This episode of What’s Ahead warns that money-hungry congressional Democrats are looking for ways to loot personal retirement accounts. They claim they’re appalled that some 30,000 IRAs have more than $5 million in assets, so they’re conjuring up ways to help themselves to it.
Don’t be lulled. It’s not only “the rich” they’re gunning for. Several years ago, then-President Obama and his team floated the idea of capping the size of personal retirement accounts, saying that $2 million was quite enough to fund an adequate retirement. Future inflation will have millions of people reaching that level.
Greedy Democrats may even go after Roth IRAs, which are funded with after-tax dollars on the basis that future payments will be tax-free.
Today, the total value of IRAs is almost $13 trillion, with 401(k)s around $7 trillion.
It’s no wonder that Washington politicians are salivating at finding ways to get their piggy paws on these accounts.