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bacpacker
01-29-2014, 01:30 AM
According to this report Obummer plans to release a new proposal to help folks to save for their retirement. The two down sides I see from it is that it is another government controlled plan and will be invested in Treasury Bonds. Bonds have had almost no growth for many years due to the low interest rates. So other than pumping in money to the gov grubby hands, the investors will get little to no growth to even keep up with inflation, little own grow their accounts.
Here is the article.

http://blogs.marketwatch.com/encore/2014/01/28/report-obama-to-propose-new-ira-plans/


Report: Obama to propose new IRA plans
January 28, 2014, 11:19 AM
By Matthew Heimer

Fewer than half of Americans have access to a workplace savings plan that can help them amass money for retirement. In his State of the Union address tonight, President Obama will propose to change that, according to the Associated Press.

Offering an IRA for those who can’t save at work.

Citing two anonymous sources who “have discussed the proposal with the administration,” the AP’s Jim Kuhnhenn reports today that Obama will seek to launch a plan that would allow workers whose employers don’t offer retirement plans to invest money for retirement, tax deferred, in Treasury bonds; the employees could eventually convert those savings to traditional IRAs.

If Obama does advance the proposal, it’ll be his fullest endorsement to date of an idea that has been kicking around for a few years. MarketWatch’s Robert Powell wrote recently about the Treasury Department’s efforts to develop “R-bonds” that could serve as retirement investments for savers who lacked 401(k)s and pensions. Some states, including Oregon and California, have also proposed setting up state-run IRA systems for workers whose employers don’t provide plans.

Possom
01-29-2014, 01:53 AM
Why would you need government help to set up an IRA? I have a couple of IRA accounts managed by an investment firm and they are doing just fine without government "help". Just another way to milk money from people.

2die4
01-31-2014, 11:38 PM
Ha. If I don't expect Social Security to be around when I retire I sure as hell don't expect any government backed anything to be around either.

bacpacker
02-01-2014, 12:27 AM
Nothing being proposed is not already available, on your own. The big limit to O's proposal is that it only invest in treasury bonds.
Can anyone say "little to no growth"??? Why would anyone want this.

realist
02-01-2014, 01:16 AM
Why, because the president says it is good for us...............so let just all go skipping off into the sun set hand in hand...........and jump off the cliff.

bacpacker
02-01-2014, 01:45 AM
Well, other than the obvious benifit.

2die4
02-01-2014, 01:54 AM
There is little incentive to put your money into banks anymore. A couple of years ago I had a couple of hundred dollars that I wanted to put into a CD. When the bank teller I would be gaining 1.9% after 1 year I laughed and told her I could find the interest in change in between my car seat. Needless to say it got tucked away in a hidey hole in my house until I needed it.

izzyscout21
02-01-2014, 03:46 PM
I will have a tag on my toe before I put my money into this or any other such tomfoolery. This is just plain retarded.

eagle326
02-01-2014, 06:37 PM
Are not most sheeple retarded? Just asking.

Possom
02-01-2014, 06:39 PM
Yes, yes they are eagle. As long as they can watch honey boo boo and get "free stuff" they are happy.

ladyhk13
02-10-2014, 12:31 AM
I would never put my money in the govt backed schemes. Our local bank however still pays what would be considered good interest on our checking acct. it started out at 4 o/o a few years ago but has gone down to 1.5 percent. Still, for a checking acct that's pretty good. Never know what you can find looking around locally.