Obama Is Taking Your 401k
A new rule coming from the Obama Administration may soon separate you from your hard earned retirement accounts in the years to come. In fact it may well put the government in charge of the very money you hoped to protect from those people. The new far reaching rule that may change everything hasn't been approved by Congress or voted on by those you sent to Washington. It is being advanced by unelected bureaucrats that think they know what is best for you, your family and your money.
I have been talking, in depth, with certified financial planners that say the new ‘Fiduciary Rule’ from the Department of Labor is so onerous it will drive tens of thousands out of the business and leave millions of consumers with no one to talk to about investments. In the end, many in the financial industry believe that's exactly the plan because it will leave the government in a position to ‘come to the rescue’ by taking over the retirement accounts of millions, in effect nationalizing the retirement savings of just about everyone.
“Obama is trying to drive financial planners like myself out of work and allowing them to swoop in and take control of everyone’s 401k, 529 college savings plans, 403 b’s,” said one long time professional who asked to remain anonymous. “I believe it is so radical that he is moving it late in his final year to get away with it.” The move would put the government in charge of your money. All of it. It would also set the government up to help itself to your money because they would simply transfer your money to other accounts.
This massive theft would be done under the guise of, “you have more than enough money and there are millions of people who are poor and it’s ‘only fair’.” This narrative would also be pushed under the now familiar banners of white privilege, income inequality and of course America is not a fair place and we must ‘level’ the playing field.
Senator Ron Johnson of Wisconsin, The Security and Exchange Commission and others oppose the new DOL Fiduciary rule but it is set to take effect in April despite loud objections. “President Obama is planning to steal the retirement savings of millions of Americans,” my anonymous source contends.
The rules put forth by the new plan are impossible to meet and one more thing I'm told, it will also allow investors to sue for damages if a financial advisor is wrong and people lose their money. That happens all the time by the way.
It’s funny how the government penalizes those who save money now in the form of stifling capitol gains taxes, taxes on interest and taxes on investments and now will allow you to file suit against those just trying to help you earn a return. Remember, no investments are guaranteed and you can always lose money in the market. I guess that isn’t acceptable to an ever more Marxist mindset in Washington.
You must speak up now. You must contact your Senators and your Representatives about this rule that will take effect. The federal government will take control and nationalize your retirement savings accounts.
This is a very big deal and you have been warned.