Why Your 401k May Be In Danger
(Shared by Joe Overfield, VP – Financial Planning Division, Bank On Yourself Authorized Advisor)
If you are not currently looking for an alternative to your 401k plans, now might be a great time to consider it. The article below discusses how the government is looking at taking over your 401k’s and IRA’s by converting them to annuities that will be administered by the Social Security Administration and eventually mandate that you invest 5% of your income into it. In return, it will promise to pay you a monthly benefit in retirement years.
Does this concept sound familiar? It should! In the 1930’s the government made the same claims and mandated that Americans pay into Social Security. Today, there is no guarantee that social security will even be available for many people who have invested years into it. The cause is due to the lack of management and greed by our government officials who were supposed to be looking out for us. Are we really going to buy into this nonsense AGAIN and allow our government to manage our retirement?
Check out the full article here: http://www.gobankingrates.com/retirement/401k/money-alert-the-government-has-plans-for-your-401-k-and-ira/
Remember there ARE other options! Bank on Yourself is a great way for you to save your hard earned dollars and plan for your retirement without government intervention. Click here to learn more.