Confiscating Individual Retirement Accounts: An Awarenss Alert!

by Michael Haberman on November 10, 2008 · 0 comments


Congress confiscating individual retirement accounts? Sounds outragous doesn’t it? Well this article in the Carolina Journal Online shows that it is being considered. I had heard that Congress was considering taxing retirement accounts, but this proposal to seize them all and put them into a social security like program is unthinkable. But then lots of things unthinkable have been occurring. Banks collapsing, gas prices falling, the U.S. government taking over company after company (AIG bailout), GM and Ford talking merger, etc. So don’t just blow this off!

As HR professionals how do you think your employees are going to react to all their retirement being taken? I know I am certainly not happy. I really doubt that anyone would be. Am I wrong? Would workers like universal retirement accounts, funded by existing accounts? Help me here.

This, along with all the other potential legislation coming next year needs to be watched closely.

I am all for change…. but…
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{ 2 comments… read them below or add one }

North Carolina Travel November 11, 2008 at 4:39 pm

This Socialist scheme to confiscate retirement accounts does not really suprise me. I heard a panel of so-called experts talking years ago about the best way to transfer wealth was to take it from those elderly people who have been saving over the years.

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~Heather~ November 11, 2008 at 8:10 pm

To say I am shocked this is even being considered is an understatement. I feel that for as much as we have tried to keep government less involved they are trying to become more and more involved. I understand they innate desire to want to help the less fortunate. I also understand that the middle class is necessary to keep our economy going. However, taking money from people who have worked hard to earn it and give to those that perhaps aren’t working (and some aren’t working on purpose…let’s be honest) to create a false middle class makes no sense at all. The potential return on investment is not enough and forcing me to take 5% out is not right! Some people have stopped 401(k) deductions due to the economy. What then? Now you are telling me I HAVE to do…and pay all my other bills and put food on the table. Enough already! The government needs to stop trying to run everything – it’s not what this country was founded on.

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