European Nations Begin Seizing Private Pension Funds

USA retirement accounts are a trap, so are the tax retirement accounts of many other countries.  Your money is highly visible and accessible to deficit gushing governments.  I stopped contributing to my account about two years ago.  I believe that what is happening in Europe will happen in the USA.  I think that the federal government will offer a government annuity (a new promise for a broken Social Security promise).  Don’t be fooled.  Save your money and start your own business with the capital.  Run a successful business that serves clients needs and you will have a comfortable retirement.

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A friend wrote the following today.

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…So a while back I was explaining why I’m less excited about “tax sheltered retirement plants”  Reasons were:

–          Creatures of the tax code, advantage can evaporate at the stroke of a pen

–          Users typically left with lackluster choices for investments (usually a smattering of expensive, mediocre funds, in US markets, of course)

–          You can’t get your money out if you really need it, in most cases, until 60+

I also invoked the worst-case prospect, that the government just seizes it from you to make up deficits.  Argentina did this fairly recently.  Seems we have some more examples:

http://www.csmonitor.com/Business/The-Adam-Smith-Institute-Blog/2011/0102/European-nations-begin-seizing-private-pensions

Chasing “tax advantaged savings” doesn’t look so hot when it’s easy pickings for thieves.

Corroborating link for Hungary:

http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201012140603dowjonesdjonline000125&title=hungarian-pension-funds-ask-eu-to-protect-memberssavings

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Be seeing you!

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Published in: on January 4, 2011 at 4:57 pm  Leave a Comment  

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