Obama's Forced Government Retirement Plan (Automatic Workplace Pension): Say Goodbye to Your 401K

Mel, the author of Voice for Moms, has been busy picking apart the Obama budget plan today. I guess it's a good thing it's not spring yet, because she found some very disturbing information. Pages 84 and 85 of Obama's 2010 budget contain information of a new government program that will require you to save money for your retirement through a mandatory IRA account. Employers who do not offer a retirement plan will be forced to enroll their employees into a direct deposit IRA. Remember this has been done before and it has failed. They call it Social Security. It's unclear what is going to happen if you are currently enrolled in a 401K plan, but over the past year, Democrats have discussed seizing funds in your 401K and placing them into a retirement account that the government oversees. This seems like a step in that direction.

It is called Automatic Workplace Pension which does the following: employees will be automatically enrolled in workplace pension plans. Employers who do not currently offer a retirement plan will be required to enroll their employees in a direct-deposit IRA account that is compatible with existing direct-deposit payroll systems.

Everyone be sure to visit Voice for Moms and give her a big thanks for this find. More freedoms are dying under Obama, and they are getting more of your money no matter how much you make.