Retirement plans attacked for 'savings inequality'
Feds setting stage for 'income redistribution'
December 16, 2013
Jerome R. Corsi

NEW YORK – A report by the Washington-based National Institute on Retirement Security that found a significant racial disparity in retirement savings among working-age households appears to be setting the stage for introducing “income redistribution” concepts into the next round of debate over cutting Social Security benefits.

What appears to be taking shape in Washington is an argument that 401(k) plans are a tax advantage enjoyed disproportionately by the rich. Meanwhile, cuts contemplated to Social Security to reduce future unfunded federal budget liabilities would be disproportionately disadvantageous to the poor.

“A large majority of Black and Latino working-age households – 62 percent and 69 percent respectively, do not own assets in a retirement account, compared to 37 percent of white households,” according “Race and Retirement Insecurity in the United States,” a paper published this week by Nari Rhee, Ph.D., for the National Institute on Retirement Security.

While emerging research on retirement savings has not resulted in calls to curtail 401(k) plans, the argument is not out of the question in a political environment in which economic outcomes are increasingly judged for their racial or class fairness
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n September, WND reported that cash-strapped Poland confiscated half of its citizens pension funds by requiring pensioners to transfer approximately half their retirement savings to a state-guaranteed, government-run pension fund.

Poland’s move followed a similar move by the Mediterranean island-nation of Cyprus in March when the government confiscated 10 percent of all bank accounts. Cyprus sought to raise 6 billion euros to meet a condition set by international bankers, including the International Monetary Fund as a condition of finalizing a proposed Eurozone bailout.

In November 2012, WND reported the Obama administration was exploring a creative way to finance continuing trillion-dollar annual federal budget deficits by forcing private citizens holding IRA and 401(k) accounts to buy Treasury bonds.
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http://www.wnd.com/2013/12/retirement-pl...equality/print/