Well they just Nationalised the Pension plans in Hungry, Greece, France, and Ireland......  who's next I wonder

Well they held Secret Congressional hearing on Sept  14 and 15 on what we've been talking about... just Google it and see for ur self.... get out of the stock market and start planning to close ur IRA and 401K......

Very Soon, Mr. Potato Head and  Congress are planning to take over your Individual Retirement Accounts, including 401K's and company funded pensions and managing it on its own. This is there way to help to manage their out of control spending leading to a growing 13 trillion dollar debt and unimaginable trillion dollar deficit.

Here's what they're thinking

There is an enormous debt and deficit thanks to our government's mismanagement.  Most of us have money tied up in 401K's, IRA's and company funded pensions.  Reported by BusinessWeek and others the Treasury and Labor departments are requesting public comment on "the conversion of 401k's and IRA's into annuities or other "stable" payments.  In other words, the government will control these retirement payments to you.  You won't have the option to withdrawal a large sum for let's say a purchase of a, new boat, a car or a vacation.  You will only receive a fixed income payment from your money and it's the government who will determine just how much you get.  When you die the government keeps your money at least what they have not distributed.

Here's the governments plan

The government will take over your 401k's, IRA's and company funded pensions. They will promise to pay you a monthly amount when you retire. Teresa Ghilarducci of the New School for Social Research in New York, who was a part of hearings last fall held by the House Education and Labor Committee, suggested giving all "workers" a $600 annual inflation-adjusted subsidy from the U.S. government.  The "workers" will be mandated by law to invest 5 percent of their income into a (GRA) Guaranteed Retirement Account that would be managed by the Social Security Administration.  The real fraud is that this GRA will actually be invested in US Treasury Bonds that will be used to pay down the debt and deficits.  So now they are taking your future retirement income to pay for current debt.  Where's the income going to come from when you are ready to retire?  The government has already spent it!  Sounds worse than the Social Security program.  Notice above they are already referring to us as Workers sounds like the Kremlin to me.  And, furthermore...Calling it a GRA, GuaranteedRetirement Account, That's suppose to make us feel better than let's say Social Security which is out of money.  

I know what my old man would say, "Thievin' Bastards."  Only he would have a few more choice adjectives, nouns and verbs thrown in that are not appropriate for this article.  It's time to get mad!

They could do this

It appears the government is floating a balloon by saying "We're only asking questions and considering the what if's."  Prohillbilly's President and other financial experts think this could become reality soon. 

Even worse if this 401K/IRA and pension to GRA conversion happens, based on Treasury bond interest rates the benefits may end up being inadequate compensation for years of savings since the government has been suppressing yields since this budget and financial crisis started.  Successful pension fund managers know they need around 8% return to remain solvent, Treasuries are paying only 2%.  The math doesn't add up!  Also, any increase in interest rates devalue the Treasuries, so the risk of this money disappearing after the government gets it hands on it is very real.  It would just get swallowed up and be gone.

How does this effect a hillbilly

The current concept being discussed has no guaranteed amount available to us when we retire.  In-fact nobody can say whether we'll have an "account" or this just becomes a payment from a collective government controlled fund.

This is a good time to consider discussing options other than traditional 401k's, IRA's and pensions with your money manager.  Don't sit back and expect the government to do the right thing, protect yourself.  We'd like you to consider joining Prohillbilly.com so you can continue to get the information you want and need to be better prepared.  If you're already a member you know that membership has it's advantages.