Drum roll please….. Introducing H.R.6099: The Automatic IRA Act of 2010. The intended action of H.R. 6099 is to nationalize all 401k’s and IRA’s and to convert them into Treasury Retirement Bonds. The onerous plan is to tax every worker’s gross pay 3% the first year and balloon up to 15% by the third year of the program.

There’s an estimated 4 to 6 million dollars sitting in retirement accounts right now. Obama is currently facing perpetually declining  housing, job, and economic numbers for two straight years, all the while carrying biggest national debt the world has ever seen. Make no mistake about it, the government is desperate for any source of revenue and your retirement is looking like an oasis in the middle of the desert.

If you where fortunate enough not to have your retirement wiped out by the crash of 2008 and haven’t raided it yet, it might be in your best interest to pay the fees and withdrawal your money before it gets confiscated. We know all to well what a marvelous job the government has done with social security.

If this bill is passed into law it will undoubtedly be the biggest money grab since Roosevelt signed the gold confiscation order of 1933. Many economist have come out and said that the US national debt is unpayable and the only options left is to either default on our debt and devalue the currency or hyper-inflate it. Either option will fail and significantly reduce the size of your nest egg.

“The prudent see danger and take refuge,

but the simple keep going and suffer for it.”

Proverbs 27:12