, which made providing private health insurance plans so expensive that major companies dumped employees into the government exchanges, these Obama administration regulations will make retirement savings through private sources so burdensome, it will force employees into government accounts.

Considering how the government has handled Social Security over the years, this is a terrifying scenario that will ultimately lead to 1) individuals saving less for retirement 2) the government raiding retirement accounts to pay for other programs 3) more government dependency.

Congress, call your offices.

[BG Hokie]

Where is the "Here's how" part? The article lacked any and all substance as to what these burdensome regulations implemented in less than 8 months will be... I call bullshirt!

[Hokie CPA]

I'm just waiting for the next fiscal crisis for the government to begin taxing employer-provided health benefits. They were talking about doing that last time around and they have since taken the first step by requiring employers to report said benefits on each employee's W-2 (box 12, code DD). It's currently not taxed, but the reporting is already done. It would be absolutely NOTHING for Congress to name those benefits as taxable to the employee. Turbo Tax then just takes the Box 12 DD amount and adds it to W-2 wages to go on your tax return, and Bingo! you're paying tax on those benefits.

[133743Hokie]

http://townhall.com/tipsheet/katiepavli ... =hootsuite

If you thought Obamacare was terrifying, just wait until you read about what President Obama's regulatory agencies are planning to do with your retirement savings.

According to an alarming report in the Wall Street Journal, government regulators at the Labor Department will be implementing new rules at the end of the year that will eventually force private retirement investments into government accounts. How? By making private investment options, specifically IRAs, too burdensome, a liability and expensive.

President Obama’s regulators aren’t slowing down, alas. And on Wednesday they unveiled another part of their plan to push Americans out of private investment accounts and into government-run plans.

The Department of Labor says its so-called fiduciary rule will make financial advisers act in the best interests of clients. What Labor doesn’t say is that the rule carries such enormous potential legal liability and demands such a high standard of care that many advisers will shun non-affluent accounts. Middle-income investors may be forced to look elsewhere for financial advice even as Team Obama is enabling a raft of new government-run competitors for retirement savings. This is no coincidence.

Labor’s new rule will start biting in January as the President is leaving office. Under the rule, financial firms advising workers moving money out of company 401(k) plans into Individual Retirement Accounts will have to follow the new higher standards. But Labor has already proposed waivers from the federal Erisa law so new state-run retirement plans don’t have the same regulatory burden as private employers do.
Like Obamacare, which made providing private health insurance plans so expensive that major companies dumped employees into the government exchanges, these Obama administration regulations will make retirement savings through private sources so burdensome, it will force employees into government accounts.

Considering how the government has handled Social Security over the years, this is a terrifying scenario that will ultimately lead to 1) individuals saving less for retirement 2) the government raiding retirement accounts to pay for other programs 3) more government dependency.

Congress, call your offices.

any good financial advisor is acting in a fiduciary manner on your behalf. This is no big deal.