Can the Government Seize Your 401(k)?
Can the government confiscate your 401(k)'s? Don't laugh--it's not that far-fetched.Chatter is making the rounds that a "sweeping" change may be in the works under the Obama presidency. The "logic" follows something along these lines as shared by the Carolina Journal.  Confiscate workers' personal retirement accounts--including 401(k)'s and IRA's--and convert them to accounts managed by the Social Security Administration through Guaranteed Retirement Accounts (GRA's). GRA's would guarantee a fixed 3% annual rate of return (not to be confused with a "real" rate of return in perpetuity). In place of tax breaks workers now receive for contributions and thus a lower tax rate ...
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