Will government get involved in 401K system?
How would this impact your retirement account?
- Duration 5:10
- Date Feb 4, 2013
How would this impact your retirement account?
Also in this playlist...
This transcript is automatically generated
So you've been socking away all this cash now the governments looking to cash and new questions today about the future of your retirement money as we get word.
The government wants to help manage it.
-- US Consumer Financial Protection Bureau saying quote that's one of the things we've been exploring and guess what we're interest in it.
I'm a little concerned about that to -- believe.
-- little bit concerned too because if the government can help manage your retirement -- does that mean he can also borrow from next.
So the first question right obviously is okay can the government do a better job running -- protecting my money then I can't.
But then if you couldn't think about a little more if this national dot nationalizing our retirement savings -- following case and -- -- can the government the -- bar from it.
Sixty and a half trillion dollars in debt total four Lincoln savings in this country nineteen point four trillion dollars.
-- that's -- a tremendous number of baby boomers starting to retire now and candidate they Consumer Financial Protection Bureau is like looking for this so called roll over are.
Phenomenon where all of these retirees are coming in and they're looking at an out why did they want access right it's not it's -- -- -- is not for me right it's showed its CSFB is saying there concern about baby boomers becoming victims of financial fraud so again.
Are you the best police -- -- for your own investment funds or is the government's.
So but timid borrow against it that's that's I did that's the big that's the 64 -- -- -- question.
Once they get their hands on -- can say well we have -- people that's over nearly.
Let's just take a -- what kind of like how sick I take a look and here's and here's the issue cube right now how is the government paying its bills.
Fed policy this money printing that's -- the government's essentially paying the bills.
And what's the result of that devaluing the value of the dollar we'll the government -- these retirement funds -- the value of the dollar supposed to better avenue for the governor.
Believe their lord I cannot remember an instance where the government the government can manage anything better than and the private sector cut at the -- -- thank you very much -- -- -- tablets worries more government intervention means fewer wealthy Americans that means a lot more people maybe needing help right Katie.
Absolutely look this is insanity.
People who put money into their for a one -- do -- they can get away from the government they do it because they know that Social Security which is something that was set up by the government to help.
Manage people's money to help people -- retirement and other Social Security is not going to be there so what did they do they put this into their 401K and now the government saying.
Well look at all this money over here -- maybe we can use it for a advantage but the fact is that they shouldn't be touching it it's like you just mentioned any time they touch something -- it turns into a complete disaster.
And this would give the government the ability to borrow more which means spend more money -- the -- She -- -- kitty public issues for me.
It sounds like they want to manage it the way they've managed or mismanaged the Social Security trust fund.
Yeah I mean that's doesn't -- what they got.
It does so the Social Security system was up as everyone knows to -- here.
You know from your retirement when you get older but the fact is that that's been slush fund for other programs the whole lock box notion has never worked.
And now that money is not going to be there and so they're looking at the 401K is essentially doing the same thing and let's not forget this isn't the first time.
The governments and I think the borrowing his system and just a year ago they look that in terms of maybe getting rid of some tax incentives that were good for people who that encourage people to say if but in the long run this is -- -- create more problems because people put money in a 401K to -- Friday to make sure that they're OK and away from government.
And depend on the government when -- retirement that's only if the government touches that.
-- -- -- few more dependent on the government which we just can't afford to.
-- have I'm never one to shy away from a -- conspiracy theory so what if we can't say that they've.
They've made it very they've enticed you to put money to the -- located give you tax breaks and they've made it very nice for -- to put to put your savings into 41 K.
So this pool gets bigger and bigger in this Lori Rothman just pointed out.
Nineteen trillion dollars so this big pool gets bigger and maybe they do want to manage and maybe they want to get there.
Grimy little hands on it.
Oh of course it up.
I mean what what does the government not money that they're taxation their money hand -- in the government needs money.
This is the place where they have money -- private citizens have taken the time unlike Washington DC.
To make a budget to put aside that money into a private retirement accounts accounts and -- -- government saying hey look there's all this money over here where -- a crisis already don't wanna cut spending.
We don't want to deal with the entitlement crisis which is actually driving a problem and the reason why people actually put money into their borrowing -- in the first place.
Of course the governments -- just a -- they never saw dollar they didn't want to take advantage of Katie ate about half an initially -- -- comment on the the defective prison bomb it missed yet another.
Budget deadline today.
Obsolete in any given by the -- -- this suspect Harry Reid is right there with them.
And you know -- I think it's funny how the Republicans always get a lot of heat for not having any ideas but they're the ones are actually following aloft so.
-- Obama is busy campaigning for his pro gun control meanwhile.
There without a budget for is that what 14100 days now on capitol -- house and we'll -- -- like Katie tablets thank you very much.
OK first the monkey.