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The Government Wants To Take Your Retirement Savings

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Posted on February 17 2010 9:36 pm
Liz Blaine is a financial analyst, author and freelance writer on finance, economics and politics. Follow her on Twitter and her blog Liz Blaine.
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By: Newt Gingrich and Peter Ferrara

You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.

BusinessWeek reports that the Treasury and Labor departments are asking for public comment on “the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams.”

In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.

Read more at IBD Editorials

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